ANTM Stock: Aneka Tambang Profile, Business, Performance and Risks

ANTM is the stock code for PT Aneka Tambang Tbk, a state-owned Indonesian mining and metals processing company with operations spanning gold, nickel, ferronickel, bauxite, and alumina. The stock trades on the Indonesia Stock Exchange (IDX) and the company is best known publicly for its Logam Mulia gold bars and an alumina downstream project in West Kalimantan.

ANTM stock summary

As of October 21, 2026 (Yahoo Finance data):

Antam's business

Antam is a state-controlled miner with a diversified commodity portfolio rather than a single-metal focus. Kompas.com described it as a basic materials state-owned issuer, reflecting its position as one of the major state mining players on the IDX.

An investor.id report from October 15, 2026 gives a concrete picture of Antam's operating segments. On the downstream alumina side, Antam runs the Smelter Grade Alumina Refinery (SGAR) in Mempawah, West Kalimantan, operated by PT Borneo Alumina Indonesia (BAI), a joint venture between Antam and PT Indonesia Asahan Aluminium (Inalum). The facility's first phase has a capacity of 1 million tons of alumina per year.

Beyond alumina, Antam also produces bauxite as feedstock, ferronickel, and chemical grade alumina. Kompas.com's coverage also referenced Antam gold prices, a sign the precious metals business remains a well-known part of the company to the public.

Phintraco Sekuritas analyst Indra Setyadi, quoted in the October 15, 2026 report, said Antam continues strengthening its downstream push through an electric vehicle (EV) battery and aluminum ecosystem, building an integrated value chain with strategic partners. The push is toward higher-value processed products rather than just raw ore sales.

Brief history and IPO

Antam is a state-owned enterprise listed on the IDX under the ticker ANTM. Specific details about its listing year or IPO history were not available in the sources checked for this profile. Readers looking for full historical detail should check the company's official site or disclosures on idx.co.id.

Shareholders and management

Specific data on Antam's shareholder composition or its board of directors and commissioners was not available in the sources checked for this article. What is clear is that as a state-owned enterprise, the Indonesian government holds a significant ownership stake, consistent with the typical pattern for state companies listed on the IDX. For current shareholder structure and management names, check the company's annual report or official disclosures on idx.co.id.

Recent financial performance

The most concrete financial figure comes from a BRI Danareksa Sekuritas research report cited by investor.id on October 21, 2026. According to that report, Antam's net profit in the first half of 2026 reached Rp6.91 trillion, up 34% year-on-year.

The October 15, 2026 investor.id report added operational detail for the same period. SGAR Mempawah recorded alumina sales of 350,000 tons in the first half of 2026, with a target to reach 700,000 tons by year-end. SGAR's profit contribution to Antam through BAI reached Rp257.6 billion in H1-2026.

In other segments, Antam's bauxite sales in H1-2026 rose 24.4% to around 1.3 million wet metric tons (wmt), driven by ore demand for SGAR. Ferronickel sales rose 32% to roughly 7,600 tons of nickel content, while chemical grade alumina sales grew 10.2% to about 100,400 tons.

The sources checked did not include total revenue, margin, or full-year net profit figures. For complete and verified financial statements, check Antam's official filings on idx.co.id.

Dividends

The sources checked for this article did not include data on dividend amounts, payout ratios, or distribution schedules for Antam. Readers wanting the latest dividend history and plans should check the company's official announcements or disclosures on idx.co.id.

ANTM stock price movement

As of October 21, 2026, ANTM traded at Rp2,730 per share. That sits in the lower half of its 52-week range of Rp2,380 to Rp4,970, well off its highs from the past year.

Over the past three months the stock fell 12.5%, and over one year it's down 17.0%. This weakening trend stands in contrast to September 2026: per Kompas.com on September 22, 2026, ANTM was trading around Rp3,240 per share at the time, with foreign investors posting net buying of Rp857 billion over the period from August 21 to September 21, 2026. The average purchase price among the three largest foreign brokers, ZP, AK, and YU, was around Rp3,201 at the time.

That means the current price sits well below both that September accumulation level and the Rp3,240 close from back then. In its October 21, 2026 report, BRI Danareksa Sekuritas noted ANTM had rebounded 10.48% to Rp2,740 with a volume spike, bouncing off an area described as support at Rp2,400-2,530.

Average daily trading volume over the past three months stood at 101.11 million shares, indicating the stock remains fairly actively traded on the IDX. The support and resistance levels analysts flagged can serve as technical reference points to watch, though future price direction remains uncertain.

What it means for investors

A few concrete things worth tracking on ANTM going forward:

• SGAR Mempawah's production progress. Management is targeting alumina sales to rise from 350,000 tons in H1-2026 to 700,000 tons by year-end. Upcoming quarterly production reports can be checked against that goal.
• H2-2026 financial results. Net profit in H1-2026 reached Rp6.91 trillion, up 34% YoY. The full-year 2026 financial report will show whether that profit growth momentum continues.
• Price levels between Rp2,380 and Rp2,730. The 52-week low sits at Rp2,380, while the last price is Rp2,730. Price action around the support zone of Rp2,400-2,530, or other levels analysts cite, can serve as a technical reference point rather than an automatic signal to act.
• Foreign fund flows. Over August 21 to September 21, 2026, foreign investors posted net buying of Rp857 billion in ANTM. Checking subsequent monthly net foreign buy or sell data through brokerage reports or IDX trading data can show whether that trend continues or reverses.
• Global commodity prices. Since Antam's revenue is closely tied to global nickel, gold, and alumina prices, movements in those commodity markets are a relevant factor to watch for the company's future performance.

Recent news and catalysts

Key developments worth tracking, from most recent:

• October 21, 2026 (investor.id): BRI Danareksa Sekuritas noted ANTM had rebounded 10.48% to Rp2,740 with a volume spike, bouncing off an area described as support at Rp2,400-2,530. Fundamentally, the report highlighted H1-2026 net profit of Rp6.91 trillion, up 34% year-on-year.
• October 15, 2026 (investor.id): Phintraco Sekuritas analyst Indra Setyadi highlighted downstream catalysts, particularly SGAR Mempawah's Rp257.6 billion profit contribution in H1-2026 and growth in bauxite, ferronickel, and chemical grade alumina sales.
• September 22, 2026 (Kompas.com): Mirae Asset Sekuritas flagged ANTM as one of the most heavily accumulated stocks by foreign investors amid broader foreign selling pressure on the exchange, with net foreign buying of Rp857 billion over a month of observation. The three largest buying brokers, ZP, AK, and YU, accounted for about 28% of total purchase volume, with an average buying price around Rp3,201 per share.

These three reports show steady sell-side attention on ANTM across the period observed, even as the market price has since weakened compared to September 2026 levels.

Peers on the IDX

A few metal mining issuers on the IDX often compared with ANTM:

• INCO (Vale Indonesia): a nickel producer focused on ore processing, contrasting with Antam's more diversified portfolio spanning gold, bauxite, and ferronickel.
• MDKA (Merdeka Copper Gold): a private national gold and copper miner, contrasting with Antam's state-owned status.
• TINS (Timah): a state-owned tin miner, similarly state-controlled but focused on a different commodity than Antam.

The sources checked did not include performance figures for these peers, so the comparison above is limited to business lines and ownership structure.

Risks

Key risks worth watching for ANTM:

• Commodity price risk. Antam's revenue depends on global prices for nickel, gold, and bauxite-alumina, which are volatile and outside the company's control.
• Concentration in a still-young downstream project. Profit contribution from SGAR Mempawah (Rp257.6 billion in H1-2026) is still relatively new, so continued growth depends on hitting production targets, such as the 700,000-ton alumina target by year-end 2026.
• State-owned status. As a state enterprise, government policy on mineral downstream processing, export rules, or mining regulations can directly affect Antam's operations and strategy.
• Stock price volatility. The stock is down 17% over the past year, and its current level sits well below where foreign investors were accumulating in September 2026, pointing to sharp price swings in relatively short periods.
• Limited public data. The sources checked lacked dividend data, detailed shareholder information, and full financial statements, so readers should supplement research with official filings on idx.co.id before making decisions.

How to buy ANTM stock

One lot of ANTM shares equals 100 shares. At Rp2,730 per share as of October 21, 2026, one lot costs around Rp273,000, excluding brokerage fees.

To buy ANTM shares, investors need to open a securities account with a brokerage licensed by Indonesia's OJK and registered as an IDX member. Once the account is active and funded through a dedicated investor fund account (RDN), purchases can be placed through the broker's trading app by entering the ticker ANTM and the desired number of lots.

FAQ

Does ANTM pay regular dividends?

Dividend data for ANTM was not available in the sources checked for this profile. As a state-owned company Antam has a history of paying dividends in past years, but for current figures check official disclosures on idx.co.id.

How much is one lot of ANTM stock?

As of October 21, 2026, ANTM traded at Rp2,730 per share, so one lot (100 shares) costs roughly Rp273,000 before brokerage fees.

Is ANTM part of the LQ45 index?

Information on ANTM's LQ45 or IDX30 membership was not found in the sources checked. Index membership changes periodically, so check idx.co.id for the latest list.

What's the difference between ANTM and INCO?

ANTM has a more diversified portfolio spanning gold, bauxite-alumina, and ferronickel, while INCO (Vale Indonesia) focuses mainly on nickel production. ANTM is also a state-owned enterprise, which affects its ownership structure.

Why has ANTM stock fallen over the past year?

Yahoo Finance data shows ANTM down 17% over one year through October 21, 2026. The sources checked don't detail specific causes beyond commodity price swings and market sentiment mentioned in brokerage reports.

What is the SGAR project linked to ANTM?

SGAR (Smelter Grade Alumina Refinery) Mempawah is an alumina processing facility in West Kalimantan run by PT Borneo Alumina Indonesia, a joint venture between Antam and Inalum, with phase I capacity of 1 million tons per year.

This article is for informational purposes only and is not a recommendation to buy or sell ANTM stock.