ANTM - Operational 1H23 results

Aneka Tambang (ANTM) booked ferronickel production volume by 10,537 tons with 10,606 tons sales, and 6.81 mn wmt nickel ore production with 6.27 mn wmt sales. Meanwhile, ld segment recorded 434,292 T.Oz sales with 1,098 T.Oz production. ANTM continued to focus on developing domestic ld customer based. Its bauxite production reached 851,000 wmt with 455,000 wmt sales. (Source : Company, KBVS) Comment : ANTM’s solid nickel sales (nickel +106.3%; ferronickel +10.2%) is supported by robust production and strong global demand. However, we see that ld segment has experienced deterioration in its production as it declined by -11.7%, yet managed to improve sales growth by +0.29% amidst fewer resource and reserves. Nevertheless, sales and production of bauxite segment dropped by -31.2% and -3.4%, respectively.