Shiro Copr.CO.ID - JAKARTA. PT Amman Mineral Internasional Tbk (AMMN) recorded negative performance throughout the first half of 2025.
This mineral mining issuer suffered a net loss attributable to the parent entity of US$ 148.72 million at the end of the first half of 2025, in contrast to the performance of the first half of 2024, when the company achieved a net profit of US$ 475.25 million.
Meanwhile, AMMN's net sales dropped 88.21% year-over-year to US$ 182.60 million in the first half of 2025, from previously US$ 1.55 billion.
In its official statement, AMMN Management acknowledges that it still faces challenges in the operational readiness of the copper smelter, which is in the transition phase towards full production.
The commissioning process of a copper smelter is essentially complex and time-consuming, as seen from global standards. This challenge could potentially affect AMMN's production levels for the remainder of 2025.
"Therefore, we continue to actively discuss with the government regarding the export flexibility of concentrates, which is important to maintain the sustainability of operations and support fiscal contributions to the regional and national economy," wrote President Director of AMMN Arief Sidarto in the information disclosure on July 31, 2025.
Meanwhile, Muhammad Wafi, an analyst from Korea Investment & Securities Indonesia (KISI), assessed that the opportunity for AMMN to recover its financial performance remains quite challenging. However, if the smelter operation transition process runs smoothly and the smelter truly operates at full capacity by year-end, there is potential for AMMN to improve its performance in the near future. At least, the company's net loss could be reduced.
"Another sentiment for this company is the positive price outlook for copper amid the global energy transition and regulatory certainty in downstream processing," said Wafi on Monday (8/18).
He added that the US policy imposing 0% import tariffs on copper, including from Indonesia, could be a positive catalyst for AMMN, as the company is set to operate a smelter producing processed copper products. "The impact of this policy will only be felt after 2026," he added.
Senior Market Analyst Mirae Asset Sekuritas Nafan Aji Gusta added that AMMN needs to strengthen its operational efficiency strategy while waiting for the company's copper smelter to operate fully. This is quite important to prevent deeper losses due to production delays.
In general, the demand for copper commodities, which is a key driver for AMMN, is quite promising, especially for the cable, electronics, and electric vehicle industries. "This opportunity can be utilized by AMMN when its smelter starts operating," he said on Monday (8/18).
Nafan recommends accumulating the purchase of AMMN shares with a target price at Rp 9,850 per share. Meanwhile, Wafi suggests Hold AMMN stock with a target price of Rp 8,000 per share.
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