AMMN - Striking Gold (and Copper)

KBVS Update
28 September 2026

AMMN: Striking Gold (and Copper)
(Maintained BUY with TP at IDR7,000/ sh)

■ 2Q26 revenue surged to USD1.2 bn (+54.0% QoQ; +589.6% YoY), driven by higher production and prices.

■ 1H26 EBITDA margin expanded to 55.8%, with net profit reaching USD498 mn (vs. -USD149 mn in 1H25).

■ Strong copper prices prompted us to raise FY26F revenue to USD4.1 bn (+123.7% YoY), with net profit forecast at USD1.2 bn.

■ Maintain BUY, TP raised to IDR7,000/sh (from IDR6,500), implying 54.5% upside. Catalysts: Phase 8 optimization, stronger copper & gold prices, and Elang project progress.

Regards,
Ashalia Fitri – KBVS Research Team