ANTM - Record FY25 profit, next driver: EV battery value chain

ANTM - Record FY25 profit, next driver: EV battery value chain Aneka Tambang (ANTM) delivered a record FY25 performance with revenue exceeding USD5 bn and net income of USD472 mn, driven by strong nickel ore ASP and historic highs across bauxite and chemical grade alumina. Looking ahead, the company's key re-rating catalyst lies in Project Dragon, its end-to-end EV battery JV with CATL, spanning RKEF (completion mid-2027), HPAL (FID imminent, completion 2028), and cell manufacturing (completion end-2026), alongside a newly signed MOU with Huayu Consortium for a parallel ecosystem. With FY26 nickel ore RKB approved at 18.1mn wmt (no cuts), gold sales targeting ~40 tons, and regulatory tail risks largely absorbed in FY25, management struck an optimistic tone though rising energy costs (~12% nickel mining cost increase at USD 130/bbl) and the pending HPM formula revision remain key variables to watch. (Source : Company)