ANTM - Ferronickel production volume to recover this year

Aneka Tambang (ANTM) is aiming for 12% yoy production growth for its Ferronickel business or equals to 27.2k tons in 2023. Note that, the company's Ferronickel production volume was down by 5.74% yoy in 2022 while production volume decreased by 6.84% yoy. The company express its optimism on nickel market outlook given the development of EV penetration especially in domestic market after the vernment committed to provide incentives for domestic EV market. (Source : Kontan) Comment: We expect 2023 will become the recovery year for ANTM's production and sales performance especially on its nickel mining business after seeing a rather weak production performance in 2022.