ANTM - To benefit from MIND ID EV battery plant

ANTM - To benefit from MIND ID EV battery plant MIND ID is committed to invest USD12 bn or equivalent IDR183 tn to develop an EV battery plant with a 15 GW capacity in 2027. Given that, MIND ID invited Aneka Tambang (ANTM) by becoming majority shareholder in its JV partnership with prominent global EV battery players - Cotemporary Amperex Technology (CATL) and LG Energy Solution (LGES). (Source : Investor Daily) Comment : We view that MIND ID with ANTM strategic partnership considers ANTM's position as SOE as well as SOE synergy. It will likely add revenue stream as majority shareholder. While potential USD12 bn total capex should require financing ahead that would increase its financial leverage.