AMMAN directors’ stock purchases signal confidence: Analyst�

Jakarta (ANTARA) - Senior Technical Analyst at Mirae Asset Sekuritas Indonesia, M Nafan Aji Gusta, said the recent stock purchases by directors of PT Amman Mineral Internasional Tbk (AMMN) should be viewed as a collective signal of confidence rather than individual investment decisions.

“The share accumulation by AMMAN’s directors could indicate that management sees positive prospects for the company, supported by solid business fundamentals," Nafan said here on Wednesday.

This comes as the broader market faces pressure from macroeconomic concerns and foreign capital outflows, which do not necessarily reflect the company’s actual operational performance.

His assessment is in line with an initiation report released by BRI Danareksa Sekuritas, which issued a buy recommendation for AMMN shares with a target price of Rp6,000 per share.

The report projects AMMN’s revenue to reach around US$4 billion in 2026, representing a 117 percent increase from the previous year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) are expected to rise 97 percent to approximately US$2 billion.

The valuation was based on a sum-of-the-parts (SOTP) approach, which also takes into account the long-term development potential of the Elang Project.

Despite the projected growth outlook, AMMN shares have fallen 44.28 percent year-to-date, closing at Rp3,580 per share on July 6, 2026. However, the stock has gained around 8 percent over the past month, indicating renewed investor interest.

Nafan said the recent recovery in AMMN’s share price has been supported by higher global gold and copper prices, driven by increasing demand for copper in electric vehicle production and data center infrastructure.

“AMMAN’s business portfolio has significant exposure to copper and gold commodities, supported by high-grade ore reserves. Therefore, the company’s performance remains sensitive to global commodity price movements,” he said.

According to disclosures filed with the Indonesia Stock Exchange (IDX), AMMN President Director Arief Sidarto acquired 1.6 million company shares on June 30, 2026, at Rp3,105 per share. This represents a total transaction value of approximately Rp4.97 billion (around $303,000 USD).

The move was soon followed by AMMN Director Anthony Mathias, who accumulated 1.69 million shares between July 1 and July 2, 2026, at prices ranging from Rp3,120 to Rp3,510 per share, totaling around Rp5.6 billion (equivalent to approximately $341,500 USD).

Two other directors subsequently joined the buying activity. Aditya Sasmito purchased 850,000 AMMN shares on July 6, 2026, at Rp3,530 per share, with a transaction value of approximately Rp3 billion (around $183,000 USD). Most recently, Director Lal Naveen Chandra acquired an additional 1 million shares at Rp3,565 per share—valued at Rp3.56 billion (approximately $217,000 USD)—bringing his total shareholding in the company to 53.16 million shares.

All transactions were duly reported to Indonesia’s Financial Services Authority (OJK) and the Indonesia Stock Exchange in accordance with OJK Regulation No. 4 of 2024. The stated purpose of each transaction was clearly identified as a “personal investment.”

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Reporter: Azis Kurmala

Editor: Primayanti

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