In today’s briefing:
- Amman Mineral Internasional (AMMN IJ) – Q1 Weak, Forecasts Cut, Stock Fully Priced
Amman Mineral Internasional (AMMN IJ) – Q1 Weak, Forecasts Cut, Stock Fully Priced
- Q1/H1 2025 results: Revenue collapsed (–88% YoY) and EBITDA turned negative due to concentrate export expiry and slow smelter ramp-up.
- Earnings revisions: FY25–26 cut sharply (–60–70% vs earlier estimates), with normalization only from FY27.
- Valuation: At ~USD 38bn (IDR 8,400/share), AMMN already prices in Elang optionality; conservative SOTP points to 20–25% downside, leaving the stock fully valued.
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