Jakarta. Shares of state-owned gold and nickel miner Aneka Tambang (Antam) have surged 96.43 percent over the past month, closing at Rp 2,750 on Wednesday, driven by record-high global gold prices and robust Q1 earnings.

Analysts expect the rally to continue, with Antam stock likely to surpass the Rp 3,000 level, returning to price territory last seen in 2022.

"Based on historical patterns, Antam’s stock has the potential to revisit the Rp 3,000 range, just like in its peak year of 2022," said Ekky Topan, analyst at Infovesta Kapital Advisori. "This is a realistic short- to medium-term target."

The upward momentum comes amid a historic rally in global gold prices, which reached $3,400 per ounce in April. As an integrated precious metals producer, Antam is well-positioned to benefit from the global surge.

Antam’s strategic role within the government’s mining industrialization program and its inclusion in the newly launched Danantara sovereign wealth fund, which oversees 47 state-owned enterprises, have further strengthened investor confidence, Ekky said.

“Fundamentally, the company’s momentum is backed by very strong Q1 results,” he added. “Antam posted Rp 2.3 trillion [$139.5 million] in net profit, a nine-fold increase year-on-year, driven primarily by soaring gold and nickel sales.”

The company also reported a 203 percent year-on-year jump in consolidated revenue to Rp 26 trillion ($1.6 billion) in the first quarter. Gold sales rose 93.2 percent y-o-y to 13.7 tons, although this marked a 9.7 percent decline from the previous quarter.

Antam’s gold demand continues to be supported by Bank Syariah Indonesia and state-owned pawnshop Pegadaian, both entrusted with managing Indonesia’s first bullion banks.

According to Hendra Wardana, founder of Stocknow.id, Antam’s shares have seen net foreign buying worth Rp 1.65 trillion over the past 20 trading days.

“Consistent buying and strong foreign support indicate a sustained bullish trend for Antam, at least in the medium term,” Hendra said. He also noted that Antam’s current valuation remains attractive relative to peers, further fueling investor interest.