AMMN Board of Directors Buy Shares of Their Own, Signal Optimism in the Middle of Market Pressure

JAKARTA - The board of directors of PT Amman Mineral Internasional Tbk (AMMN) showed signs of optimism and full confidence in the company's fundamentals and future prospects. This is evidenced by the actual action in the form of accumulation of AMMN share purchases by the company's top management in the midst of domestic capital market pressures that have occurred recently.

Based on the disclosure of information from the Indonesia Stock Exchange (IDX), AMMN President Director Arief Sidarto bought 1.6 million shares of the company on June 30, 2026 at Rp3,105 per share, with a transaction value of around Rp4.97 billion. This step was immediately followed by AMMN Director Anthony Mathias who also accumulated 1.69 million shares in the period of 1 - 2 July 2026 at a price range of Rp3,120 - Rp3,510 per share, worth a total of around Rp5.6 billion.

Not only that, two other directors also followed the steps of their colleagues. Aditya Sasmito accumulated 850,000 AMMN shares on July 6, 2026 at a price of IDR 3,530 per share, with a total value of IDR 3 billion. Most recently, another director, Lal Naveen Chandra, bought 1,000,000 shares at a price of IDR 3,565 per share. Thus, Naveen Chandra has a total of 53,161,300 shares.

All transactions have been reported transparently to the Financial Services Authority (OJK) and the Stock Exchange in accordance with OJK Regulation Number 4 of 2024, with the purpose of the transaction explicitly stated as "personal investment".

Senior Technical Analyst of Mirae Asset Sekuritas Indonesia, M Nafan Aji Gusta said, the wave of share purchases by the AMMAN board of directors can be read as a collective signal, not just an individual action.

"The wholesale movement of shares carried out by the AMMAN board of directors could indicate that management sees a positive future outlook for the company, with solid business performance. Moreover, at this time the market is being pressured by macro sentiments and foreign capital outflows, which do not reflect the actual fundamentals or business conditions of the company," said Nafan when contacted by the media, Wednesday, July 8, 2026.

The analysis is in line with the in-depth analysis report (initiation report) released by BRI Danareksa Sekuritas which recommends Buy with a target price of IDR 6,000 per share. BRI Danareksa analyst Andhika Audrey Eko Nugroho said AMMN entered a phase of significant performance growth in 2026, driven by the ramp-up of the Phase 8 production of the Batu Hijau Mine as well as the optimization of the downstream facilities in the form of a copper smelter and Precious Metal Refinery (PMR).

The research projects AMMN's revenue in 2026 to reach around US$4 billion or grow 117 percent compared to the previous year, with EBITDA expected to rise 97 percent to around US$2 billion. The target price was compiled using the Sum of the Parts valuation method which also takes into account the potential for the development of the Elang Project in the future.

However, since the beginning of the year, AMMN's share price has actually fallen 44.28 percent year to date (ytd) to Rp3,580 per share as of Monday, July 6, 2026. However, in the last month, AMMN's share price was able to soar 8 percent.

Nafan added that the appreciation of AMMN's share price was due to the strong influence of the increase in the world's gold and copper prices in line with the massive demand for copper commodities as components of electric vehicles and data centers. AMMN specializes in copper and gold commodities with high ore content, their leverage on the rise in global commodity prices is very sensitive.

"Darii on the fundamental side, Amman's operational performance in recent years is still relatively solid. This shows that the company has a fairly good resilience in facing various challenges, including commodity price volatility and global economic dynamics. If the production trend, operational efficiency, and development project prospects continue as planned, then these fundamentals have the potential to be a positive catalyst for the company's performance and share price in the medium to long term," concluded Nafan.