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A. Stotz Investment Research

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ANTM (ANTM IJ): Solid Momentum in Indonesian Gold and Nickel

Expect Nickel Prices to Correct 7-13%, Take Profit on ANTM

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Solid short-term sales momentum, solid short-term earnings momentum, and good cost management relative to its sector</li><li>In 2017, the Indonesian government relaxed its export ban on raw nickel, providing a tailwind for current revenue and profits; recent higher gold prices and volumes have also boosted growth</li><li>Longer-term profits should be supported by downstream expansion, including its smelter grade alumina project, ferronickel plant, and new nickel pig iron factory</li><li>After a few hard years, asset turnover has started to pick up and ANTM has started to turn a profit</li><li>Risks: Unexpected fall in gold and nickel prices</li></ul><p><em>* Consensus Estimates</em></p>

Solid short-term sales momentum, solid short-term earnings momentum, and good cost management relative to its sectorIn 2017, the Indonesian government relaxed its export ban on raw nickel, providing a tailwind for current revenue and profits; recent higher gold prices and volumes have also boosted growthLonger-term profits should be supported by downstream expansion, including its smelter grade alumina project, ferronickel plant, and new nickel pig iron factoryAfter a few hard years, asset turnover has started to pick up and ANTM has started to turn a profitRisks: Unexpected fall in gold and nickel prices* Consensus Estimates

ANTM: Ramping up Gold and Nickel Production

Aneka Tambang Persero

ANTM: Ramping up Gold and Nickel Production