Research conducted by Anwar Ramli from Universitas Negeri Makassar in June 2026 evaluates the fundamental financial performance of two major nickel mining companies listed on the Indonesia Stock Exchange (IDX): PT Aneka Tambang Tbk (ANTM) and PT Vale Indonesia Tbk (INCO).
Background and Objectives
The nickel mining sector plays a vital role in the Indonesian economy, especially with the rising global demand for raw materials for electric vehicle batteries. This study aims to measure the financial health of both companies through an analysis of key financial ratios over a five-year period (2020-2025) to provide a performance overview for investors.
Research Methodology
The study employs a quantitative descriptive approach using secondary data sourced from the companies' officially published annual financial reports. The financial ratios analyzed include:
- Return on Equity (ROE)
- Earnings per Share (EPS)
- Debt to Equity Ratio (DER)
- Price Earnings Ratio (PER)
- Price to Book Value (PBV)
Key Findings
The research yields several key points regarding the financial performance of both companies:
- ANTM Profitability Recovery: PT Aneka Tambang Tbk (ANTM) showed a strong recovery in profitability in 2025, marked by achieving an ROE of 20.42% and an EPS of Rp2... (full value available in the original report).
- Performance Comparison: The analysis shows performance fluctuations influenced by the dynamics of global nickel commodity prices as well as the operational efficiency of each company.
- Financial Health: The DER ratio provides an overview of the capital structure and the level of company dependence on debt to finance operations and expansion during the period.
Implications for Investors
The author emphasizes that this fundamental analysis is important for investors to understand:
- Performance Stability: The company's ability to maintain profitability amidst the volatility of global nickel prices.
- Company Valuation: Evaluating PBV and PER ratios helps investors determine whether the current stock price is considered fair, undervalued, or overvalued.
- Decision Making: Comprehensive financial ratio data serves as a basis for market participants to make more rational, data-driven investment decisions in the Indonesian nickel mining sector.
Author Profile:
- Anwar Ramli – Universitas Negeri Makassar.
Research Source: Ramli, A. (2026). "Fundamental Analysis of Financial Statements of Nickel Mining Companies Listed on the IDX for the Period 2020-2025". International Journal of Integrated Science and Technology (IJIST), 4(6), 310-319.
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