Nickel Stocks on the IDX: Fundamental Comparison
Swan.my.id | Jakarta, Indonesia - Nickel stocks on the Indonesia Stock Exchange (IDX) remain closely watched as demand for nickel, battery materials, and downstream processing continues to shape the mining sector.
Indonesia is one of the world's major nickel-producing countries. The government has also continued to promote downstream processing to increase the value of mineral resources before they reach global markets.
For investors, however, choosing nickel stocks requires more than following commodity prices. Valuation, profitability, debt, dividends, and business strategy can produce very different investment profiles.
The latest comparison highlights five major listed companies: PT Aneka Tambang Tbk (ANTM), PT Vale Indonesia Tbk (INCO), PT Trimegah Bangun Persada Tbk (NCKL), PT Merdeka Battery Materials Tbk (MBMA), and PT Harum Energy Tbk (HRUM).
Nickel Stocks on the IDX and Their Fundamental Profiles
More than 10 companies listed on the IDX have business exposure to nickel. Besides the five companies compared in this article, the broader group includes DKFT, NICL, NICE, and IFSH.
The five selected issuers have different business structures and financial characteristics. Therefore, investors should avoid judging them through a single financial ratio.
Based on the supplied market data, their latest reported figures are as follows:
| Stock | Market Cap | P/E | P/B | ROE | DER | Dividend Yield |
|---|---|---|---|---|---|---|
| ANTM | Rp74.03 trillion | 8.32x | 1.92x | 26.83% | 0.16 | 6.73% |
| MBMA | Rp56.70 trillion | 53.40x | 1.37x | 7.35% | 0.46 | None |
| NCKL | Rp49.13 trillion | 4.91x | 0.98x | 25.96% | 0.18 | 3.75% |
| INCO | Rp43.42 trillion | 26.17x | 0.91x | 3.51% | 0.00 | 1.21% |
| HRUM | Rp10.85 trillion | 13.74x | 0.31x | 7.24% | 0.30 | None |
The figures come from different reporting dates. ANTM's data was recorded on September 1, 2026, while other figures use dates between June and August 2026.
As a result, the numbers should be treated as a snapshot rather than a permanent ranking. Market valuations can change every trading session.
How the Five Nickel Stocks Compare
ANTM stands out for its relatively strong ROE and dividend yield in the supplied data. Its ROE reached 26.83%, while its dividend yield stood at 6.73%.
NCKL also recorded a high ROE at 25.96%. Meanwhile, its P/E ratio of 4.91 times was the lowest among the five companies compared.
However, a low P/E does not automatically mean a stock is undervalued. Investors still need to examine earnings quality, commodity exposure, future growth, and business risks.
INCO presented a different profile. Its P/B ratio was 0.91 times, while its DER was reported at zero. However, its ROE was only 3.51%, which was considerably lower than ANTM and NCKL.
MBMA had the highest P/E ratio among the five companies at 53.40 times. Its ROE stood at 7.35%. The company did not record a dividend yield in the supplied data.
HRUM had the lowest P/B ratio at 0.31 times. Its P/E ratio was 13.74 times, while its ROE reached 7.24%. Like MBMA, it did not have a dividend yield in the comparison.
These differences show why investors should consider several indicators together. A cheaper valuation can come with weaker profitability, while a higher valuation may reflect expectations for future growth.
Profit Growth Adds Another Layer
Profit growth can provide additional context when evaluating nickel stocks on the IDX.
During the January-September 2025 period, NCKL reported net profit of Rp6.44 trillion. That represented a 33.33% increase from the same period a year earlier.
INCO recorded net profit of US$52.44 million during the same period. Its profit increased 2.62% year over year.
Meanwhile, MBMA reported net profit of US$25.30 million. Its profit increased 37.05% compared with the previous year.
The figures indicate that several companies experienced earnings growth. However, investors should not assume that historical growth will continue at the same pace.
Commodity prices, production volumes, operating costs, exchange rates, and government regulations can all affect future results.
Key Factors Driving Nickel Stocks
Several structural factors continue to influence the nickel industry.
First, electric vehicle production remains an important source of long-term demand for battery materials. Nickel is used in several lithium-ion battery chemistries, although battery technology continues to evolve.
Second, Indonesia's downstream strategy has increased the importance of domestic processing. Smelters and processing facilities can allow companies to capture more value from nickel resources.
Third, government policies can influence the economics of mining and processing operations. Changes to production rules, quotas, taxation, and mineral pricing can affect corporate earnings.
In April 2026, Indonesia's Ministry of Energy and Mineral Resources issued Ministerial Decree No. 144.K/MB.01/MEM.B/2026. The regulation changed the formula used for the Mineral Benchmark Price, or HPM, for nickel.
The revised formula included associated minerals such as iron, cobalt, and chromium in the calculation. The market subsequently reacted to the policy change, with several nickel stocks moving on the day.
However, short-term stock movements should not be treated as evidence of future performance.
What Investors Should Check Before Buying Nickel Stocks
Investors can use several fundamental indicators when comparing companies in the sector.
- P/E ratio: Measures the share price against earnings. A lower ratio can indicate a cheaper valuation, but it may also reflect higher perceived risk.
- P/B ratio: Compares the market price with book value. A ratio below 1x can signal a discount to book value, but it does not guarantee an undervalued stock.
- ROE: Measures how efficiently a company generates profit from shareholders' equity. Higher ROE can indicate stronger historical capital efficiency.
- DER: Compares debt with equity. Lower debt levels can provide a more conservative financial structure.
- Dividend yield: Shows dividends relative to the share price. Companies may distribute profits or retain earnings to fund expansion.
Therefore, no single ratio can determine whether a nickel stock is attractive.
Investors should combine valuation with profitability, balance-sheet strength, earnings trends, and future business prospects.
Risks Facing Nickel Stocks
Nickel stocks can be highly sensitive to changes in global commodity markets.
Nickel prices depend on international supply and demand. Production decisions by major producing countries can also influence global prices.
Government policy represents another important risk. Changes to mining regulations, production quotas, export rules, and benchmark pricing can affect companies operating in the sector.
Meanwhile, investors should consider differences between mining, smelting, and battery-material businesses. Each model has different capital requirements, costs, and exposure to commodity cycles.
Market risk also remains unavoidable. Share prices can rise or fall because of company results, global economic conditions, interest rates, investor sentiment, and broader market movements.
A Broader View of Nickel Stocks on the IDX
The comparison of ANTM, INCO, NCKL, MBMA, and HRUM shows that nickel stocks are far from identical.
ANTM and NCKL recorded relatively high ROE figures in the supplied data. NCKL also had the lowest P/E ratio among the five.
INCO had no reported debt-to-equity ratio in the comparison, but its profitability was lower. MBMA carried a higher valuation relative to earnings, while HRUM showed a low P/B ratio.
For that reason, investors should define their objectives before comparing companies. Income-focused investors may prioritize dividends, while growth-oriented investors may focus more heavily on earnings expansion and future capacity.
Most importantly, market data changes over time. Investors should check the latest financial statements and valuation figures before making decisions.
Conclusion
Nickel stocks on the IDX offer exposure to Indonesia's mining, processing, and battery-material industries. However, the five major issuers examined here have significantly different financial profiles.
ANTM, INCO, NCKL, MBMA, and HRUM vary in valuation, profitability, debt, and dividend policies. Their performance can also be affected by nickel prices, government policy, production capacity, and global demand.
Therefore, investors should avoid selecting a stock based on one number alone. A broader analysis can provide a more balanced view of potential opportunities and risks.
The information in this article is for educational purposes only. It is not an invitation or recommendation to buy or sell any particular stock. Investment decisions should consider individual financial goals, risk tolerance, and updated market information.
Disclaimer: Stock investments carry the risk of loss. Historical performance does not guarantee future results. The financial figures discussed above are based on the respective dates provided and may change as market conditions develop.
