Bisnis.com, JAKARTA — Lower gold production is casting a shadow over the performance outlook of PT Aneka Tambang Tbk. (ANTM), despite the company reporting stellar revenue and profit in the third quarter of 2025.

ANTM financial statement shows that the miner booked a 66.72% year-on-year (YoY) increase in sales to IDR 72.02 trillion as of September 30, 2025, compared with IDR 43.2 trillion a year earlier.

Bisnis.com, JAKARTA — PT Gudang Garam Tbk. (GGRM) has reportedly implemented a distinct pricing strategy compared to other cigarette producers, including HMSP, WIIM, Bentoel Group, and Djarum, following the government’s decision to maintain tobacco excise rates at current levels until 2026.

The move is expected to bolster profitability for the makers of Gudang Garam Merah, Gudang Garam Signature, Gudang Garam International, Surya, and Surya Pro in Q4/2025. However, analysts warn that the strategy carries the risk of lower sales volumes amid subdued consumer purchasing power and a persistent shift toward illegal cigarette products.

Bisnis.com, JAKARTA — Several securities firms have recently issued upbeat recommendations for cigarette producer PT HM Sampoerna Tbk. (HMSP).

The Finance Ministry’s decision not to raise tobacco excise tax (CHT) in 2026, along with tighter enforcement against illegal cigarette distribution, has been viewed as a positive driver for the company.

Bisnis.com, JAKARTA- PT Aneka Tambang Tbk. (ANTM) continues to face risks from constrained gold supply despite efforts to optimize internal resources, repurchase precious metals from the public, and import raw materials. Supply disruptions from PT Freeport Indonesia following the Grasberg Block Cave incident have further heightened concerns over gold availability.

Antam remains exposed to supply risks stemming from the suspension of Freeport Indonesia’s operations. The company halted activities at the Grasberg Block Cave mine in September 2025 after an underground incident.