Tesla will build a factory in India, what is the direction of ANTM and INCO shares going forward?

ILLUSTRATION. The employee holds his glasses while observing the movement of share prices in Jakarta. BETWEEN PHOTOS / Muhammad Adimaja / aww.

Reporter: Ika Puspitasari | Editor: Herlina Kartika Dewi

KONTAN.CO.ID – JAKARTA. United States (US) electric car maker Tesla Inc is preparing to set up an electric car manufacturing unit in the Indian state of Karnataka. Previously, it was rumored that Tesla would invest its capital in Indonesia, and even raised the share prices of several issuers related to this industry, such as PT Aneka Tambang Tbk (ANTM) and PT Vale Indonesia Tbk (INCO).

As a result, the news that Tesla will set up a factory in India also affects the prospects for the share price of PT Aneka Tambang Tbk (ANTM) and PT Vale Indonesia Tbk (INCO).

Previously, ANTM’s shares had indeed been lifted by the sentiment of Tesla’s investment plan in Indonesia. At the close of trading on Thursday (18/2) ANTM shares rose 1.09% to a price of Rp 2,780 per share, after previously weakening to Rp 2,740 at the close of the first session. As for trading on Wednesday (17/2) ANTM’s shares fell to 4.18%.

Meanwhile, at the close of trading on Thursday (18/2), INCO’s shares rose 2.06% to a price of Rp 6,200 per share. On Wednesday’s trading (17/2), INCO’s shares fell 2.41% to a price of Rp 6,075 per share.

Main Services Analyst at Capital Sekuritas Chris Apriliony said news related to Tesla’s plan to establish a factory in India gave negative sentiment to nickel stocks such as ANTM and INCO.

Also Read: After China, Tesla chose India where it was produced outside the US

Given, previously the share prices of ANTM and INCO rose because Tesla was predicted to build a factory in Indonesia and cooperate with ANTM.

However, Chris continued, the decline in stocks due to the news was not so significant. According to him, the news did not tend to panic the stock price too much because retail investors still tended to be in shock during the decline from mid-January to late January.

“Retail tends to refrain from re-entering ANTM. So it is because the news that comes out tends to be negative and does not trigger panic from retail, so the movement tends to be different from the sentiment, “said Chris, Thursday (18/2).

In general, he sees positive sentiment for nickel mining issuers such as ANTM and INCO from the strengthening trend in nickel prices. Where the demand for nickel seems to be increasing, on the other hand ANTM has also collaborated with LG Chem.

Thus, ANTM’s revenue performance can still increase regardless of whether Tesla will build a factory in Indonesia or not. Chris assessed that technically ANTM stock is still attractive because it is in an uptrend area and today it can still strengthen after touching the support area at MA20.

“Fundamentally, there is a significant increase in prices, but the performance is still not reflected in the financial statements,” added Chris.

He advised market players to buy ANTM shares, investors can limit losses if it is below IDR 2,600 with a target in the area of ​​IDR 3,190.

Chris also gave a buy recommendation for INCO shares, market players can limit losses if it is below IDR 5,800 with a target in the area of ​​IDR 7,000.