JAKARTA – Shares of PT Bumi Resources Minerals Tbk (BRMS) remain a favourite among analysts, despite gold prices having fallen by as much as 10% from their record highs.

Andre Setiawan, an analyst at Minna Padi Investama Sekuritas, said BRMS has fairly solid fundamentals, particularly supported by revenue and net profit growth in the first quarter of 2025.

As previously reported by IDNFinancials.com, BRMS posted a 212% year-on-year surge in revenue in the first quarter, reaching USD 63.3 million. This increase also boosted its net profit by 296% to USD 14.85 million.

“We are maintaining our target price at IDR 415 per share and currently give a BUY recommendation,” said Andre.

Meanwhile, Rizal Rafly, an analyst at Ajaib Sekuritas, said that the upward momentum in gold prices is expected to continue through to 2026.

“This aligns with ongoing macroeconomic uncertainty,” said Rizal.

Nonetheless, Rizal noted that the risk of a gold price decline should still be considered, particularly due to weakening demand for jewellery products and a slowdown in gold purchases by central banks.

Taking these factors into account, Ajaib Sekuritas has issued a BUY recommendation for BRMS shares, with a target price of IDR 440 per share.

“We continue to view BRMS positively, given its improving fundamentals and long-term growth prospects,” said Rizal.

According to IDNFinancials.com, BRMS shares reached their highest level in the past two months at IDR 410 per share on 7 May 2025.

However, by the close of trading on Thursday (16/5), BRMS shares had fallen 12.20% from their peak last week. (KR/ZH)