World's Biggest Stock Winner Of 2022 Is Indonesian Miner With Near 1,600% Gain

In a turbulent year marred by global monetary tightening, recession fears, and a war in Ukraine, a mining stock in Indonesia is proving to be the world's best performer with a whopping 1,595 per cent rally..Shares of PT Adaro Minerals Indonesia have moved sideways since sliding from a peak in April, but are still handsomely beating peers in the 2,803-member Bloomberg World Index — delivering more than double the returns of runner-up Turkish Airlines. .Adaro has seen its share price skyrocket since a Jan. 3 debut in Jakarta, catapulting from 100 rupiah to 2,990 rupiah in just over three months before a downshift took hold. It closed at 1,695 rupiah on Wednesday, with a market cap of about $4.5 billion. .While the stock's fortune has been closely tied to global coal prices, analysts see more gains thanks to Adaro's strategy to use its windfall profit to diversify into aluminum and battery making for electric vehicles..The company reported a 482 per cent jump in net profit in the nine months through September as its average selling price more than doubled and coal sales volume jumped 41 per cent..Forecasts from five analysts compiled by Bloomberg suggest another 42 per cnet upside in stock prices over the next 12 months. .Adaro's price-to-book ratio at about 9.4 is near its lowest since listing, according to Bloomberg-compiled data, though it's about six times higher than domestic peers including PT Bukit Asam and PT Indo Tambangraya Megah..China's Shanxi Coking Coal Energy Group Co. and Australia's Whitehaven Coal Ltd. — both of which produce coking coal — have ratios at about 2. .--With assistance from Fathiya Dahrul..(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

World's Biggest Stock Winner Of 2022 Is Indonesian Miner With Near 1,600% Gain

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