Food Empire Holdings (FEH SP): Business As Usual In Russia; Share Price Weakness, Potential Market Share Gain And High Short Position Present Buying Opportunities

报告摘要

AMMN's 2Q26 net profit reached US$338m (+110.9% qoq) on net sales of US$1,244m (+54.0% qoq), as concentrate sales tripled to 90,066 dmt and refined gold sales rose to 49,501 oz. 1H26 net profit of US$498m accounts for 43% of our 2026 forecast, but is in line with consensus at 53%. A solid 2H26 is expected as smelter and PMR are now fully commissioned. The JORC update extends the Batu Hijau mine life to 2031/32. Maintain BUY. Target price is Rp7,000.