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Top-Gaining Asia Stock With 1,650% Jump Is Indonesian Miner

  • Adaro Minerals is diversifying to reduce reliance on coal
  • Shares have soared 1,650% this year as Asia’s best performer
Updated on

Asia’s hottest stock has been fizzling in recent months, but analysts think PT Adaro Minerals Indonesia may still climb higher thanks to a recent acquisition that will boost sales into the supply chain for electric vehicles.

Shares of the Indonesian coal miner have surged 1,650% so far this year, more than six times the performance of the second-best stock on the MSCI Asia Pacific Index. It is also the best performer among more than 3,600 metals and mining companies tracked by Bloomberg.