Amidst all the turmoil this year, as assets around the world tumbled due to the Russian invasion of Ukraine, rising inflation and subsequent action by central banksan Indonesian mining stock, has become the unlikely top performer of 2022 with year-end gains of over 1,600%.

What happened: PT Adaro Minerals Indonesia has seen its share price soar since its debut in Jakarta on Jan. 3, rising from 100 rupiah to 2,990 rupiah in just over three months before a downturn began. At the time of writing, it was trading at 1,710 rupiah on Thursday, with a market cap of about $4.5 billion. That was first reported by Bloomberg.

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Analysts expect further gains thanks to the company’s strategy of using its windfall profit to diversify into aluminum and battery manufacturing for electric vehicles, Bloomberg reported.

Estimates from five analysts, compiled by Bloomberg, point to another 42% gain in the share price over the next 12 months. Interestingly, Adaro’s price-to-book ratio is around 9.4, near its lowest since its listing, according to data compiled by Bloomberg. However, this is about six times higher than its domestic counterparts.

Big oil whistle: Energy stocks have gained this year on rising oil prices led by supply-side concerns. ExxonMobil Corp XOM Shares are up 67% during Warren Buffett-supports Occidental Petroleum Corporation OXY has gained 105%. Those returns are still a far cry from Adaro’s performance.

Price promotion: Relative to PT Adaro Minerals, some US-listed coal stocks have posted lower returns; Although the returns are impressive on an absolute basis.

Hallador Energy Co HNRG is up over 255% year-to-date Peabody Energy Corporation Btu Stocks are up 150%. Arch Resources Inc BOW is up over 54% and Warrior Met Coal Inc HCC has increased by over 37%.

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