Defying global scenarios such as monetary tightening in wealthy nations, the Russia-Ukraine war, and global oil price instability, an Indonesian mining company is proving to be the world’s top stock performer with a 1,595% surge.

In a year marked by global monetary tightening, recession concerns, and a conflict in Ukraine, one Indonesian mining stock has outperformed the rest of the globe, rallying 1,595%.

PT Adaro Minerals Indonesia shares have gone sideways since peaking in April, but they are still outperforming rivals in the 2,803-member Bloomberg World Index, producing more than double the gains of runner-up Turkish Airlines.

Adaro’s share price has skyrocketed since its launch on Jan. 3 in Jakarta, rocketing from 100 rupiah to 2,990 rupiah in just over three months until a downshift took hold. On Wednesday, it ended at 1,695 rupiah, with a market capitalization of nearly $4.5 billion.

While the stock’s fortunes have been strongly linked to global coal prices, analysts anticipate greater profits as a result of Adaro’s efforts to diversify into aluminum and battery manufacturing for electric vehicles.

In the nine months to September, the company’s net profit increased by 482% as its average selling price more than quadrupled and coal sales volume increased by 41%. Forecasts from five experts surveyed by Bloomberg show that stock prices will rise by 42% during the next year.

According to Bloomberg Businessweek statistics, Adaro’s price-to-book ratio of approximately 9.4 is near its lowest since IPO, while it’s about six times greater than local rivals such as PT Bukit Asam and PT Indo Tambangraya Megah. Shanxi Coking Coal Energy Group Co. of China and Whitehaven Coal Ltd. of Australia, both of which manufacture coking coal, have ratios of roughly 2.

Adaro’s shares have risen since their launch in Jakarta on January 3, rising from Rp 100 to Rp 2,990 in just over three months before dipping. On Wednesday, it ended at Rp 1,695, giving it a market valuation of nearly $4.5 billion.

While the stock’s fortunes are directly linked to global coal prices, experts believe Adaro will benefit more from the company’s plan of diversifying into aluminum and electric car battery production with windfall earnings.

In the nine months to September, the company’s net profit increased by 482% as its average selling price more than quadrupled and coal sales increased by 41%. Bloomberg estimates that the stock will climb 42% in the next year, based on forecasts from five analysts.