In a turbulent year marred by <a href="https://www.thenationalnews.com/business/economy/2022/12/15/uae-central-bank-raises-interest-rate-after-feds-final-increase-of-year/" target="_blank">global monetary tightening</a>, <a href="https://www.thenationalnews.com/business/energy/2022/12/07/oil-prices-drop-to-below-80-for-first-time-since-january-on-recession-fears/" target="_blank">recession fears </a>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 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 <a href="https://www.thenationalnews.com/travel/airlines/2022/09/24/worlds-best-airlines-2022-qatar-airways-wins-ahead-of-singapore-airlines-and-emirates/" target="_blank">Turkish Airlines</a>. Adaro's <a href="https://www.thenationalnews.com/business/money/2022/12/06/what-are-the-stealthy-positives-set-to-fuel-the-recovery-of-world-stocks/" target="_blank">share price has rocketed</a> since its January 3 debut in Jakarta, catapulting to 2,900 rupiah ($0.18), from 100 rupiah, in slightly more than three months before a downshift took hold. It closed at 1,695 rupiah on Wednesday, with a market capitalisation 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 <a href="https://www.thenationalnews.com/world/uk-news/2022/11/17/jeremy-hunt-increases-windfall-tax-on-uk-energy-companies-in-autumn-statement/" target="_blank">windfall profit </a>to diversify into aluminium 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 cent 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, although it is about six times higher than domestic peers, including Bukit Asam and Indo Tambangraya Megah. China’s Shanxi Coking Coal Energy Group and Australia’s Whitehaven Coal — both of which produce coking coal — have ratios at about 2.