BRI Danareksa cuts target for Merdeka Battery Materials stock to IDR 710.00

Published on 10/09/2026 at 11:39 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Profit hit USD 54.00 million in first-half 2026. Merdeka Battery Materials stock saw revenue rise 66.92 percent to USD 1.05 billion.

BRI Danareksa cut its target for Merdeka Battery Materials stock to IDR 710.00 on September 29, 2026.
Merdeka Battery Materials reported USD 54.00 million net profit for the first half of 2026, up 830.00 percent year over year.
First-half revenue reached USD 1.05 billion, up 66.92 percent, while nickel ore production rose 121.00 percent to 15.20 million wet metric tons.
The company is targeting initial production from its Sulawesi HPAL project in the second half of 2026.

Merdeka Battery Materials, ID1000188303, Illustration mit AI erstellt.

BRI Danareksa Securities cut its target for Merdeka Battery Materials stock to IDR 710.00 in a research note dated September 29, 2026, while retaining its Buy view. The note cited lower nickel price assumptions and higher costs for fiscal years 2027 and 2028, making the target revision the latest quantified market signal for the Jakarta-listed producer.

Three events shaped the stock

On September 17, 2026, Merdeka Battery Materials set a maximum IDR 1.383 trillion allocation for a share buyback under fluctuating market conditions, Kontan reported on September 17, 2026. On September 26, 2026, first-half net profit reached USD 54.00 million, and on September 29, 2026, BRI Danareksa published its IDR 710.00 target.

The earnings comparison is stark: Investortrust reported that net profit attributable to the parent company rose 830.00 percent year over year from USD 6.00 million in the first half of 2025. Revenue increased 66.92 percent to USD 1.05 billion, while EBITDA rose 306.00 percent to USD 311.00 million in the first half of 2026.

What does the target imply?

BRI Danareksa's IDR 710.00 target sits alongside a business that is scaling both upstream and downstream operations. The same research note described first-half EBITDA as in line with expectations, with stronger ore margins cushioning pressure in downstream activities, while lower nickel prices and higher costs prompted the target cut.

Operating volume provides the clearest counterweight to that caution. Nickel ore production reached 15.20 million wet metric tons in the first half of 2026, up 121.00 percent year over year, while ore sales rose 60.00 percent to 12.40 million wet metric tons, according to IDXChannel.

HPAL milestone remains dated

The next operating marker is the Sulawesi Nickel Cobalt high-pressure acid leach project. Investortrust reported that initial production is targeted for the second half of 2026, with the facility expected to move toward full design capacity by year-end. That schedule links the strong first-half figures to a future test of execution, utilization and cost control.