Hartadinata Abadi plans 460 million shares: Kiwoom targets Hartadinata Abadi stock at IDR 2,900

Published on 10/19/2026 at 10:24 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Hartadinata kept 2026 revenue growth guidance at 45%-60% on September 21, 2026. The issue could dilute Hartadinata Abadi stock by 9.09%.

Corporate action and operating markers

Hartadinata Abadi disclosed 460,526,240 potential new shares on October 14, 2026.
Kiwoom Research reported a 3.69 percent gross margin for the first half of 2026.
Hartadinata Abadi's next earnings date is October 29, 2026.

Hartadinata Abadi, ID1000139405, Illustration mit AI erstellt.

Hartadinata Abadi plans to issue up to 460,526,240 new shares, while Kiwoom Research set a 12-month target of IDR 2,900 for Hartadinata Abadi stock on October 12, 2026. The private placement is intended to fund gold raw-material purchases and requires shareholder approval.

Private placement funds working capital

According to CNBC Indonesia on October 14, 2026, the planned issue equals up to 10.00 percent of Hartadinata Abadi's paid-in capital. The company said the proceeds would support working capital, especially purchases of gold granules or bars from unaffiliated suppliers.

The financing plan carries a dilution issue for existing holders. A report by Kontan said the potential dilution could reach 9.09 percent if all new shares are issued.

What does the issue mean for growth?

The answer depends on whether additional working capital can support sales without eroding profitability. Kiwoom Research reported that wholesaling contributed 89.33 percent of first-half 2026 revenue and grew 149 percent year over year, while gross margin declined to 3.69 percent.

Kiwoom Research maintained a Buy recommendation and cited gold-price volatility, weaker domestic purchasing power and slower LBMA certification progress as risks. Its IDR 2,900 target was based on equal weighting between price-to-earnings and discounted-cash-flow valuation.

Three dated corporate milestones

On September 21, 2026, Kontan reported that Hartadinata retained 2026 revenue-growth guidance of 45%-60% and net-income growth guidance of 30%-45%. On October 12, 2026, Kiwoom Research published its IDR 2,900 target and cited a 3.69 percent gross margin. On October 14, 2026, CNBC Indonesia reported the planned issue of 460,526,240 shares for gold-related working capital.

Next date for earnings

Investing.com lists October 29, 2026 as the next earnings date. That report will provide the next quantified test of the growth guidance and the margin pressure identified in the first-half update.

Jakarta listing and valuation context

Hartadinata Abadi was last at IDR 1,505 on the Jakarta Stock Exchange on October 19, 2026 at 3:13 p.m. WIB, with market capitalization of IDR 6.9 trillion. The stock's 52-week range was IDR 1,140.00 to IDR 3,440.00 as of October 16, 2026.