KAF sets IDR 2,500 target for Indika Energy stock after exploration report

Published on 10/19/2026 at 09:50 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Exploration spending reached IDR 15.57 billion in October 2026. Indika Energy stock stood at EUR 0.10 on October 19, 2026 in pre-market trading.

KAF sets a new valuation marker

KAF assigned a HOLD rating and an IDR 2,500 target on October 16, 2026.
Indika Energy reported IDR 15.57 billion of exploration spending in October 2026.
Indika Energy stock traded at EUR 0.10 at 9:42 a.m. CEST at Lang & Schwarz on October 19, 2026.

Indika Energy, ID1000110901, Illustration mit AI erstellt.

Indika Energy received a HOLD rating and an IDR 2,500 fundamental target from KAF Sekuritas in research dated October 16, 2026. The assessment followed a sharp correction in the Indonesian energy market and gives investors a concrete valuation marker for the company.

Exploration adds an operating signal

KONTAN reported on October 13, 2026 that Indika Energy spent IDR 15.57 billion on exploration through Kideco Jaya Agung and Masmindo Dwi Area. Kideco accounted for IDR 9.44 billion and completed 65 drill holes covering 10,717.4 meters, while Masmindo spent IDR 6.13 billion and drilled seven holes.

The exploration figures matter because they show capital allocation inside a group still balancing its coal base with newer mining projects. KAF also reported that first-half 2026 revenue reached USD 1.15 billion, up 19.9 percent from the prior-year period, while adjusted EBITDA rose 43.8 percent to USD 139.1 million. Parent-company profit was USD 10.2 million in the same period.

What does the target mean for earnings?

The IDR 2,500 target sits beside a thin profit profile rather than a broad earnings upgrade. KAF described the stock as HOLD and linked the outlook to the development of the Awak Mas gold mine and the unconfirmed Kideco divestment story. The company therefore combines higher first-half revenue with a modest parent-level profit base.

Three dated signals for Indika

On October 9, 2026, market coverage placed the possible Kideco transaction above USD 1 billion, while the reported valuation remained speculative. On October 13, 2026, exploration spending reached IDR 15.57 billion. On October 16, 2026, KAF set the IDR 2,500 target and HOLD rating for INDY.

Market value and trading price

Indika Energy had a market capitalization of IDR 10.0 trillion as of October 19, 2026. The company operates on the Indonesia Stock Exchange under ticker INDY, and its valuation profile includes a reported price-to-earnings ratio of 42.60 based on trailing data from Simply Wall St.

Indika Energy stock was trading at EUR 0.10 at Lang & Schwarz on October 19, 2026 at 9:42 a.m. CEST. The further course of trading is shown by the continuously updated real-time quote of Indika Energy stock.