KAF sets IDR 425 target for Merdeka Battery Materials stock

Published on 10/14/2026 at 13:12 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half revenue rose 66.92 percent to USD 1.05 billion. Merdeka Battery Materials stock was IDR 474.00 at the October 9, 2026 close.

Analyst target and market frame

KAF Sekuritas set an IDR 425.00 target for Merdeka Battery Materials on October 7, 2026.
First-half 2026 revenue reached USD 1.05 billion, up 66.92 percent year over year.
Merdeka Battery Materials stock was IDR 474.00 at the October 9, 2026 close.
The stock carried a 39.01 trailing price-to-earnings ratio and IDR 50.9 trillion market capitalization on October 9, 2026.

Merdeka Battery Materials, ID1000188303, Illustration mit AI erstellt.

KAF Sekuritas set an IDR 425.00 target for Merdeka Battery Materials stock on October 7, 2026, below the IDR 474.00 closing price used in its analysis. According to KAF Sekuritas, the target was paired with an Underweight fundamental view. The stock was IDR 474.00 at the Jakarta close on October 9, 2026.

Revenue reached USD 1.05 billion

According to KAF Sekuritas, first-half 2026 revenue rose 66.92 percent year over year to USD 1.05 billion. First-half 2026 profit reached USD 54.43 million, up 830.12 percent year over year, while EBITDA rose 306 percent to USD 310.60 million.

The operating mix matters because the same report said only about 18 percent of EBITDA became profit attributable to the parent company. It also described pressure on downstream margins as the HPAL project moves toward commercial production.

Stock sits 49.89 percent below its high

At the October 9, 2026 close, the stock stood at IDR 474.00 inside a 52-week range of IDR 398.00 to IDR 945.00. The price was 49.89 percent below the 52-week high and the year-to-date performance was minus 16.84 percent.

The dated quote also listed volume of 52,026,900 shares against an average volume of 111,268,559 shares. That places the session volume at 46.77 percent of the average, a concrete gauge of trading activity for the latest quoted session.

Valuation and peer comparison

The October 9, 2026 market capitalization was IDR 50.9 trillion and the trailing price-to-earnings ratio was 39.01. The KAF target of IDR 425.00 was 10.34 percent below the IDR 474.00 price used in the October 7 analysis.

Comparison with peers

Merdeka Battery Materials (IDX, IDR): 0.00 percent, price-to-earnings ratio 39.01, market capitalization IDR 50.9 trillion.

Trimegah Bangun Persada (IDX, IDR): 0.00 percent, price-to-earnings ratio 4.87, market capitalization IDR 52.0 trillion.

Merdeka Copper Gold (IDX, IDR): 0.00 percent, price-to-earnings ratio 70.17, market capitalization IDR 70.8 trillion.

What the figures say

Merdeka Battery Materials combines rapid first-half revenue growth with a wide gap between its latest quoted price and its 52-week high. The analyst target, financial growth rates and valuation figures give investors separate measures for assessing the stock's current position.

Market context: Market report IDX Composite.