KB Valbury raises target for Merdeka Copper Gold stock to IDR 3,300

Published on 10/09/2026 at 12:47 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half revenue rose 64.10 percent to USD 1.40 billion. KB Valbury sees 15.80 percent upside for Merdeka Copper Gold stock.

Key points in brief

KB Valbury raised its Merdeka Copper Gold target from IDR 3,100 to IDR 3,300 on October 2, 2026.
First-half 2026 revenue reached USD 1.40 billion, up 64.10 percent year over year.
A subsidiary signed an IDR 2.90 trillion Pani construction agreement effective September 30, 2026.
The company plans an IDR 4.12 trillion bond offer with coupons of 8.25 percent and 10.00 percent.

Merdeka Copper Gold, ID1000134406, Illustration mit AI erstellt.

KB Valbury raised its target for Merdeka Copper Gold stock from IDR 3,100 to IDR 3,300 in a report dated October 2, 2026, while maintaining a Buy rating. The analyst calculated 15.80 percent upside from an IDR 2,850 reference price and highlighted the ramp-up of the Pani gold mine.

Three milestones shaped the story

On September 26, 2026, Merdeka Copper Gold reported first-half 2026 revenue of USD 1.40 billion, up 64.10 percent from USD 855.00 million in the same period of 2025, according to KB Valbury. Net profit recovered to USD 102.00 million from a USD 16.00 million loss, although second-quarter net profit declined 23.20 percent from the first quarter to USD 44.00 million.

On October 2, 2026, KB Valbury raised its target by IDR 200 from IDR 3,100 to IDR 3,300. Its report lifted the fiscal 2026 revenue forecast to USD 3.15 billion from USD 3.13 billion, but cut the fiscal 2026 net profit forecast to USD 221.00 million from USD 239.00 million because of one-off Hong Kong listing expenses and higher foreign-exchange losses.

On October 6, 2026, Merdeka Mining Servis signed an IDR 2.90 trillion construction agreement for the Pani Gold project, effective September 30, 2026, according to IDXChannel. The contract runs for two years and supports one of the group's key gold projects.

What does the target imply?

The IDR 3,300 target is built on Pani production growth, stronger mining margins and higher realized metal prices. KB Valbury expects Pani to produce 52,000 ounces in fiscal 2026, while the mine recorded first-half gold sales of 6,955 ounces at an average selling price of USD 4,437 per ounce.

Debt dates add a second catalyst

Merdeka plans an IDR 4.12 trillion bond offer with fixed coupons of 8.25 percent and 10.00 percent, according to IDXChannel. The proceeds include IDR 3.48 trillion for debt repayment, while the first interest payment is scheduled for January 20, 2027.

The public bond offering is scheduled for October 14-15, 2026, with electronic distribution on October 20, 2026 and IDX listing on October 21, 2026. The last available euro quote on Frankfurt Stock Exchange stood at EUR 0.14 on October 8, 2026.