Macquarie maintains IDR 600.00 target for Merdeka Battery Materials stock

Published on 10/13/2026 at 14:04 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Revenue rose 66.92 percent in first-half 2026. Merdeka Battery Materials stock costs IDR 460.00 on October 13, 2026, flat versus IDX close.

Macquarie maintained its IDR 600.00 target for Merdeka Battery Materials on October 2, 2026.
First-half 2026 revenue rose 66.92 percent to USD 1.05 billion, while net profit reached USD 54.00 million.
Merdeka Battery Materials stock was IDR 460.00 on IDX on October 13, 2026, unchanged versus the October 12 close and 51.32 percent below its 52-week high.
The company had an IDR 49.4 trillion market capitalization and a 36.40 price-to-earnings ratio.

Merdeka Battery Materials, ID1000188303, Illustration mit AI erstellt.

Macquarie maintained its IDR 600.00 target for Merdeka Battery Materials stock in a note dated October 2, 2026, according to Investing.com. On October 13, 2026, the IDX-listed stock was at IDR 460.00, unchanged versus the IDX close of October 12, 2026.

First-half revenue rises 66.92 percent

IDX Channel reported on September 26, 2026, that MBMA generated USD 54.00 million in net profit during the first half of 2026. Revenue reached USD 1.05 billion, up 66.92 percent year over year, while nickel ore production rose 121.00 percent to 15.20 million wet metric tonnes.

The operating figures give the analyst target a measurable earnings backdrop, but the stock price remains below the level used for Macquarie's target. The company is expanding its nickel and battery-materials chain through mining, processing and the Sulawesi Nickel Cobalt project.

Stock sits 51.32 percent below its high

The October 13 IDX quote placed Merdeka Battery Materials at IDR 460.00 against a 52-week range of IDR 398.00 to IDR 945.00. The price therefore stood 51.32 percent below the 52-week high, while the reported daily range was IDR 460.00 to IDR 478.00.

Valuation and analyst target

Investing.com listed an IDR 49.4 trillion market capitalization and a 36.40 price-to-earnings ratio on October 13, 2026. Its analyst table showed Macquarie at an IDR 600.00 target dated October 2, 2026, which is 30.43 percent above the IDR 460.00 price.

Comparison with peers

Merdeka Battery Materials (IDX, IDR): 0.00 percent, price-to-earnings ratio 36.40, market capitalization IDR 49.4 trillion

Trimegah Bangun Persada (IDX, IDR): minus 0.60 percent, price-to-earnings ratio 4.87, market capitalization IDR 52.0 trillion

ANTAM (IDX, IDR): plus 1.64 percent, price-to-earnings ratio 8.37, market capitalization IDR 74.5 trillion

Trading context stays unchanged

Merdeka Battery Materials stock was at IDR 460.00 on IDX on October 13, 2026, with a 0.00 percent move versus the IDX close of October 12, 2026. The combination of strong first-half growth and a 51.32 percent gap to the yearly high leaves the IDR 600.00 analyst target as the key valuation marker.