Macquarie raises target for Merdeka Copper Gold stock to IDR 3,500

Published on 10/13/2026 at 09:49 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Revenue rose 64.00 percent to USD 1.40 billion in first-half 2026. The Pani deal adds context for Merdeka Copper Gold stock at IDR 2.9 trillion.

Key points in brief

Macquarie raised its Merdeka Copper Gold target from IDR 3,000 to IDR 3,500 on October 2, 2026.
First-half 2026 revenue rose 64.00 percent to USD 1.40 billion.
A two-year Pani construction agreement is valued at IDR 2.9 trillion.
The last IDX price cited was IDR 2,940.00 on October 9, 2026, while market capitalization was IDR 70.6 trillion on October 13, 2026.

Merdeka Copper Gold, ID1000134406, Illustration mit AI erstellt.

Macquarie raised its target for Merdeka Copper Gold stock from IDR 3,000 to IDR 3,500 on October 2, 2026, according to Investing.com. The update followed a stronger first half and leaves the target above the cited IDX price of IDR 2,940.00 on October 9, 2026.

Three dated developments

On September 26, 2026, Merdeka reported first-half revenue of USD 1.40 billion, up 64.00 percent year over year, while profit attributable to owners reached USD 102 million against a USD 16 million loss in the same period of 2025, according to Merdeka Copper Gold.

On September 30, 2026, three subsidiaries signed a two-year construction agreement for the Pani Gold Mine worth IDR 2.9 trillion, as IDXChannel reported on October 6, 2026.

On October 2, 2026, Macquarie moved its target from IDR 3,000 to IDR 3,500 while retaining a Buy view, according to Investing.com. The change gives the stock story a quantified valuation reference alongside the operating recovery.

What does Pani add to growth?

The Pani agreement is designed to support mine development for two years, linking the latest corporate action to the production ramp described in the first-half results. Merdeka said Pani added 17,412 ounces to first-half gold production after operations began, while total group gold production reached 66,814 ounces, up 32.00 percent year over year.

The operating mix is also changing. Nickel ore production reached 15.2 million wet metric tonnes in the first half of 2026, up 121.00 percent year over year, and ore sales rose 60.00 percent to 12.4 million wet metric tonnes.

Stock context and company profile

Merdeka Copper Gold had a market capitalization of IDR 70.6 trillion as of October 13, 2026. Its 52-week IDX range was IDR 2,050.00 to IDR 3,960.00, placing the October 9 price of IDR 2,940.00 below the upper end of that range.

The company operates gold, copper and nickel assets in Indonesia. Its first-half performance included EBITDA of USD 512 million, up 191.00 percent year over year, although management also identified commodity prices, energy costs, foreign-exchange movements and regulation as factors affecting operating performance.

What the target change leaves investors weighing

Macquarie's IDR 500 target increase coincided with a period in which revenue, EBITDA and profit all improved on a year-over-year basis. The key operating question is whether Pani's ramp-up and the wider nickel portfolio can convert that first-half improvement into sustained cash generation.

The last cited IDX price was IDR 2,940.00 on October 9, 2026. Market capitalization stood at IDR 70.6 trillion on October 13, 2026, while Macquarie's IDR 3,500 target provides a separate analyst reference for the stock.