Merdeka Battery Materials stock: Phintraco sets IDR 790 target for Merdeka Battery Materials stock

Phintraco Sekuritas set an IDR 790 target for Merdeka Battery Materials on October 15, 2026, according to Kontan. The target is the clearest recent analyst marker for the Indonesian nickel and battery-materials company.

On October 21, 2026 at 9:07 a.m. WIB, Merdeka Battery Materials stock cost IDR 354.00 on the IDX, up 2.91 percent from the previous close.

First-half revenue reached USD 1.05 billion

Revenue reached USD 1.05 billion in the first half of 2026, up 66.92 percent from the same period a year earlier. BRI Danareksa Sekuritas reported the figure in its September 29, 2026 company update, which also put first-half net profit at USD 54.40 million, up 830.12 percent year over year.

The earnings mix was uneven. First-half EBITDA reached USD 310.60 million, up 305.70 percent year over year, while the report highlighted pressure in downstream margins as the HPAL expansion progresses.

What supports the outlook?

The operating case rests on higher nickel volumes and new processing capacity. MBMA's first-half 2026 production included 39,495 tons of nickel pig iron, up 19.50 percent year over year, while installed ore-handling capacity reached 60 million wet metric tonnes per year, according to BRI Danareksa Sekuritas.

Targets reflect execution risks

BRI Danareksa Sekuritas maintained a Buy rating but cut its target from IDR 880 to IDR 710 on September 29, 2026, citing lower nickel-price assumptions and higher costs. The report identified nickel-price volatility, downstream margin compression, sulfur costs, limited ore quotas and HPAL ramp-up delays as key risks.

The company published its first-half 2026 financial performance release on September 26, 2026, while its investor-relations calendar lists the second-quarter activities report on August 3, 2026. These dates place the current discussion between strong reported growth and the execution required to convert capacity into earnings.

Stock price and investor view

The IDR 790 Phintraco target sits well above the October 21 price, but the more immediate market question is whether volume growth can offset weaker downstream economics. The latest trading move was positive, while the analyst revisions show that commodity assumptions remain central to the valuation debate.

Merdeka Battery Materials stock cost IDR 354.00 on the IDX on October 21, 2026 at 9:07 a.m. WIB, up 2.91 percent on the day. The latest available quotation gives the stock a concrete market reference while the first-half figures provide the operating benchmark.