Merdeka Copper Gold posts USD 1.40 billion: IDR 3,800 target for Merdeka Copper Gold stock

Published on 10/16/2026 at 10:20 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Merdeka Copper Gold stock has an IDR 3,800 target from Maybank on September 29, 2026. KAF set IDR 2,600 on October 5, 2026.

Results and valuation context

First-half revenue reached USD 1.40 billion on September 28, 2026.
Maybank kept an IDR 3,800 target on September 29, 2026.
KAF Research set an IDR 2,600 target on October 5, 2026.
Market capitalization stood at IDR 59.3 trillion on October 16, 2026.

Merdeka Copper Gold, ID1000134406, Illustration mit AI erstellt.

Merdeka Copper Gold (ISIN ID1000134406) reported USD 1.40 billion in revenue for the first half of 2026, up 64.00 percent from USD 854.6 million a year earlier, according to the company's Merdeka Copper Gold. The company returned to a profit attributable to the parent entity of USD 101.6 million after a USD 15.7 million loss in the first half of 2025.

Profit recovery changes the picture

The earnings release dated September 28, 2026 also showed EBITDA of USD 512.2 million for the first half of 2026, up 191.00 percent year over year. Operating profit reached USD 397.3 million, compared with USD 78.9 million in the first half of 2025.

The operating mix supplied the main explanation. Gold production totaled 49,402 ounces in the first half of 2026, while the Pani project contributed 17,412 ounces. Nickel ore sales reached 12.4 million wet metric tonnes, up from 7.8 million wet metric tonnes a year earlier.

Three dates shape the story

On January 28, 2026, the company said heap-leach irrigation had begun at the Pani Gold Mine, which later delivered 17,412 ounces in the first half of 2026, according to its investor page. On June 26, 2026, EMAS completed its Hong Kong listing, while second-quarter revenue reached USD 28.2 million in the company's results presentation. The current event came on September 28, 2026, when first-half revenue reached USD 1.40 billion and parent-entity profit reached USD 101.6 million.

What do the targets imply?

Analyst views remain divided. Kontan reported that Maybank Sekuritas Indonesia retained a buy recommendation and an IDR 3,800 target in research dated September 29, 2026. By contrast, KAF Research assigned a hold view and an IDR 2,600 target on October 5, 2026.

Stock valuation and operating risk

The stock was last at IDR 2,430 on the Indonesia Stock Exchange on October 16, 2026 at 3:08 p.m. WIB, within its IDR 2,050 to IDR 3,960 52-week range. Market capitalization stood at IDR 59.3 trillion on the same date. The contrast between the targets reflects differing views on how quickly Pani, nickel and downstream projects can convert investment into recurring cash flow.

Operational execution remains central

Management's first-half presentation said the group had USD 683 million in cash and bank balances as of June 30, 2026, alongside USD 1.723 billion in net debt. The figures leave project execution and funding discipline as important markers for the second half of 2026.

Market position and company facts

PT Merdeka Copper Gold Tbk is an Indonesian mining group focused on gold, copper and nickel. Its primary listing is on the Indonesia Stock Exchange under ticker MDKA, and its sector is Basic Materials.