PEFINDO affirms idA+ rating for Merdeka Copper Gold stock

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

First-half revenue rose 64.00 percent to USD 1.40 billion. The IDR 4.11 trillion bond issue sets a timetable for Merdeka Copper Gold stock.

Rating and refinancing timetable

PEFINDO affirmed the idA+ corporate rating on October 6, 2026.
First-half 2026 revenue rose 64.00 percent to USD 1.40 billion.
The bond issue is scheduled for October 20, 2026, with listing on October 21, 2026.

Merdeka Copper Gold, ID1000134406, Illustration mit AI erstellt.

Merdeka Copper Gold (ISIN ID1000134406) lifted first-half 2026 revenue 64.00 percent year over year to USD 1.40 billion, while PEFINDO affirmed the companys idA+ corporate rating on October 6, 2026. The stable outlook puts debt management alongside operating growth in the investor picture.

Revenue recovery changes the backdrop

The company returned to profitability in the first half of 2026. According to its financial statement, net profit attributable to owners reached USD 101.6 million, compared with a USD 15.7 million loss in the first half of 2025, while EBITDA rose 191.00 percent to USD 512.2 million.

The improvement was broad but not uniform. Second-quarter 2026 revenue reached USD 778.4 million, up from USD 620.3 million in the first quarter, while net income fell to USD 43.9 million from USD 57.5 million over the same comparison.

What does the rating mean for debt?

PEFINDO said on October 6, 2026, that the rating reflects Merdeka Copper Golds vertically integrated operations, diversified business and sizeable reserves. It also identified the companys capital structure and exposure to nickel, gold and copper prices as constraints, making refinancing terms a central point for the stock narrative.

Three dated steps in the financing plan

On September 26, 2026, Merdeka reported first-half revenue of USD 1.40 billion and EBITDA of USD 512 million in its financial statement. On October 3, 2026, Bisnis.com reported a planned IDR 4.11 trillion bond issue, with proceeds intended mainly to repay debt. On October 6, 2026, PEFINDO affirmed the idA+ rating with a stable outlook.

Two dates set the next test

Bisnis.com listed October 20, 2026, as the planned electronic bond distribution date and October 21, 2026, as the planned IDX listing date. The timetable makes refinancing execution the next dated milestone.

IDX quote keeps the market test visible

Merdeka Copper Gold was last at IDR 2,200.00 on the IDX on October 20, 2026, at 2:59 p.m. WIB. The 52-week range stood at IDR 2,050.00 to IDR 3,960.00, leaving the latest quote IDR 150.00 above the low and IDR 1,760.00 below the high. The companys market capitalization was IDR 53.7 trillion as of October 20, 2026.