Analyst sets IDR 880 target for Merdeka Battery Materials stock

Published on 10/12/2026 at 10:58 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Revenue hit USD 1.05 billion in the first half of 2026, up 66.92 percent. For Merdeka Battery Materials stock this means USD 54.43 million profit, up 830.12 percent.

Key points in brief

Analyst coverage puts an IDR 880 target on Merdeka Battery Materials stock.
First-half 2026 revenue reached USD 1.05 billion, up 66.92 percent year over year.
Net profit rose 830.12 percent to USD 54.43 million, while downstream margins remained under pressure.
The company is scheduled to release its next earnings report on December 23, 2026.

Merdeka Battery Materials, ID1000188303, Illustration mit AI erstellt.

Merdeka Battery Materials (ID1000188303) drew a new IDR 880 price target on October 8, 2026, while first-half 2026 revenue reached USD 1.05 billion and net profit rose to USD 54.43 million. According to Kontan on October 8, 2026, BRI Danareksa analyst Abida Massi Armand selected the stock for direct nickel exposure and cited HPAL ramp-up as a growth driver.

Three milestones shape the stock

On September 28, 2026, Merdeka Battery Materials reported first-half revenue of USD 1.05 billion, up 66.92 percent year over year, while net profit attributable to parent owners reached USD 54.43 million, up 830.12 percent from USD 5.85 million. Databoks attributed the figures to the company financial report.

On September 29, 2026, BRI Danareksa cut its target from IDR 880 to IDR 710 while maintaining a Buy rating. The research cited lower nickel-price assumptions and higher costs, according to BRIGHTS.

The October 8 target of IDR 880 therefore sits alongside a divided operating picture. Revenue growth and the 830.12 percent profit increase provide scale, but the research focus remains on whether higher-value processing can offset pressure in downstream margins.

What does the target mean for margins?

The key test is execution in battery materials. BRI Danareksa said first-half EBITDA was in line with expectations, yet net profit was softer than expected and downstream margins stayed under pressure, according to BRIGHTS on September 29, 2026. The report identified ore monetization and HPAL ramp-up as the next growth drivers.

That combination makes the IDR 880 target dependent on operating delivery rather than revenue growth alone. Merdeka Battery Materials operates an integrated nickel chain spanning ore, nickel pig iron, nickel matte and battery materials, while its market capitalization stood at IDR 50.9 trillion on October 11, 2026.

The next reported date is December 23

Merdeka Battery Materials is scheduled to release its next earnings report on December 23, 2026, according to Investing.com. That report should show whether the first-half expansion in revenue and profit is translating into stronger downstream economics.