Maybank kept IDR 3,800 target for Merdeka Copper Gold stock

Published on 10/14/2026 at 17:19 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Revenue rose 64.00 percent to USD 1.40 billion in the first half of 2026. For Merdeka Copper Gold stock, gold output reached 66,814 ounces.

Growth shifts toward production

Maybank kept its IDR 3,800 target in research dated September 29, 2026.
First-half revenue rose 64.00 percent to USD 1.40 billion.
Merdeka Copper Gold stock was last at IDR 2,900.00 on the IDX on October 14, 2026.
Gold production reached 66,814 ounces in the first half of 2026.

Merdeka Copper Gold, ID1000134406, Illustration mit AI erstellt.

Maybank Sekuritas Indonesia kept its buy rating and IDR 3,800 target for Merdeka Copper Gold stock in research dated September 29, 2026, as reported by Kontan. The assessment follows a sharp improvement in first-half operating figures and puts production growth ahead of valuation changes.

Three operating milestones

On September 26, 2026, Merdeka reported first-half revenue of USD 1.40 billion, up 64.00 percent year over year, while earnings before interest, taxes, depreciation and amortization rose 191.00 percent to USD 512.00 million, according to the company's Merdeka Copper Gold release.

On September 29, 2026, Maybank maintained its IDR 3,800 target, while on October 9, 2026, Kontan described Pani and nickel output as key contributors to second-half growth.

What supports second-half growth?

The production mix is changing. Merdeka's official first-half release said gold output increased 32.00 percent year over year to 66,814 ounces, with Pani contributing 17,412 ounces after its ramp-up began.

Nickel remains the larger operating engine. Nickel ore production reached 15.2 million wet metric tonnes in the first half of 2026, up 121.00 percent year over year, while ore sales rose 60.00 percent to 12.4 million wet metric tonnes, the company said in the same release.

The earnings picture is stronger but uneven. Kontan reported that second-quarter revenue rose 26.10 percent quarter over quarter to USD 782.10 million, while profit attributable to parent-company owners fell 23.30 percent quarter over quarter to USD 44.10 million. Foreign-exchange, fair-value and listing-related costs weighed on that quarterly profit.

IDX price and valuation

Merdeka Copper Gold was last at IDR 2,900.00 on the IDX on October 14, 2026 at 4:14 p.m. WIB. Its market capitalization was IDR 70.8 trillion on that date, while the 52-week range stood at IDR 2,050.00 to IDR 3,960.00.