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

Published on 10/16/2026 at 17:31 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half 2026 revenue reached USD 1.05 billion, up 66.92 percent. Merdeka Battery Materials stock was IDR 438.00 on October 15, 2026.

Analyst target and earnings growth

Phintraco Sekuritas set an IDR 790.00 target on October 15, 2026.
First-half 2026 revenue rose 66.92 percent to USD 1.05 billion.
Merdeka Battery Materials stock was last at IDR 438.00 on October 15, 2026.
First-half 2026 net profit reached USD 54.00 million against USD 6.00 million a year earlier.

Merdeka Battery Materials, ID1000188303, Illustration mit AI erstellt.

Phintraco Sekuritas assigned Merdeka Battery Materials a target price of IDR 790.00 on October 15, 2026, according to Kontan.co.id. Against the reported IDR 438.00 trading level, the target stood 80.36 percent above the price. Merdeka Battery Materials was last at IDR 438.00 at the end of trading on October 15, 2026.

Revenue growth sets the operating backdrop

The company reported USD 1.05 billion in revenue for the first half of 2026, an increase of 66.92 percent from the same period a year earlier. IDXChannel reported that net profit reached USD 54.00 million, compared with USD 6.00 million in the first half of 2025. The comparison points to a sharp improvement in profitability, although the figures describe the completed first half rather than a forward forecast.

Nickel volumes support the outlook

Production of nickel ore reached 15.20 million wet metric tonnes in the first half of 2026, up 121.00 percent from 6.90 million wet metric tonnes a year earlier, according to IDXChannel. Nickel ore sales rose 60.00 percent to 12.40 million wet metric tonnes during the same period. Those figures give the analyst target a concrete operating reference, while execution and commodity-price exposure remain material factors for the valuation.

Profit and target mark the valuation debate

Phintraco projected 2026 revenue of USD 2.60 billion, EBITDA of USD 356.00 million and net profit of USD 80.00 million in the report cited by Kontan.co.id. The same report linked the forecast to higher production and nickel ore sales rather than relying only on higher ore prices. The investor-relations page lists the September 28, 2026 first-half financial results presentation among the company's 2026 materials.

Stock level and investor context

The dated IDR 438.00 level leaves the IDR 790.00 target as the central valuation reference in the latest analyst coverage. For investors, the key tension is the contrast between 66.92 percent first-half revenue growth and the execution risk attached to expanding integrated nickel and battery-material operations.