Merdeka Copper Gold stock: KB Valbury lifts target for Merdeka Copper Gold stock to IDR 3,300

Published on 10/19/2026 at 17:35 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Revenue rose 64.00 percent to USD 1.40 billion in first-half 2026. Merdeka Copper Gold stock was IDR 2,260 on October 19, 2026, down 7.00 percent on IDX.

KB Valbury target and valuation

KB Valbury Sekuritas raised its Merdeka Copper Gold target to IDR 3,300 from IDR 3,100 on October 5, 2026.
Revenue rose 64.00 percent to USD 1.40 billion in the first half of 2026.
Merdeka Copper Gold stock stood at IDR 2,260 on the IDX on October 19, 2026 at 4:10 p.m. WIB, down 7.00 percent from IDR 2,430.
The stock had a P/E ratio of 54.25 and a market capitalization of IDR 55.2 trillion on October 19, 2026.

Merdeka Copper Gold, ID1000134406, Illustration mit AI erstellt.

On October 5, 2026, KB Valbury Sekuritas raised its target for Merdeka Copper Gold from IDR 3,100 to IDR 3,300. According to Investor.id, the new target is 46.02 percent above the IDX price of IDR 2,260 on October 19, 2026. Merdeka Copper Gold last traded at IDR 2,260 on the IDX on October 19, 2026 at 4:10 p.m. WIB, down 7.00 percent from IDR 2,430.

First-half earnings turned positive

The company delivered a sharper earnings rebound in the first half of 2026. In its September 26, 2026 release, Merdeka Copper Gold reported profit attributable to owners of USD 102 million, reversing a USD 16 million loss in the first half of 2025. Revenue rose 64.00 percent year over year to USD 1.40 billion, while EBITDA increased 191 percent to USD 512 million.

Gold production increased 32 percent to 66,814 ounces in the first half of 2026. Nickel ore production reached 15.2 million wet metric tonnes, up 121 percent year over year. Those figures give the target revision an operating backdrop, although the company also identifies commodity prices, energy costs, foreign-exchange movements and regulation as risks.

Stock sits below its yearly high

The IDX stock ranged from IDR 2,050.00 to IDR 3,960.00 over the 52 weeks through October 19, 2026. At IDR 2,260, it stood 42.93 percent below the high and 10.24 percent above the low. Trading volume was 8,147,600 shares, compared with an average of 36,340,900 shares.

Valuation and peer comparison

Merdeka Copper Gold had a market capitalization of IDR 55.2 trillion, a P/E ratio of 54.25 and a dividend yield of 0.01 percent on October 19, 2026. The valuation was higher than the two selected Indonesian mining peers in the same session.

Comparison with peers

PT Merdeka Copper Gold (IDX, IDR): minus 7.00 percent, P/E 54.25, market capitalization IDR 55.2 trillion.

PT Amman Mineral Internasional (IDX, IDR): minus 6.95 percent, P/E 15.62, market capitalization IDR 252.0 trillion.

PT ANTAM (Persero) (IDX, IDR): minus 2.75 percent, P/E 6.70, market capitalization IDR 59.6 trillion.

Target remains the key marker

KB Valbury's IDR 3,300 target is 46.02 percent above the October 19 IDX price. The stock's 42.93 percent gap below its 52-week high leaves the target distance as the clearest valuation marker in the current picture.