Mirae Asset cuts target for Semen Indonesia stock to IDR 2,460

Published on 10/07/2026 at 02:19 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Mirae Asset cut its target to IDR 2,460 from IDR 2,750 on September 15, 2026. For Semen Indonesia stock, first-half revenue reached IDR 17.65 trillion.

Semen Indonesia, ID1000106800, Illustration mit AI erstellt.

Semen Indonesia stock (ISIN ID1000106800) faces a lower analyst target after strong first-half results. According to Investortrust on September 15, 2026, Mirae Asset Sekuritas Indonesia reduced its target for SMGR to IDR 2,460.00 from IDR 2,750.00, even though first-half performance exceeded expectations.

Target cut meets stronger earnings

The IDR 290.00 reduction equals 10.55 percent of the earlier target. Mirae Asset lowered its valuation multiple assumption to 3.50 times projected 2026 enterprise value to EBITDA from 4.40 times, while retaining a multiple below the five-year average.

Validnews reported on September 8, 2026 that first-half 2026 revenue rose 13.10 percent year over year to IDR 17.65 trillion. Net profit increased 445.90 percent to IDR 207.00 billion from IDR 38.00 billion in the same period of 2025.

Volume supports the revenue case

Sales volume reached 18.28 million tons in the first half of 2026, up 5.60 percent from the prior-year period. Domestic volume rose 9.70 percent to 14.18 million tons, giving the company a stronger base than its regional business.

Profit quality remains mixed. EBITDA increased 2.60 percent to IDR 2.15 trillion, but its margin was 12.20 percent, while Investortrust reported that transport costs rose 41.90 percent and promotion expenses increased 130.00 percent in the first half.

Debt and dividends shape the outlook

Interest-bearing debt fell to IDR 8.07 trillion in the first half of 2026 from IDR 11.40 trillion a year earlier, according to Validnews. Operating cash flow reached IDR 2.53 trillion, up from IDR 1.90 trillion in the first half of 2025.

IDN Times reported on September 8, 2026 that management is targeting an optimal dividend return for 2027, subject to investment needs and shareholder approval. That creates a second valuation variable alongside the lower analyst multiple.

SMGR stays below its yearly high

On the IDX, SMGR was last quoted at IDR 1,540.00 on October 6, 2026, with a 52-week range of IDR 1,380.00 to IDR 3,260.00. The gap between stronger operating figures and a lower valuation assumption is the central issue for the stock.

The further course of trading is shown by the continuously updated real-time quote of Semen Indonesia stock.