Semen Indonesia stock: Mirae Asset keeps Buy rating and IDR 2,460 target for Semen Indonesia stock

Published on 10/24/2026 at 02:13 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Mirae Asset kept Buy at IDR 2,460 on October 21, 2026. Semen Indonesia stock grew revenue 13.1 percent to IDR 17.65 trillion in first half of 2026.

Research and operating signals

Mirae Asset recommended Buy with an IDR 2,460 target on October 21, 2026.
First-half 2026 revenue rose 13.1 percent to IDR 17.65 trillion.
Market capitalization stood at IDR 9.4 trillion as of October 20, 2026.

Semen Indonesia, ID1000106800, Illustration mit AI erstellt.

Semen Indonesia (ISIN ID1000106800) received a Buy recommendation with an IDR 2,460 price target in a Mirae Asset report dated October 21, 2026, as Mirae Asset maintained its Buy rating. A report published on October 23, 2026, also carried the target and linked it to improving cement demand.

Three dates shape the case

On September 24, 2026, Bisnis.com reported that Semen Indonesia used 400 tons of rice husks per day at its Tuban plant and linked the fuel strategy to a net-zero target for 2030. On October 21, 2026, Bisnis.com reported first-half sales volume of 18.28 million tons, up 5.6 percent year over year, and revenue of IDR 17.65 trillion, up 13.1 percent. On October 23, 2026, TradingView reported Mirae Asset analyst Andreas Saragih's Buy recommendation with an IDR 2,460 target.

What does the target imply?

Mirae Asset's report used an IDR 1,385 reference price and an IDR 2,460 target as of October 20, 2026. That produces 77.62 percent upside from the reference price, while the report also identified weaker regional sales as a counter-factor: September regional volume fell 39.3 percent year over year to 0.4 million tons. Semen Indonesia's domestic market share was 44.0 percent in September 2026, down 4.3 percentage points year over year, according to the same report.

Operating efficiency remains central

The earnings backdrop improved in the first half of 2026. Bisnis.com reported attributable profit of IDR 228 billion, up 471 percent year over year, while EBITDA increased 2.6 percent to IDR 2.15 trillion. The same report said net finance costs fell 34.5 percent year over year, giving cost control a direct role in the profit recovery.

Company signals before the next update

The combination of higher first-half revenue and falling regional volume leaves two competing signals for investors: demand supported the top line, while market share and export activity weakened in September. Mirae Asset forecast 2026 domestic cement consumption at 66.9 million tons, up from its previous estimate of 63.7 million tons, but kept the SMGR operating forecast unchanged.

Business position

Semen Indonesia is an Indonesian cement producer whose operating picture now depends on converting volume growth into durable margins. The October research points to stronger domestic demand, but the 44.0 percent September market share and 39.3 percent regional volume decline show why efficiency and geographic mix remain material.

Latest company context

The October 21 research report provides the clearest current framework for the stock: an IDR 2,460 target alongside operational pressure in regional markets and a 13.1 percent first-half revenue increase. The next material update will be judged against both sides of that picture.

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