Maybank Maintains Buy Recommendation on Merdeka Copper Amid Pani Gold Project

Strong Operational Performance Supports Investment Thesis

Maybank Sekuritas Indonesia has maintained its buy recommendation on PT Merdeka Copper Gold Tbk (MDKA) with a target price of Rp 2,800 per share based on sum of the parts (SOTP) valuation methodology. As of December 24, 2025, MDKA shares closed 1.35% lower at Rp 2,200 per share. The recommendation is backed by the company's successful cost discipline measures implemented during the first nine months of 2025, which have helped maintain profitability despite revenue challenges.

Pani Gold Project to Drive Future Growth

Analyst Hasan Barakwan from Maybank Sekuritas Indonesia highlighted that the company's operational improvements create a stronger foundation for MDKA's performance in fiscal year 2026. The Pani Gold Project development is expected to be the primary catalyst for increased production volume and enhanced profitability. Barakwan noted that the project's contribution will be crucial in driving MDKA's financial performance forward.

Market Outlook and Investment Considerations

The current share price of Rp 2,200 represents significant upside potential to Maybank's target price of Rp 2,800. Investors should consider the company's improved operational efficiency and the upcoming production boost from the Pani Gold Project as key factors supporting the investment thesis. Maybank's continued buy recommendation reflects confidence in MDKA's ability to capitalize on these positive developments.