MDKA & MBMA 9M25 Performance: Stockbit Analysis

Daily Market Performance 🚀

IHSG	Foreign Flow	Exchange rate USD/IDR	Gold
8.389 +0,26%	+Rp384,9 billion	16.703 +0,08%	4.132 +0,37%

Oil	Coal	CPO	Nickel
64,5 -0,95%	112,5 +1,12%	4.125 -0,29%	15.053 -0,36%

👋 Stockbitor!

Merdeka Copper Gold ($MDKA) and Merdeka Battery Materials ($MBMA) have made the announcement operational performance data for 9M25 [lihat tabel]. Following are several important points from this operational performance update.

• All commodities experienced an increase in production volume on a quarterly basis and has implications for increasing quarterly sales volume in 3Q25. Cumulatively during 9M25, volume Production of all commodities recorded performance that was relatively in line with guidance 2025 which was revised in 1H25.
• MBMA also said that the company restart production nickel matte in 4Q25 after obtaining a contract with favorable economic terms. Previously, production nickel matte dismissed since 1Q25 due to thin margins.
• MDKA subsidiary, Merdeka Gold Resources ($GOLD) announced has started mining activities since October 1, 2025 with the first ore accumulation (ore stacking) is scheduled for November 2025. Additionally, Pani project construction is progressing according to schedule with an overall completion rate of 83%. First gold production is targeted in 1Q26.

Key Takeaway

Based on operational performance data during 9M25, MDKA and MBMA have the potential to record an increase in quarterly operating profit in 3Q25. Performance improvements MBMA on a quarterly basis was driven by an upward trend in sales volumes of limonite and ore nickel pig iron, followed by an increase cash margin on both products along with cost efficiency. Meanwhile, in addition to increasing sales volume and cash margin from the nickel business, improving performance MDKA was also encouraged by the increase in gold sales volume (+30% QoQ), meski cash margin gold segment fell slightly (-4% QoQ).

⛏️ BUMI is rumored to be expanding its business into bauxite and alumina

• $EARTH: Bloomberg Technoz reported that Bumi Resources will acquire 45% of the shares in the bauxite mining company PT Laman Mining from PT Supreme Global Investment worth 59.1 million US dollars or ~985 billion rupiah. BUMI Advisor, Christopher Fong, told Bloomberg Technoz that the acquisition of PT Laman Mining is the company’s effort to diversify its mineral business into a portfolio of bauxite and alumina. Bloomberg Technoz mentions that EARTH will also acquire a 55% stake in the subsidiary PT Laman Mining which is developing an alumina factory projectPT Supreme Alumina Indonesia. The President Director of PT Laman Mining, Agustinus Tan, said to Bloomberg Technoz that PT Supreme Alumina Indonesia is preparing an alumina plant worth ~1.5 billion US dollars or ~25 trillion rupiah with construction target in 2Q26 and commercial operational targets after 1 year of construction. The project is targeted to produce results 2.4 million tons of alumina per yearwith capacity input around 7.9 million tons of bauxite per year.
• $GOTO: GoTo Gojek Tokopedia in clarification to IDX said that The EGMS agenda will be submitted on November 25 2025after being thoroughly reviewed by the board of directors, commissioners and all stakeholders. GOTO also explains that media reports that mention escrow fund amounting to 300 million US dollars in Singapore regarding rumors buyout Telkomsel’s GOTO shares — subsidiary of Telkom Indonesia ($TLKM) — is untrue and misleading.
• $ARCI: Archi Indonesia shareholders, PT Basis Utama Prima, sold ~1.52 billion (6,12%) ARCI’s stockbased on the monthly securities holder registration report as of October 31 2025. After this transaction, PT Basis Utama Prima’s share of ownership in ARCI fell from 6.12% to none, while community ownership increases from 8.88% to 15%. Based on KSEI data, PT Basis Utama Prima has been selling ARCI shares since October 2 2025.
• $MONEY: Pakuan announced that Hapsoro has purchased ~234.2 million MONEY shares from the company’s controllerPT Sirius Surya Sentosa, with average prices 467 rupiah per share on November 7, 2025. Price of the transaction around -78.5% lower than the UANG share price at the close of the exchange on the same day. The total transaction value reached ~109.4 billion rupiah. After this transaction, Hapsoro’s direct ownership portion in UANG rose from none to 19.35%, while PT Sirius Surya Sentosa’s direct ownership portion fell from 60.35% to 41%.
• $PTPP: PT PP plans to divest 81% share ownership in PT PP Infrastruktur to non-affiliated parties, PT Varsha Zamindo Laksana, worth ~1.4 trillion rupiah. After this transaction is completed, PTPP’s share of ownership in PT PP Infrastruktur will decrease from 99.15% to 18.15%. Apart from that, PTPP also plans to divest 47.81% share ownership in PT Celebes Railway Indonesia to non-affiliated parties, PT Solra Energi Terbarukan, worth ~282.1 billion rupiah. After this transaction is completed, PTPP will not have ownership in PT Celebes Railway Indonesia. These two transaction plans are part of PTPP’s strategy to reorganize its business portfolioso you can focus more on your core business. This plan will be discussed at the EGMS on December 18 2025.
• $TPIA: Director of Chandra Asri Pacific, Andre Khor, said that Aster Chemicals and Energy Pte Ltd. — joint venture between TPIA and Glencore — will allocate funds amounting to 2 billion US dollars to invest in Singapore. These funds will be used for acquired the Esso gas station network in Singapore from ExxonMobil, developing assets on Pulau Bukom and Pulau Jurong, as well as build green aviation fuel production facility (green aviation fuel). To develop green aviation fuelAster will collaborate with Aether Fuels. The project will produce up to 50 barrels of fuel per day, with project construction in 2026 and commercial operational target in 2028.
• $SMIL: Main Director of Sarana Mitra Luas, Hadi Suhermin, said that his party targeting revenue of 600 billion rupiah in 2026, up around +33–39% YoY from the 2025 target in the range of 432–450 billion rupiah. Hadi explained that the target was based on potential recurring income from heavy equipment rental services in the coal mining sector. Previously, SMIL expanded its business line to the mining sector in Painan, West Sumatra through a scheme joint operation with a number of strategic partners under the umbrella of PT Sarana Cipta Minergi, as well as collaborating with PT Barakara and PT ATOZ as owners of mining business permits. In this mining project, SMIL acts as the main heavy equipment provider. The mine is targeted to have an initial production capacity of 200,000 tons per month, with the potential to increase production capacity to 500,000 tons per month.

Top Gainer 🔥

$BRPT	$JPFA	$ELSA	$CLEO
+7,08%	+6,36%	+4,90%	+4,90%

Top Loser 🤕

$DEWA	$RAJA	$ ART	$ENRG
-6,28%	-4,80%	-3,83%	-3,72%

🔥 Another hot thing you need to know…

• Governor Bank IndonesiaPerry Warjiyo, said on Wednesday (12/11) that his party estimates that Indonesia’s economic growth during 2026 will reach +5.3% YoYlower than the 2026 APBN target of +5.4% YoY. However, Perry said that Economic growth in 2026 can still reach +5.4% YoY if the government accelerates fiscal spending. For 2025 itself, Bank Indonesia estimates that economic growth will be at +5.1% YoY, unchanged from previous projections. As for Credit growth in 2026 is estimated to be in the range of +8–12% YoYcompared to a 2025 target in the range of +8–11% YoY. Regarding the exchange rate, Bank Indonesia estimates average exchange rate of the rupiah against the US dollar will be on level 16,440 by 2025 And 16,430 in 2026. Bank Indonesia also estimates average inflation will reach 2.01% YoY in 2025 And 2.62% YoY in 2026.
• Chairman GapkiEddy Martono, told Bloomberg that Palm oil prices could reach 5,000 ringgit per ton in 1H26 if the government continues its discourse on implementing a 50% biodiesel blend or B50. Implementation of B50 itself can reduce Indonesian palm oil exports. Gapki Secretary General, M. Hadi Sugeng Wahyudiono, said that Implementation of B50 has the potential to cut Indonesia’s total palm oil exports to 26 million tons in 2026from this year’s estimate of 31 million tons. Previously, the Minister of Energy and Mineral Resources, Bahlil Lahadalia, said in October 2025 that the government planned to implement B50 in 2H26 and was considering implementation options domestic market obligation (DMO) on palm oil to maintain supplies for the B50 program.
• Director of Barito Renewables Energy ($BREN), Hsing Chee Chiam, said that his party would allocate capex ~250 million US dollars by 2026, higher than allocation capex 2025 at ~210 million US dollars (vs. actual capex 9M25: ~100 million US dollars). The majority of the budget will be allocated for the construction of PLTP Wayang Windu Unit 3 of 30 MW and PLTP Salak Unit 7 of 40 MWeach of which is targeted to operate in 4Q26.
• Director of Barito Pacific ($BRPT), David Kosasih, said in a public presentation on Wednesday (12/11) that his party has no plans to bring PT Griya Idola to IPO in the near future. David said that PT Griya Idola is focusing on developing its business existing and will only carry out an IPO when the company is truly ready. David also emphasized that there are no plans to acquire Nusa Raya Cipta ($NRCA) by PT Griya Idola to strengthen its property business.
• Budi Starch & Sweetener ($BUDI) will be distributing interim dividend financial year 2025 worth ~31.4 billion rupiah or 7 rupiah per shareindicated dividend yield ~3% as of Wednesday (12/11). Cum dividends in the regular and negotiated markets on November 20, 2025, while payment will be on December 11, 2025.
• Master Print ($PTMR) announced that Deep Source Pte. Ltd. — investment company from Singapore — has signed a conditional agreement to acquire PTMR from the controller existingPartner Pack ($PTMP). The total transaction value and completion time have not been announced. Upon completion of this transaction, Deep Source Pte. Ltd. will become the new controller of PTMR.

➗ Combination of Financial Ratios that Make Analysis Sharper

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