MDKA - Earnings Growth on New Gold Mine

KBVS Update
2 October 2026

MDKA: Earnings Growth on New Gold Mine
(Maintain BUY with TP at IDR3,300/ sh)

■ 2Q26 revenue rose to USD782 mn (+26.1% QoQ; +121.9% YoY), while net profit fell 23.2% QoQ to USD44 mn on higher other expenses.

■ Higher ASPs and SCM ore sales supported 1H26, with Tujuh Bukit gold ASP up +59.6% YoY and SCM limonite/saprolite sales volumes rising +66%/+48% YoY.

■ We raise FY26F Pani gold production to 52k oz and copper price to USD13,300/tonne, lifting revenue to USD3.15 bn.

■ Maintain BUY, TP raised to IDR3,300/sh (from IDR3,100), implying 15.8% upside. Catalysts: Pani ramp-up, sustained metal prices & mining margins, and Pani CIL progress.

Regards,
Ashalia Fitri – KBVS Research Team