MDKA Overview

MDKA

PT Merdeka Copper Gold Tbk.

3.200

-0.93%

BUMNIDX30LQ45IDX80KOMPAS100JII70MSCI_STANDARD

1D-0.93%

7D-7.78%

1M-1.84%

YTD+40.35%

1Y+89.35%

52W Low52W High

1.040Current: 3.2003.940

Foreign Investor Activity

Company Profile vs Peers

Key Highlights

Operating at a net loss

+40.4% YTD

State-owned enterprise (BUMN)

Member of 6 indices

Company Info

SectorBarang Baku

Sub-sectorBarang Baku

IndustryLogam & Mineral

Sub-industryLogam & Mineral Lainnya

Listing BoardUtama

Listed2015-06-19

AddressTreasury Tower Lantai 67-68, District 8 SCBD Lot. 28, Jl. Jend. Sudirman Kav. 52-53, Desa/Kel. Senayan, Kec. Kebayoran Baru, Jakarta Selatan 12190, Indonesia

WebsiteVisit

Major Shareholders

PT Saratoga Investama Sedaya Tbk

PT Mitra Daya Mustika

Garibaldi Thohir

PT Suwarna Arta Mandiri

Saham Treasury

Masyarakat Warkat

Masyarakat Non Warkat

Gavin Arnold Caudle

Hardi Wijaya Liong

Score Summary

Poor · 19%Overall Score

value

competitive

48%

future

financials

40%

dividend

Technical Rating

SellBased on 26 indicators

5 Buy7 Neutral14 Sell

Key Statistics

Valuation

Market Cap

78.3T

P/E Ratio

-77.52

P/B Ratio

104687.49

P/S Ratio

43169.83

EV/EBITDA

217892.81

Profitability

ROE

+0.55%

ROA

+1.68%

Gross Margin

+11.42%

Op. Margin

+4.09%

Net Margin

-3.28%

Growth & Health

Rev Growth

—

EPS Growth

—

Div Yield

—

Debt/Equity

0.71

Current Ratio

1.25

EPS

-42.83

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Valuation vs Peers

How PT Merdeka Copper Gold Tbk. compares to 0 peers in Barang Baku.

P/E Ratio

-77.52x

P/B Ratio

104687.49x

P/S Ratio

43169.83x

EV/EBITDA

217892.81x

Intrinsic Value

Intrinsic value data is not available for MDKA.

Valuation & Metrics

Ownership Structure

Peer Comparison

Financial Statements

Income Flow — 2025-12-31

Revenue

607.7M

COGS

-557.3M

Gross Profit

50.4M

OpEx

-25.5M

Op. Income

24.9M

Tax & Other

-52.2M

Net Income

-27.3M

Financial Statements

Metric	2025-12-31	2025-09-30
Revenue	607.7M	432.5M
Gross Profit	50.4M	60.1M
Operating Income	24.9M	42.9M
Net Income	-27.3M	-19.0M
EBITDA	37.2M	43.0M
Total Assets	5.7B	5.6B
Total Equity	2.9B	3.0B
Total Debt	2.1B	2.0B
Operating Cash Flow	—	—
Free Cash Flow	-98.7M	-145.7M

Dividend History

TTM Div Yield

—

Payout Ratio

—

EPS

-42,83

Corporate Actions

Insider Trades

Broker Flow

Research Notes

PT Merdeka Gold Resources Tbk (EMAS) announced at its 2026 annual shareholders meeting that it will not pay a dividend because retained earnings remained negative at USD 61.5 million, and it simultaneously carried out a sweeping management overhaul, added international independent commissioners and secured a US $150 million, 12‑month credit facility that equals about 39 % of its equity. The company also submitted a draft prospectus for a dual listing on the Hong Kong Stock Exchange, aiming to broaden global investor exposure and improve liquidity. The news weighed on sentiment toward EMAS, with analysts noting short‑term pressure from the dividend omission and loss‑making results, while the new financing and listing plan is seen as a potential catalyst for longer‑term upside.

BullishKontan Market12 Apr

Gold‑producer equities rebounded in the past week, led by PT Amman Mineral International (+15.4 %), PT Bumi Resources Minerals (+15 %) and PT Archi Indonesia (+10 %), while PT Aneka Tambang rose modestly (+1.9 %). Shares of PT J Resources Asia Pasifik held near Rp 510, whereas PT Merdeka Copper Gold and PT Merdeka Gold Resources slipped about 1 % each. Analysts say the rally is driven more by forward‑looking expectations—potential global rate cuts, a weaker US dollar and heightened geopolitical risk—than by current spot gold prices, and they view several of the stocks as undervalued relative to their growth prospects.

BullishKontan Market12 Apr

Indonesia’s basic‑materials index (IDX Basic Materials) posted a 6.81% year‑to‑date gain to 2,198.23 points, making it the only sectoral index with positive performance since the start of 2024. Analysts from Korea Investment & Securities Indonesia and Infovesta expect the rally to continue in the short‑term, citing strong commodity prices and highlighting gold miner BRMS, tin producer TINS and mining group MDKA as the top picks, while warning that profit‑taking and a possible rotation back to banking could curb gains. The outlook suggests the sector will remain a preferred “parking” area for capital amid global‑commodity catalysts, but its momentum may soften if global rate cuts trigger sector rotation.

NeutralIndonesia Miner31 Mar

PT Merdeka Copper Gold Tbk (MDKA) said the Pani gold project in Gorontalo is 67 % complete, with detailed engineering and procurement finished and installation of processing, electrical and port facilities underway; commissioning is slated for late‑2025 and initial gold output is expected in Q1 2026, targeting up to 500,000 oz per year at peak. The company also reported strong results from its existing assets—25,143 oz of gold from Tujuh Bukit at a cash cost of $1,320/oz, 1,854 t of copper from Wetar at $3.35/lb, and a 187 % YoY surge in nickel output from its MBMA subsidiary. The progress and favorable cost margins are likely to lift MDKA’s share price, reinforcing investor optimism about its expanding gold, copper and nickel portfolio.

NeutralAntara Bursa26 Mar

PT Merdeka Gold Resources Tbk (ticker EMAS) announced the nomination of three new director candidates—Nicholas John Green, Barend Johannes Knoetze and Suryadinata Tanu—to be voted on at its shareholders’ meeting on 22 April 2026, alongside new appointments to its board of commissioners. The move comes as the company transitions to commercial gold production, having recorded its first gold sale to PT Aneka Tambang (ANTM) in March 2026 and securing a US$350 million credit facility for early‑2026 output. Analysts view the governance boost and expanded leadership team as supportive of EMAS’s growth strategy, which could reinforce investor confidence and sustain any positive momentum in the stock’s price.

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Management

Board of Directors

Albert SaputroPRESIDEN DIREKTUR

Jason Laurence GreiveDIREKTUR

Gavin Arnold CaudleDIREKTUR

Hardi Wijaya LiongDIREKTUR

Unknown

Board of Commissioners

Yoke CandraKOMISARIS

Tang HonghuiKOMISARIS

Edwin SoeryadjayaPRESIDEN KOMISARIS

Budi BowoleksonoKOMISARIS

Muhamad MunirKOMISARIS