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Bedah Profil MBMA: Efisiensi Operasional Dorong Pertumbuhan 2026

Bedah Profil MBMA: Efisiensi Operasional Dorong Pertumbuhan 2026

PT Merdeka Battery Materials Tbk (MBMA) merupakan emiten terintegrasi vertikal di sektor nikel untuk baterai kendaraan listrik (EV), dengan aset utama di Sulawesi Tengah dan Tenggara. Efisiensi operasional menjadi pendorong utama pertumbuhan pada 2026 melalui optimalisasi smelter, penurunan biaya produksi, dan kemajuan proyek hilir.

Profil Perusahaan

MBMA, anak usaha Merdeka Copper Gold, didirikan 2019 dan IPO pada April 2023 dengan dana Rp9,2 triliun. Perusahaan mengoperasikan tambang nikel terbesar dunia di Konawe (sumber daya menurut Wood Mackenzie), smelter RKEF, serta fasilitas HPAL untuk mixed hydroxide precipitate (MHP) bekerja sama dengan GEM Co. Visi utamanya menjadi pemasok global bahan baku EV berbasis Indonesia sebagai produsen nikel terbesar dunia, dengan komitmen ESG tinggi.

Kinerja Keuangan Terkini

Bedah Profil MBMA: Efisiensi Operasional Dorong Pertumbuhan 2026

(Foto Saham MBMA dari Google Finansial)

Hingga Q3-2025, pendapatan mencapai Rp29,23 T dengan laba bersih Rp360,98 M, meski tertekan harga nikel rendah; kapitalisasi pasar Rp65,88 T dan rasio P/E 465. Produksi asam sulfat stabil di 251.715 ton/tahun via PT Merdeka Tsingshan Indonesia (MTI), dengan katoda tembaga lolos standar LME. Efisiensi tercermin dari turnaround laba berkat pengendalian biaya operasional.

Efisiensi Operasional

MBMA fokus integrasi vertikal: tambang ke HPAL (progres 54% untuk SLNC, commissioning mid-2026) dan AIM, kurangi ketergantungan import dan biaya logistik. Pabrik MHP (PT ESG dan PT Meiming) kapasitas 55.000 ton/tahun mulai produksi H1-2025, tingkatkan margin via hilirisasi. Strategi ini dorong EBITDA naik signifikan di tengah tren penurunan harga nikel.

Prospek 2026

Bonanza nikel diproyeksi dengan pengetatan pasokan domestik, reli harga global, dan target laba US$128 juta; proyek HPAL/AIM jadi katalis utama. Analis upgrade ke "Buy" dengan target harga Rp750-800, didukung masuk MSCI dan ekspansi industri park. Risiko utama: fluktuasi komoditas, tapi efisiensi lindungi kinerja.

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