UOB Kay Hian cuts Darma Henwa stock target to IDR 780 from IDR 1,260

Published on 10/22/2026 at 09:41 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Nine-month profit rose 114.55 percent to IDR 513.08 billion. Darma Henwa stock trades at EUR 0.01 on October 22, 2026.

Analyst view and operating scale

UOB Kay Hian lowered its target from IDR 1,260 to IDR 780 on October 21, 2026.
Darma Henwa reported nine-month 2026 net profit of IDR 513.08 billion, up 114.55 percent year over year.
Darma Henwa stock trades at EUR 0.01 at 9:33 a.m. CEST at Lang & Schwarz on October 22, 2026.
The market capitalization stood at IDR 10.2 trillion as of October 22, 2026.

Darma Henwa, ID1000107303, Illustration mit AI erstellt.

Darma Henwa (ID1000107303) faces a lower target of IDR 780, down from IDR 1,260 in a report dated October 21, 2026, from UOB Kay Hian. The Indonesian mining-services company also reported nine-month profit of IDR 513.08 billion, up 114.55 percent from the same period in 2025, according to Mediasaham.com.

Target cut reflects higher risk

UOB Kay Hian maintained a Buy rating while reducing its target to IDR 780 from IDR 1,260. The research cited higher weighted average cost of capital and more cautious earnings assumptions, while financing costs and execution risks remained important factors.

The same report said third-quarter gross, operating and EBITDA margins reached 22.3 percent, 16.0 percent and 33.0 percent after Darma Henwa moved to full in-house operations. Nine-month revenue rose 10 percent to IDR 5.10 trillion, while EBITDA increased 30.7 percent to IDR 1.56 trillion.

What does the target cut mean?

The lower target places greater weight on execution than on headline profit growth. UOB Kay Hian said Darma Henwa's South Sumatra bidding process could add 30 million bank cubic meters of overburden volume in 2027 if one or two packages are won, while potential contract awards were expected in November and December 2026.

Three dated operating signals

On October 12, 2026, an exploration report showed zero new drilling meters in the third quarter at the Gayo Mineral Resources project, according to CNBC Indonesia. On October 14, 2026, Darma Henwa reported nine-month revenue of IDR 5.10 trillion and net profit of IDR 513.08 billion. On October 21, 2026, UOB Kay Hian maintained Buy and cut its target to IDR 780 from IDR 1,260.

Next dates carry the catalyst

UOB Kay Hian identified November and December 2026 as the expected window for South Sumatra contract awards. Its report also identified the potential start of a 72 million bank cubic meter nickel-mining contract in Halmahera Timur in the first quarter of 2027, subject to approval.

Stock price and market value

Darma Henwa's market capitalization stood at IDR 10.2 trillion on October 22, 2026, while the Indonesia Stock Exchange quote showed IDR 260 at 7:26 a.m. UTC, equivalent to 2:26 p.m. WIB. The different currency and venue make this a separate market reference from the German euro quote.

At Lang & Schwarz, the stock was trading at EUR 0.01 on October 22, 2026 at 9:33 a.m. CEST.

The further course of trading is shown by the continuously updated real-time quote of Darma Henwa stock.