Obligasi Berkelanjutan I Merdeka Battery Materials Tahap V Tahun 2026

July 31, 2026

Rating: idA (Pefindo)

A Vertically Integrated Nickel Platform Reprices Into a Higher-Rate Market

PT Merdeka Battery Materials (MBMA) is one of the world’s largest integrated nickel-to-battery-materials producers, anchored by the SCM mine (~13.8mt Ni and 1.0mt Co resource) and an integrated RKEF, HPAL and acid downstream chain running at ~82% ore self-sufficiency. Backed by the Provident, Saratoga and Garibaldi Thohir consortium – with controlling shareholder PT Merdeka Energi Nusantara at 50.04% and Huayou as strategic partner – MBMA earns revenue across a dominant Manufacturing segment (82% of FY2025 sales) and a growing merchant-ore Mining segment (18%).

Indicative Structure

  • Bonds: up to IDR2.0tn – Seri A (367D) 8.00%-9.00%, Seri B (3Y) 9.00%-10.00%, Seri C (5Y) 9.50%-10.50%
  • Clean basis (unsecured), quarterly coupon, bullet repayment at maturity.
  • Proceeds fund: refinancing of existing borrowings and working capital.

Why This Deal

  • idA credit backed by an integrated, margin-resilient nickel model. Despite a 22% revenue normalisation to USD1.43bn on lower nickel prices, FY2025 EBITDA rose 34% YoY to USD219.0mn and EBITDA margin widened to 15.3%, with 1Q2026 revenue up 24.3% YoY – the payoff of ~82% ore self-sufficiency and a richer MHP/matte mix. MBMA is a well-tested repeat issuer across PUB I-III.
  • Moderate leverage, but earnings are nickel-price sensitive – and the guide reflects it. Liabilities/Equity sits at 0.59x with interest coverage of 6.35x (FY2025), comfortable for the rating. The key swing factor is the nickel price: Indonesia’s ~34% RKAB quota cut and upgraded 2026 forecasts (~USD17,200-17,750/t) support prices, but a structural 261-288kt surplus and the LFP-battery shift cap the upside.
  • A repriced entry point that brackets fair value. MBMA’s own 3-year coupon has moved from 8.75% (PUB I, mid-2025) to an indicative 9.00%-10.00% today. Against the secondary idA curve (3Y 8.95%, 5Y 9.20%; ~182-193bp over govt), the guide implies roughly 55-80bp of new-issue premium – landing inside live idA- prints (BW Plantation 11.00%/12.00%) and around idA+/idA peers (OKI 10.00%/10.50%, Lontar Papyrus 9.50%/10.00%).

Indicative Timeline

  • Bookbuilding: 28 July – 10 August 2026
  • Distribution: 01 September 2026 (indicative)
  • Listing: IDX, 02 September 2026 (indicative)

Regards, Aldiracita Research

Full report PDF

PT Aldiracita Sekuritas Indonesia

Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: 021-39705858

Customer Service & Layanan Pengaduan (WhatsApp): +6281292870248

Email: [email protected]

Subsidiaries :
Aldiracita Global Investment Pte Ltd

8 Temasek Boulevard, #04 – 01, Suntec Tower Three, Singapore 038988

PT Surya Timur Alam Raya Asset Management

Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: (021)-39725678

Connect with us
             
Kebijakan Privasi

©Copyright 2024, PT Aldiracita Sekuritas Indonesia

Connect with us

             

TERM OF USE       PRIVACY POLICY

PT Aldiracita Sekuritas Indonesia

Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: 021-39705858

Customer Service (WhatsApp): +6288801010088

Email: [email protected]

Subsidiaries :
Aldiracita Global Investment Pte Ltd

8 Temasek Boulevard, #04 – 01, Suntec Tower Three, Singapore 038988

PT Surya Timur Alam Raya Asset Management

Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: (021)-39725678

©Copyright 2024, PT Aldiracita Sekuritas Indonesia

Kebijakan Dan Privasi

Pendahuluan

 

PT Aldiracita Sekuritas Indonesia
(“kami”, “perusahaan”, atau “milik kami”)
berkomitmen untuk melindungi data pribadi nasabah sesuai dengan hukum yang
berlaku di Indonesia, termasuk Undang-Undang Nomor 27 Tahun 2022 tentang
Perlindungan Data Pribadi (“UU PDP”) serta peraturan Otoritas Jasa
Keuangan (OJK).

 

Kebijakan Privasi ini menjelaskan bagaimana kami
mengumpulkan, menggunakan, menyimpan, mengungkapkan, dan melindungi data
pribadi Anda saat menggunakan layanan kami.

Data Pribadi yang Kami Kumpulkan

 

Kami dapat mengumpulkan kategori data pribadi sebagai berikut:

  • Data identitas: Nama lengkap, nomor KTP, NPWP, tempat dan tanggal lahir, kewarganegaraan, jenis kelamin.
  • Data kontak: Alamat, email, nomor telepon.
  • Informasi keuangan: Nomor rekening bank, pendapatan, aset, tujuan investasi, dan profil risiko.

Cara Kami Mengumpulkan Data Anda

 

Kami mengumpulkan data pribadi melalui:

  • Formulir pembukaan rekening dan proses KYC (Know Your Customer).
  • Interaksi langsung dengan staf atau platform digital kami.
  • Pihak ketiga (misalnya layanan validasi e-KTP, BI checking, pendaftaran SID melalui KSEI).
  • Situs web

 

Tujuan Pengolahan Data

 

Kami memproses data pribadi Anda untuk tujuan berikut:

  • Memverifikasi identitas dan melakukan proses uji kelayakan nasabah (KYC).
  • Membuka dan mengelola rekening efek Anda.
  • Melaksanakan dan mencatat transaksi investasi.
  • Mematuhi kewajiban hukum dan regulasi (seperti OJK, BEI, KSEI, KPEI).
  • Memberikan layanan pelanggan dan komunikasi terkait akun.
  • Mendeteksi dan mencegah aktivitas penipuan atau ilegal.
  • Untuk analitik, riset, dan peningkatan layanan.

 

 

Dasar Hukum Pemrosesan

 

Kami memproses data Anda berdasarkan:

  • Persetujuan Anda.
  • Pemenuhan kewajiban kontrak (misalnya, perjanjian pembukaan rekening).
  • Kepatuhan terhadap hukum dan peraturan yang berlaku.
  • Kepentingan yang sah dalam meningkatkan layanan dan menjaga sistem kami.

 

Pengungkapan kepada Pihak Ketiga

 

Kami dapat membagikan data pribadi Anda kepada:

  • Badan regulator (OJK, BEI, KSEI, KPEI).
  • Lembaga keuangan mitra (seperti bank kustodian).
  • Penyedia layanan eksternal (seperti penyedia TI, layanan verifikasi identitas).
  • Konsultan hukum atau pajak bila diwajibkan oleh hukum.

Kami memastikan bahwa pihak ketiga menjaga kerahasiaan dan keamanan data Anda.

 

 

Transfer Data ke Luar Negeri

 

Jika data pribadi Anda ditransfer ke luar wilayah Indonesia, kami akan memastikan bahwa transfer tersebut sesuai dengan UU PDP dan peraturan terkait, termasuk menyediakan perlindungan yang memadai dan memperoleh persetujuan Anda bila diperlukan.

 

Penyimpanan Data

 

Kami menyimpan data pribadi Anda:

  • Selama akun Anda masih aktif.
  • Setidaknya selama 5 tahun setelah penutupan akun, atau lebih lama jika diwajibkan oleh hukum (misalnya untuk keperluan audit).

 

Hak Anda sebagai Subjek Data

 

Sesuai dengan UU PDP, Anda memiliki hak untuk:

  • Mengakses dan memperoleh salinan data pribadi Anda.
  • Meminta koreksi atau penghapusan data yang tidak akurat atau sudah tidak relevan.
  • Menarik kembali persetujuan Anda kapan saja.
  • Menolak atau membatasi pemrosesan tertentu.
  • Mengajukan pengaduan kepada otoritas berwenang jika Anda mencurigai penyalahgunaan data Anda.

 

Keamanan Data

 

Kami menerapkan langkah-langkah perlindungan fisik, teknis, dan administratif untuk menjaga keamanan data pribadi Anda, termasuk enkripsi, kontrol akses, firewall, dan pelatihan karyawan.

 

 

Cookies dan Pelacakan Digital

 

Situs web dan aplikasi kami dapat menggunakan cookies dan alat analitik untuk meningkatkan pengalaman pengguna. Anda dapat mengatur preferensi cookie melalui pengaturan browser Anda.

Perubahan Kebijakan Privasi

 

Kebijakan Privasi ini dapat diperbarui dari waktu ke waktu untuk mencerminkan perubahan hukum atau operasional perusahaan. Kami akan memberitahukan Anda jika terdapat perubahan signifikan melalui situs web atau sarana komunikasi lainnya.

 

Kontak Kami

 

Jika Anda memiliki pertanyaan tentang Kebijakan Privasi ini atau ingin menggunakan hak Anda atas data pribadi, silakan hubungi:

 

PT Aldiracita Sekuritas Indonesia

Email: [email protected]

Telepon: (021) 39705858

Alamat: Menara Tekno Lt. 9, Jl. H. Fachrudin No. 19, Kampung Bali, Tanah Abang, Jakarta Pusat

 

 

 

Anindita Cintasya

Director of Investment Banking

Anindita Cintasya is an experienced finance and investment professional specializing in debt capital markets. With a Bachelor’s degree in Business Administration from Universitas Indonesia (2007), she has built a strong career in investment banking, holding key roles at PT Aldiracita Sekuritas Indonesia, CIMB Niaga Sekuritas, and CGS-CIMB Sekuritas Indonesia. She holds multiple certifications, including a Risk Management Competency Certification and WPPE license, demonstrating her expertise in capital market regulations. Currently serving as VP Debt Capital Market – Investment Banking Associate at PT Aldiracita Sekuritas Indonesia, she has a proven track record of managing and coordinating debt issuance processes.

Our Fixed Income Sales

Mario Martin
Head of Fixed Income Sales
Mindo Leona
VP of Fixed Income Sales
Schedule a consultation with our Fixed Income Sales

Mindo Leona Christina Pardede

President Director

Mindo Leona Christina earned her Bachelor’s degree in Public Relations from Institut Ilmu Sosial dan Politik Jakarta in 2000. She joined Aldira in 2021 as Vice President of Fixed Income Sales and has been serving as President Director since 2025. With over 20 years of experience in Indonesia’s capital market, she specializes in Fixed Income. She also holds a capital market license as a Broker-Dealer Representative.

Livius Nurtanio

Senior Managing Director

Livius graduated from University of Toronto in 1995. He joined PT. Aldiracita Sekuritas Indonesia as Vice President Director from 4 October 2023. Livius has more than 20+ years of experience in Investment Banking both in Securities, Private Equity and Investment Banks in Indonesia, and overseas such as New York, Hongkong, Singapore as a Research Analyst, Head of Fixed Income, Financial Advisor, Senior Associate, Executive and Managing Director. He holds a capital market license for Broker-Dealer Representative and Underwriter Representative from OJK.

Christian Kurniawan

Director

Christian Kurniawan is a seasoned finance professional with over 15 years of experience in accounting, financial management, and capital markets. Prior to joining Aldiracita, Christian built his career at Moore Stephens Consulting, progressing from Junior to Associate Manager. During this time, he was actively involved in financial due diligence, valuation, and advisory services across various industries, strengthening his expertise in financial analysis and corporate transactions.

Christian holds a Bachelor’s degree in Accounting from Universitas Katolik Atma Jaya and is a certified Wakil Perantara Pedagang Efek (WPPE). He has also completed professional programs in taxation and leadership, reflecting his commitment to continuous professional development.

B Hari Mantoro

Independent Commissioner

Hari received his degree from the Faculty of Economics, University of Indonesia in 1988. He became the Independent Commissioner of PT Aldiracita Sekuritas Indonesia on 24 March 24 2023. He began his work in the financial industry in 1976 at a foreign bank in Jakarta and later worked for a security company in the capital market. Having worked in the financial market for over 30+ years, Hari has held positions as a President Director, Directors and Senior Manager. He is currently an competency assessor for Lembaga Sertifikasi Profesi Pasar Modal Indonesia (LSPPMI).