DEWA Nears Gold Production Phase

PT Darma Henwa Tbk (DEWA) has revealed its expansion plans into the gold business, involving a capital expenditure (Capex) of IDR 450 billion. This move is expected to provide additional momentum for DEWA's stock performance following the volatility surrounding the MSCI announcement.

According to research from Henan Putihrai Sekuritas (HPS), exploration at the Gayo gold mine remains on track through the fourth quarter of 2025, alongside asset revaluation. The second phase of exploration is targeted for completion by the first half of 2026, covering an area of 30,000 meters.

"This will be followed by the final exploration phase covering 50,000 meters, after management declares the JORC reserves. The gold processing facility is targeted for completion in 2028," HPS noted on Friday (Feb 13, 2026).

On the operational side, as of September 2025, the company recorded a 2.8% increase in revenue to IDR 4.7 trillion. Net profit skyrocketed from IDR 9.5 billion to IDR 239 billion, representing 73% of HPS's full-year projection.

HPS noted that DEWA's equity adjustments have been approved, ensuring that retained earnings now reflect fundamental performance. This also opens up funding opportunities for DEWA, which recently secured a syndicated loan of IDR 5 trillion from Bank Mandiri and BCA.

Operationally, the company has secured a contract extension from Arutmin. This is expected to bolster net profit and reaffirms Arutmin's confidence in DEWA's capabilities.

HPS maintains a Buy recommendation for DEWA shares with a target price of IDR 750, compared to the price of IDR 610 at the time of writing. DEWA shares are currently trading at a PER of 65x, a premium compared to the mining contractor sector average of 34x and its one-year average of 54.8x.

Source: https://investor.id/market/428455/dewa-selangkah-lagi-produksi-emas-saham-bakal-segini

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