BRMS Joins MSCI Large Cap, Analysts Lift Target to Rp 1,300
Key Takeaways
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JAKARTA, Investortrust.id — Shares of PT Bumi Resources Minerals Tbk, one of Indonesia’s fastest-growing mineral producers, have been officially included in the MSCI Large Cap Index effective Monday, Nov 24, 2025. The upgrade from the MSCI Small Cap Index places the stock alongside PT Barito Renewables Energy Tbk, reflecting stronger investor interest and rising market capitalization within the materials sector.
Analysts from Samuel Sekuritas, Fadhlan Banny and Juan Harahap, revised their target price for Bumi Resources Minerals, or BRMS, to Rp 1,300 per share with a buy recommendation.
“The target reflects higher gold price assumptions and adjustments to mining costs,” they wrote. “We also raised BRMS’s earnings projections for 2025 and 2026 by 34.6% and 72.6%, respectively.”
According to Samuel Sekuritas, BRMS delivered solid performance through the third quarter of 2025, recording quarterly revenue of US$63 million, up 9% from the previous quarter. Total revenue for the first nine months reached US$184 million, a 69.2% year-on-year increase, representing 75% of its internal target and 76% of consensus estimates for the full year.
On the operational front, BRMS booked earnings before interest, taxes, depreciation, and amortization (EBITDA) of US$21 million in the third quarter, bringing cumulative EBITDA for the first nine months to US$76 million, up 121.2% from a year earlier. The company is preparing to expand the capacity of its first Carbon-in-Leach (CIL) processing plant from 500 tons per day to 2,000 tons per day.
The contribution from this expansion is expected to start showing in the fourth quarter of 2026 or early 2027, alongside the company’s underground mining development program, which aims to produce gold grades of over 4 grams per ton by the end of 2027.
In addition, the copper project in Gorontalo is moving toward a Joint Ore Reserves Committee (JORC)-compliant resource and reserve declaration in 2027, marking a crucial step for its next expansion phase.
Positive sentiment also came from analysts Nashrullah Putra Sulaeman and Naura Reyhan Muclis, who reiterated their buy call on BRMS with a target price of Rp 1,080 per share.
“The target reflects the company’s progress in a large-scale drilling program in the Gorontalo area,” they wrote in their latest report. “This program supports preparation for JORC certification targeted for early 2027.”
They noted that the ongoing drilling campaign could lead to a reassessment of BRMS’s copper and gold resource potential in Gorontalo. A successful JORC certification would strengthen the company’s mineral asset valuation and create a firmer foundation for future expansion and monetization plans.
“The Gorontalo development will play a strategic role in diversifying BRMS’s base and precious metal portfolio,” they added.
Despite these positive fundamentals, foreign investors booked a net sell of Rp 201.33 billion in BRMS shares on Thursday, Nov 6, 2025, contributing to total foreign outflows of Rp 113.46 billion that day. The selling occurred even as the Jakarta Composite Index (IHSG) closed up 18.53 points, or 0.22%, to a new all-time high of 8,337.
Meanwhile, the largest net buys were recorded in shares of Barito Renewables Energy (BREN) at Rp 226.52 billion, followed by Astra International (ASII) Rp 144.99 billion, Bank Rakyat Indonesia (BBRI) Rp 139.27 billion, Bank Negara Indonesia (BBNI) Rp 69.65 billion, and Adaro Andalan Indonesia (AADI) Rp 68.98 billion.
The day’s market gains were supported by strength in several key sectors, including industrials (+2.08%), energy (+1.74%), consumer staples (+1.02%), transportation (+1.41%), infrastructure (+0.91%), and property (+0.37%). Losses were seen in consumer discretionary, technology, and basic materials.