Crypto Infrastructure Outlook Strengthens as Samuel Sekuritas Sees COIN Shares Rally

JAKARTA, Investortrust.id — PT Indokripto Koin Semesta Tbk or COIN has come into market focus after Samuel Sekuritas Indonesia issued a speculative buy recommendation on Tuesday, Jan 20, 2026 in Jakarta, citing strengthening prospects for Indonesia’s crypto market infrastructure and regulatory tailwinds that are reshaping the industry. The brokerage set a target price of Rp 5,500 per share, implying upside of about 86.4 percent from the recent trading level of Rp 2,950.

Samuel Sekuritas said optimism toward COIN was underpinned by government policy requiring all domestic crypto asset transactions to be routed through a single regulated ecosystem. The policy is expected to position COIN as a central infrastructure provider within Indonesia’s rapidly expanding digital asset market.

The key catalyst identified by analysts is the regulation mandating all licensed crypto brokers to connect to Central Financial X (CFX), the crypto exchange ecosystem operated by COIN. This structure effectively channels transaction flows across the industry into COIN’s platform.

“As the sole registered provider of a national crypto exchange ecosystem, COIN is entering a peak phase of major growth,” Samuel Sekuritas wrote in its research note dated Monday, Jan 19, 2026.

With more than 20 million retail crypto users nationwide, the integration of all broker transactions into CFX is expected to create a steady and recurring revenue stream for COIN. Analysts view this position as strategically significant, as every transaction conducted within the ecosystem contributes to the company’s long-term earnings base.

Beyond its base-case valuation, Samuel Sekuritas also outlined a blue-sky scenario for COIN shares. Under the most optimistic assumptions, the stock could rise as high as Rp 14,500 per share.

Two main factors could drive this upside scenario. First is the entry of Hashim Djojohadikusumo as a shareholder, which analysts believe could bolster investor confidence in the company’s credibility and long-term prospects.

Second is the potential inclusion of COIN in a global MSCI large-cap index should its revenue and market capitalization increase significantly. Such inclusion could trigger fresh inflows from foreign institutional investors tracking global benchmarks.

From a financial perspective, COIN’s earnings trajectory is projected to accelerate sharply starting in 2026. After posting net profit of Rp 44 billion in 2024, the company’s bottom line is forecast to surge to Rp 264 billion by 2027.

This expansion is expected to be reflected in earnings per share growth, with Samuel Sekuritas projecting EPS to rise 108.2 percent in 2026 and a further 127.8 percent in 2027.

Despite the strong upside narrative, analysts cautioned investors to remain mindful of risks, including potential regulatory shifts and challenges related to system capacity and technological resilience. Even so, COIN was described as one of the most compelling digital economy growth stories currently listed on the Indonesian stock market.