The Midas Touch: Garibaldi Thohir’s Portfolio Surges on Gold Rally and Battery Metal Ambitions

JAKARTA, Investortrust.id — In the volatile arena of Indonesian capital markets, few names carry as much weight as Garibaldi "Boy" Thohir. Throughout the opening months of 2026, the magnate’s sprawling portfolio has demonstrated a remarkable resilience, fueled by a dual engine of record-breaking gold prices and the relentless global appetite for nickel.

As of February 24, 2026, the collective market capitalization of Thohir’s affiliated firms stood at Rp 570.9 trillion ($34 billion). This represents an aggregate year-to-date surge of 41.4%, a performance that significantly outpaces the broader Jakarta Composite Index.

.

The rally in "Thohir stocks" serves as a real-time barometer for Indonesia’s broader economic ambitions. By positioning his holdings at the intersection of traditional safe havens like gold and the "green" transition’s need for critical minerals, Thohir has aligned his personal fortune with the nation’s hilirisasi—a government-mandated "downstreaming" policy that bans raw ore exports to force domestic processing. The success of these firms suggests that international capital is increasingly comfortable betting on Indonesia not just as a commodity pit, but as a sophisticated link in the global electric vehicle (EV) value chain.

The Gold and Battery Boom

Leading the charge is PT Merdeka Gold Resources Tbk (EMAS), which has seen its valuation swell to Rp 122.6 trillion ($7.3 billion). The stock has climbed 48% since January, capitalizing on gold’s resurgence as a defensive asset during a period of fluctuating global interest rates.

.

In the mineral segment, the performance is even more aggressive. PT Merdeka Battery Materials Tbk (MBMA) and PT Merdeka Copper Gold Tbk (MDKA) both recorded triple-digit annual growth. "The global demand for battery raw materials and the green energy transition are acting as medium-to-long-term catalysts," noted Muhammad Nafan Aji Gusta, a senior analyst at Mirae Asset Sekuritas. He emphasized that these firms are no longer viewed as mere miners, but as integrated chemical processors for the automotive future.

Coal Remains a Solid Bedrock

Despite the high-profile shift toward battery metals, the group’s coal assets remain formidable cash cows. PT Alamtri Resources Indonesia Tbk (ADRO), part of the Adaro empire, has surged 147.85% over the past year. Analysts suggest that while the coal "boom" of yesteryear has stabilized, these firms are now being revalued based on their operational efficiency and their nascent pivot toward New and Renewable Energy (EBT).

"Valuations could become even more attractive as these entities execute energy transition strategies," Nafan said. By reducing their carbon footprint, legacy miners like Adaro are attempting to bypass the ESG-related headwinds that have previously restricted investment from major global pension funds.

.

Mixed Results in Diversification

Beyond the pits and smelters, the Thohir touch has seen varied results. PT BFI Finance Indonesia Tbk (BFIN) saw a modest 9.3% year-to-date gain, reflecting a steady recovery in domestic consumer purchasing power. Conversely, PT Trimegah Sekuritas Indonesia Tbk (TRIM) experienced a recent 10.5% correction, though it remains up significantly on a yearly basis due to increased market activity.

Ultimately, the 2026 performance of this portfolio underscores a calculated bet on the pillars of the modern economy: the security of precious metals and the necessity of industrial minerals. If global commodity prices hold and the EV revolution maintains its pace, Thohir’s "Midas touch" appears set to endure.