EMAS.JK
SinkerPT Merdeka Gold Resources Tbk · Basic Materials · Indonesia · $5.4B cap · $3.8M/day traded
IDR 5,150 -1.0% · close 12 Nov · scored 13 Nov
Score up 1.8 since 12 Nov: Momentum up 4.
Sinker: Weak business, rich price and weak momentum. Nothing here to keep it afloat.
As of 13 Nov 2026, the MoatMap Score for PT Merdeka Gold Resources Tbk (EMAS.JK) is 9/100, ranked against 25,000+ stocks in 38 markets (Quality 24, Value 14, Momentum 45, each scored against its sector).
Does the score work? Each tenth of the ranking, tracked monthly. See the record →
ABOUT PT MERDEKA GOLD RESOURCES TBK
Read
PT Merdeka Gold Resources Tbk operates as a gold mining companyin Indonesia and Hong Kong. It explores for gold and silver.
FINANCIAL SUMMARY (IDR)
Reported in USD
| Year | 2022 | 2023 | 2024 | 2025 | CAGR | TTM |
|---|---|---|---|---|---|---|
| Revenue | 0 | 21.2B | 27.7B | 2.2B | -68.0% | — |
| EPS (IDR) | -10.39 | -6.44 | -12.43 | -31.25 | — | -32.41 |
| Shares | 16.2B | 16.2B | 16.2B | 14.7B | -9.0% | 14.7B |
| Debt | 523.3B | 2.3T | 3.2T | 4.8T | 109.9% | 8.3T |
| Equity | 2.6T | 2.4T | 4.4T | 6.4T | 34.8% | — |
| Op CF | -112.4B | -248.7B | -109.3B | -313.6B | — | -530.8B |
| Inv CF | -301.7B | -1.3T | -1.7T | -3.0T | — | — |
| Fin CF | 496.7B | 1.6T | 2.7T | 3.0T | — | — |
No clear trend: not near its 52-week low, and not in a steady uptrend.
Swung more than 83% of stocks we rank over the past year (volatility 72% a year).
How this is worked out
The Price check reads only the chart, the price side of the Momentum score in words; it is not the MoatMap Score.
- Still falling: It set a new 52-week low in the last two weeks, after a deep fall.
- Finding a floor: It fell hard, but has set no new low for more than two weeks.
- Turning up: It has climbed off its low and is back above a rising 50-day average.
- In an uptrend: It is near its 52-week high and above its 200-day average.
- No clear trend (this stock): None of the above: no recent deep fall and no steady climb.
- No read yet: Not enough price history yet: it needs a year of trading.
In past US falls, waiting for Turning up cut the chance of another 20% drop from 42% to 33%. Returns were no better, and 33% of turns failed.
The exact rules
Still falling is a new 52-week low in the last two weeks, at least 25% below the high, with the low set after the high. Finding a floor is the same fall with no new low in the last two weeks. Turning up is 20 or more trading days without a new low, at least 10% off it, and back above a rising 50-day average. In an uptrend is above the 200-day average, with the 50-day average above the 200-day, and within 15% of the high. No clear trend is everything else. No read yet is under 252 trading days of history, or missing data. A new state shows once it has held for three trading days.
In 2,112 US drawdowns since 2001, buying while the price was still falling was followed by a further 20% drop 42% of the time. Waiting for a turn (the Turning up rule above) cut that to 33%, at about 7% higher prices and with no better returns. Part of that cut is simply not buying: 13% of falls never turned, and waiting kept those out. Among turns that were bought, 38% still fell another 20%, and 33% of turns were followed by a new low within six months. The benefit was largest in crashes such as 2008 and 2020.
What it measures: how much the price moved day to day over the past year, scaled to a yearly figure (annualised volatility) and ranked against every stock we cover. Very calm under 20% a year, Calm 20 to 30%, Average 30 to 40%, Bumpy 40 to 55%, Very bumpy above that.
What we found: across about 13,500 stocks in 34 markets (2002 to 2025), past swings were a good guide to the next year's, and bumpier stocks fell further. How much further changed too much between eras to put a number on it.
Calm is not safe: a calm stock can still slide steadily.
Rules fixed before any data was fetched. Describes the chart, not a recommendation.
SCORE BREAKDOWN
FUNDAMENTALS
SECTOR PEERS
Closest peers in Basic Materials, ranked by industry match, size, and score similarity. Cross-listings of EMAS.JK are excluded.
| Ticker | Company | Mkt Cap | Score |
|---|---|---|---|
| EMAS.JK | PT Merdeka Gold Resources Tbk(you) | $5.4B | 9 |
| ARCI.JK | PT Archi Indonesia Tbk | $1.5B | 71 |
| ANTM.JK | PT Antam (Persero) Tbk | $3.8B | 94 |
| SQMI.JK | PT Wilton Makmur Indonesia Tbk. | $75M | 19 |
| TPIA.JK | PT Chandra Asri Pacific Tbk | $6.4B | 13 |
| BRMS.JK | PT Bumi Resources Minerals Tbk | $3.4B | 11 |
| BRPT.JK | PT Barito Pacific Tbk | $7.5B | 19 |
| PTRO.JK | PT Petrosea Tbk | $1.7B | 16 |
| PSAB.JK | PT J Resources Asia Pasifik Tbk | $648M | 100 |
| MDKA.JK | PT Merdeka Copper Gold Tbk | $3.0B | 38 |
Peer medians: ROE 9.5% · P/E 8.5x · Gross margin 26.6%
Company Deep Dive
A 10,000-word report: the business and its segments, what management promised on earnings calls and whether it delivered, the competition, and how things could turn out.