Surge Reaches for the Sky: Why Analysts Are Raising Targets on Hashim Djojo Hadikusumo’s WIFI

JAKARTA, Investortrust.id — PT Solusi Sinergi Digital Tbk (WIFI), the Indonesian infrastructure play known as Surge, is positioning itself for a massive scale-up as it pivots toward high-growth internet segments. The company, controlled by influential tycoon Hashim Djojo Hadikusumo, is seeing its valuation metrics revised upward as analysts bet on its aggressive 2026 expansion strategy.

For global investors, Surge represents a pure-play bet on Indonesia’s narrowing digital divide. By transitioning from a simple backbone provider to a direct-to-consumer powerhouse through FTTH and FWA, WIFI is tapping into a market hungry for high-speed connectivity. The projected 144% revenue jump signals that the company is no longer just building infrastructure; it is successfully monetizing it.

Infrastructure Blitz Triggers Revenue Explosion

Surge is currently riding a wave of momentum from its solid 2025 performance. The company’s FTTH segment hit a milestone of 2.5 million home-passes and 1.5 million home-connections last year, contributing Rp 541 billion ($34 million) to the top line.

This momentum has prompted BRI Danareksa Sekuritas analysts Erindra Krisnawan and Kafi Ananta to lift their price target from Rp 4,400 to Rp 4,500. They noted in their latest research that "WIFI's FTTH performance is in line with expectations," highlighting that the segment now accounts for 32% of total revenue.

The New Growth Engine: Fixed Wireless Access

While fiber remains the backbone, Fixed Wireless Access (FWA) is expected to be the primary performance driver this year. Management has set an ambitious target of 3.2 million FWA subscribers, a figure that remains higher than the more conservative analyst estimate of 2.3 million.

To support this blitz, the company is pouring massive capital into its network. WIFI spent Rp 2.4 trillion ($150.9 million) on infrastructure in 2025 and plans to increase that to Rp 4.3 trillion ($270.4 million) in 2026. This includes a strategic 675-mile (1,087 km) backbone expansion across Sumatra to prepare for future FTTH rollouts.

Navigating Short-Term Profit Pressures

Despite the revenue optimism, investors should note that net profit is expected to see a temporary dip to Rp 368 billion ($23.1 million) this year, down from Rp 409 billion ($25.7 million) in 2025. This decline is largely attributed to lower-than-expected early contributions from the FWA segment and higher operational costs associated with the rollout.

However, the long-term outlook remains bullish. Analysts expect net profit to rebound and soar to Rp 1.57 trillion ($98.7 million) by 2027. Currently, the stock’s valuation remains attractive, trading at 9.5x and 4.0x EV/EBITDA for 2026 and 2027 respectively, offering a compelling entry point for growth-oriented portfolios.

Valuation Outlook: High-Growth Momentum Meets Premium Pricing

The market valuation for PT Solusi Sinergi Digital Tbk (WIFI) currently reflects a company in a high-octane expansion phase. As of April 24, 2026, the stock is trading at Rp 2,340, sitting significantly below the average analyst target of Rp 4,625. This suggests a massive potential upside of approximately 97% if consensus targets are met. Furthermore, investing models estimate a fair value of Rp 2,930, indicating that even on a conservative fundamental basis, the stock is trading at a 25.2% discount.

While the company boasts "Good Performance" in financial health—driven by explosive revenue growth from Rp 671 billion in 2024 to Rp 1.66 trillion in 2025—its "Relative Value" score remains low at a 2 out of 5. This implies that while the growth story is compelling, investors are paying a premium relative to sector peers for that future earnings potential. With net profits soaring nearly 77% year-on-year, the current price level offers a window for investors betting on Surge’s ability to maintain its aggressive infrastructure monetization.

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