DSSA Stock Gains on Digital and Renewable Push, Analysts See More Upside
Key Takeaways
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JAKARTA, Investortrust.id — PT Dian Swastatika Sentosa Tbk, or DSSA, has accelerated its business transformation from coal to digital infrastructure and renewable energy through data centers, telecommunications, and geothermal projects, making its stock increasingly attractive. The potential for further price gains remains open despite a surge of more than 192 percent year to date.
The company, controlled by Sinarmas Group, has set a target for non-coal revenue contribution to exceed 30 percent within the next three to five years. Currently, coal still accounted for more than 90 percent of revenue as of the first quarter of 2025.
Based on trading data from the Indonesia Stock Exchange, DSSA shares have jumped more than 192 percent year to date to Rp 109,275, lifting its market capitalization to Rp 841.96 trillion. The company now ranks as the third-largest listed firm after Barito Renewables (BREN) and Bank Central Asia (BBCA).
According to Samuel Sekuritas analysts Jonathan Guyadi and Juan Harahap, DSSA’s transformation in telecommunications and technology has shown rapid growth. Revenue was projected to rise 75.1 percent year on year in 2025 with a compound annual growth rate of 67 percent during 2022–2027. The increase was supported by expansion of homepass capacity and subscriber growth for MyRepublic broadband.
“Through aggressive expansion, DSSA has become the second-largest fiber-to-home broadband provider in Indonesia after IndiHome, owned by Telkom. DSSA now covers more than 70 cities. Customer numbers surged 88.6 percent year on year in the first quarter of 2025, with homepass capacity reaching nearly 7.6 million,” the research noted.
To strengthen its telco-tech evolution, DSSA is building Jakarta’s first Tier IV data center (SMX01) with an initial capacity of 18 megawatts, scheduled to begin operations by late 2026. This facility will complement its existing 24 data center locations.
The company is also leveraging synergies within the Sinarmas ecosystem, from satellite capacity of 310 gigabits per second and a fintech platform with more than 100 million users, to potential collaboration with PT XLSmart Telecom Sejahtera Tbk (EXCL) to expand mobility and connectivity services.
Beyond digital infrastructure, DSSA has entered renewable energy through geothermal and solar projects. Its geothermal portfolio, developed with Energy Development Corporation (EDC), covers six sites in Cipanas, Cisolok, Nage, Jambi, West Sumatra, and Central Sulawesi with a potential capacity of 440 megawatts. In solar, DSSA operates Indonesia’s first integrated solar cell and module factory with a 1-gigawatt capacity, expandable to 2 gigawatts, alongside a dedicated 40-megawatt photovoltaic project.
This transformation prompted Samuel Sekuritas to maintain its speculative buy recommendation for DSSA with a target price of Rp 150,000 per share, representing a potential 56 percent upside from Thursday’s closing price.
The target also reflects DSSA’s inclusion in the MSCI Indonesia Global Standard Index, which is expected to improve liquidity and foreign investor interest. “The combination of fast-growing telco-tech operations and renewable energy exposure is believed to drive long-term growth, although risks remain tied to data center permits, renewable project execution, and coal price fluctuations,” the analysts said.
According to InvestingPro data as of Friday, Sept. 19, 2025, shares of PT Dian Swastatika Sentosa Tbk (DSSA) traded at Rp 110,925, near the upper end of their 52-week range of Rp 30,300 to Rp 114,150. While Samuel Sekuritas reaffirmed a speculative buy with a target price of Rp 150,000 per share, InvestingPro’s fair value models point in the opposite direction.
The platform’s average fair value estimate stands at Rp 53,613, implying a downside risk of around 52 percent from the current market price. This sharp contrast highlights the divergence between bullish analyst projections, driven by expectations of digital and renewable expansion, and valuation models that remain cautious due to DSSA’s high earnings multiple, price volatility, and relatively weak growth and cash flow health scores.
Source: InvestingPro. Data as of time of publication.
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