3 Data Centre Stocks Selected by Analysts: Including TLKM, ISAT, and DSSA
The development of the data centre industry in Indonesia is creating growth opportunities for several issuers with exposure to digital infrastructure. The surge in demand for cloud computing, artificial intelligence (AI), and corporate digital transformation serves as a catalyst expected to support the sector’s stock prospects until the end of 2026.
This growth in computing demand is reflected in the national IT data centre installed capacity, which reached 580 megawatts (MW) in the first half of 2026. This capacity is projected to increase significantly to approximately 3.5 gigawatts (GW) by 2030. In line with these growth prospects, several analysts have provided recommendations for companies involved in data centres and digital infrastructure.
- PT Telkom Indonesia Tbk (TLKM)
Senior Market Analyst at Mirae Asset Sekuritas, Nafan Aji Gusta, recommends an ‘add’ for PT Telkom Indonesia Tbk (TLKM) with a target price of Rp 3,030 per share. One of TLKM’s primary catalysts stems from the potential monetisation and divestment of a 70% stake in its subsidiary, NeutraDC. The transaction value for this divestment is estimated to reach US$ 1.0 billion to US$ 1.5 billion.
This move is aimed at attracting global data centre operators to strengthen NeutraDC’s operational capabilities in serving hyperscale tenants. Currently, NeutraDC operates an active capacity of 90.4 MW. The company aims to reach a total capacity of 300 MW by 2030, supported by facilities spread across Cikarang, Batam, and Singapore. Beyond data centre expansion, TLKM’s prospects are also supported by the recovery of its core telecommunications business, operational efficiency, potential dividend payouts, and share buyback programmes.
- PT Indosat Tbk (ISAT)
Analyst at BRI Danareksa Sekuritas, Kafi Ananta, recommends a ‘buy’ for PT Indosat Tbk (ISAT) with a target price of Rp 3,430 per share. Indosat’s exposure to the data centre business comes from its 25% stake in BDx Indonesia. Additionally, the company has the potential to hold a 30% stake in the Neocloud AI Zankore project.
BDx currently operates 30 MW of capacity across three edge data centre campuses and 72 MW of hyperscale capacity at CGK4 Jatiluhur. This development is supported by a power commitment from PLN of up to 1.2 GW. Meanwhile, Zankore is developing the first stage of an AI Factory project with a capacity of 200 MW in Batang. This facility is scheduled to begin operations in the first half of 2027 and is targeted to expand to a capacity of 1 GW. Based on a sum-of-the-parts (SOTP) calculation, the contribution from the Zankore project has the potential to increase ISAT’s equity value by up to 35%.
- PT Dian Swastatika Sentosa Tbk (DSSA)
Analyst at Kiwoom Sekuritas Indonesia, Sukarno Alatas, recommends a ‘buy’ for PT Dian Swastatika Sentosa Tbk (DSSA) with a target price of Rp 1,500 per share. DSSA continues to strengthen its digital infrastructure portfolio through the operation of 24 edge data centres with a total capacity of 10 MW under the SM+ brand.
The company is also developing the SMX01 hyperscale facility in Jakarta with an investment value of US$ 300 million through a joint venture with LG. This Tier IV standard facility is equipped with liquid-cooling technology. SMX01 is targeted to be operational by the fourth quarter of 2026, with an initial capacity of 18 MW that can be expanded to 60 MW. This business development is part of DSSA’s transformation from a company with a coal mining business base towards a technology and digital infrastructure ecosystem. This transformation is assessed to have the potential to expand market reach while improving the company’s free cash flow quality.