Beyond DSSA, These Stocks Could Benefit from Data Centre & AI Trends
The trend of Artificial Intelligence (AI) and the construction of data centres is not only benefiting data centre operators. Analysts from Mandiri Sekurcom, Robin Sutanto and Danif Nouval Esfandiari, observe that the development of AI infrastructure also opens opportunities for issuers supplying electricity, cooling systems, piping, and supporting materials.
In a research report titled ‘AI Picks & Shovels: Mapping Out the Spillovers’ released on 31 August 2026, the analysts noted that some material companies are already feeling the direct impact of AI infrastructure development, while several other issuers could potentially benefit indirectly.
According to Mandiri Sekuritas, AI-based data centres require different infrastructure compared to conventional data centres. A primary difference lies in electricity consumption. AI servers utilise many GPUs simultaneously, resulting in much higher power requirements. For context, a conventional server rack consumes around 10 kilowatts (kW), whereas high-density AI server racks can reach approximately 200 kW.
This high level of electricity consumption is directly proportional to the heat generated by the servers. Consequently, conventional air-based cooling systems are becoming inadequate for high-density server racks. AI infrastructure providers are therefore beginning to adopt liquid cooling technology, such as direct-to-chip cooling, which uses hoses and pipes to connect server chips with cooling distribution units. This situation is seen as an opportunity for companies with exposure to material products, particularly piping and supporting data centre infrastructure.
Two issuers identified by Mandiri Sekuritas that could benefit from this trend are PT Avia Avian Tbk (AVIA) and PT Steel Pipe Industry of Indonesia Tbk (ISSP). For AVIA, the opportunity arises from its distribution business, which includes water pipes. The distribution segment contributes approximately 20% to AVIA’s revenue, although it carries a lower margin compared to its paint business. Meanwhile, ISSP’s exposure to data centre construction is considered more direct, as the company’s steel pipe products are used for data centre racks and structures. However, ISSP still faces challenges regarding relatively low factory utilisation rates; therefore, increased demand from data centre construction must be accompanied by improved utilisation to significantly impact the company’s performance.
Beyond material issuers, the data centre construction trend also serves as a catalyst for several technology and telecommunications companies. Senior Equity Research at Kiwoom Sekuritas Indonesia, Sukarno Alatas, suggests that PT Dian Swastatika Sentosa Tbk (DSSA) is one of the issuers attracting the most market attention regarding the data centre theme. DSSA has exposure through its continuously developing digital infrastructure business. The company is also developing the SMX01 hyperscale facility in Jakarta alongside LG, with an investment value of approximately US$300 million. This facility is designed to Tier IV standards and features liquid cooling technology. SMX01 is targeted to begin operations in the fourth quarter of 2026, with an initial capacity of 18 megawatts (MW), expandable up to 60 MW.
Sukarno also noted that PT Indosat Tbk (ISAT) has interesting exposure through the development of data centres and ‘AI Factories’ alongside strategic partners. The projected continuous increase in AI computing needs is expected to act as a catalyst for this business development. ISAT’s position is further supported by its cash capabilities, providing room for expansion. Meanwhile, the impact of data centre construction on PT Telkom Indonesia Tbk (TLKM) is considered relatively limited in terms of its contribution to total revenue, though the potential for data centre business growth remains a notable catalyst.
The positive effects of data centre construction could also extend to the construction sector. The increasing number of data centre projects will create demand for facility construction, providing indirect benefits to construction issuers. In terms of industrial estates, the demand for land for data centre development is also a catalyst. Kiwolar Sekuritas views PT Kawasan Industri Jababeka Tbk (KIJA) as a potential beneficiary, as its industrial estates can support the development of data centre clusters.
Network infrastructure providers such as PT Dayamitra Telekomunikasi Tbk (MTEL), PT Sarana Menara Nusantara Tbk (TOWR), PT Mora Telematika Indonesia Tbk (MORA), and PT Ketrosden Triasmitra Tbk (KETR) could also benefit indirectly. Data centre construction requires networks, fibre optics, and increased data traffic capacity, which could drive higher usage of the network infrastructure owned by these companies. For the industrial estate sector, Mandiri Sekuritas maintains a neutral recommendation, with top picks being BEST and DMAS.