Data Center Issuers' Business Grows Stronger, Analysts' Stock Recommendations Worth a Look
Indonesia’s data centre industry is entering an early growth phase with enormous expansion prospects. National data centre capacity, currently around 580 megawatts (MW), is projected to surge to 3.5 gigawatts (GW) by 2030. This growth opens opportunities for local issuers to benefit from the rising demand for digital infrastructure, particularly through the construction of new facilities and partnerships with global operators.
Equity Research Analysts at BRI Danareksa Sekuritas, Kafi Ananta and Erindra Krisnawan, stated that installed IT data centre capacity in Indonesia reached around 580 MW in the first half of 2026. ‘Local issuers are still in the early phase of the data centre growth cycle, with a large capacity pipeline providing significant room for expansion going forward,’ Kafi and Erindra wrote in their research note on Friday (21/8/2026).
According to them, PT Telkom Indonesia Tbk (TLKM), PT Indosat Tbk (ISAT), PT Dian Swastatika Sentosa Tbk (DSSA), and PT DCI Indonesia Tbk (DCII) have the largest direct exposure to the growth of the data centre industry.
Telkom Indonesia is developing its data centre business through NeutraDC. Kafi noted that NeutraDC currently has a capacity of around 90.4 MW and is targeting an increase to 300 MW by 2030. NH Korindo Sekuritas analyst Leonardo Lijuwardi assesses that TLKM’s continued expansion in optimising its fibre optic assets, telecommunication towers, and data centres is a strategic catalyst for the company. According to him, this move has the potential to drive a rerating of TLKM shares in the medium term. Leonardo maintains a buy recommendation on TLKM shares with a target price of Rp 3,700 per share.
DSSA also has a data centre business through the operation of 24 edge facilities with a total capacity of 10 MW. DCII is the issuer most focused on the data centre business compared with other local players. In addition to these four issuers, BRI Danareksa Sekuritas also highlighted players still in the early stages, namely PT NexAI Digital Infrastruktur Tbk (MGLV), PT Sinergi Inti Andalan Prima Tbk (INET), and PT Bakrie & Brothers Tbk (BNBR). For the data centre sector, BRI Danareksa Sekuritas recommends buying TLKM with a target price of Rp 3,500 per share and buying ISAT with a target price of Rp 2,500 per share.
With national capacity projected to reach 3.5 GW by 2030, competition to build data centre facilities is expected to become increasingly fierce.