Data Centre Boom: 16 IDX-Listed Stocks Poised to Benefit
Global investment in artificial intelligence (AI) is currently shifting from software and chip development towards the construction of physical infrastructure, particularly data centres. This trend is opening new opportunities for several issuers on the Indonesia Stock Exchange (IDX), including data centre operators, network providers, electricity companies, and industrial estate developers.
Liza Camelia Suryanata, Head of Research at PT Kiwoom Sekuritas Indonesia, noted in a research report on 8 September 2026 that Southeast Asia has the potential to become a global hub for data centre growth. Capacity constraints in Singapore are a primary driver for investment to shift towards surrounding regions, such as Johor in Malaysia, Batam, and the Greater Jakarta area (Jabodetabek).
The growth of data centres will also have a direct impact on electricity demand. S&P Global estimates that electricity consumption for data centres in Southeast Asia will triple to 16.4 gigawatts (GW) by 2035. Indonesia is projected to capture approximately 14% of this total demand, equivalent to about 2.3 GW, with Jabodetabek and the Batam–Riau region expected to be the primary growth locations.
Meanwhile, Goldman Sachs has identified the Singapore–Johor–Riau (SIJORI) corridor as a strategic node within the regional data centre ecosystem. Goldman Sachs has also raised its projection for global data centre electricity demand growth by 2030 to 170% compared to 2025, supported by the strong financial balance sheets of hyperscaler companies and the use of take-or-pay contracts. This situation makes electricity supply a critical link in data centre expansion.
In Kiwoom Sekuritas’ mapping, there are 16 IDX issuers linked to the data centre ecosystem. These issuers are grouped based on their revenue sources and their positions within the data centre business chain. From the electricity and utilities perspective, PT Cikarang Listrindo Tbk (POWR) is identified as an issuer that could benefit directly from increased electricity consumption in industrial estates.
In addition to POWR, opportunities also arise from the industrial estate sector. PT Puradelta Lestari Tbk (DMAS), PT Surya Semesta Internusa Tbk (SSIA), PT Kawasan Industri Jababeka Tbk (KIJA), and PT Bekasi Fajar Industrial Estate Tbk (BEST) could benefit through industrial land sales or the provision of supporting utilities.
In the realm of data centre operators and AI computing, Kiwoom Sekuritas includes PT Indosat Tbk (ISAT), PT DCI Indonesia Tbk (DCII), PT Telkom Indonesia (Persero) Tbk (TLKM), and PT Dian Swastatika Sentosa Tbk (DSSA). According to Liza, these four issuers have direct links to the data centre and AI computing businesses. For instance, ISAT is connected to the AI computing business through Zankore, while DCII, TLKM, and DSSA provide capacity and data centre services.
Regarding network infrastructure and interconnection, PT Sinergi Inti Andalan Prima Tbk (INET) also has the potential to capitalise on growing data centre needs. INET can find opportunities in the demand for fibre networks, bandwidth, IP transit, inter-data centre interconnection, and the SIDI JKT01 facility.
Other issuers linked to the data centre ecosystem include PT Mitra Komunikasi Nusantara Tbk (MGLV), PT Medco Energi Internasional Tbk (MEDC), PT Pertamina Geothermal Energy Tbk (PGEO), PT Sarana Menara Nusantara Tbk (TOWR), PT Perusahaan Gas Negara Tbk (PGAS), and PT Dayamitra Telekomunikasi Tbk (MTEL).
While many issuers have exposure to data centres, Kiwoom Sekuritas warns that the level of benefit for each company will vary. Liza suggests that investors must look beyond the mere narrative of data centre growth. The issuers with the potential to be the strongest beneficiaries in the long term are those capable of converting these opportunities into tangible customer contracts.
Liza added that the AI investment explosion is not just a story for technology companies. The continuously increasing demand for data centres has the potential to create a domino effect across the electricity, industrial estate, fibre network, telecommunications, gas, and renewable energy sectors.