Data Centre Business Expanding Rapidly, Here Are the Stocks Poised to Benefit
It is not only data centre operators that are poised to benefit; the development of artificial intelligence (AI) and the construction of data centres are opening opportunities for issuers that supply supporting infrastructure.
Mandiri Sekuritas analysts Robi Sutanto and Danif Nouval identify potential in the demand for electricity, cooling, water pipes, and supporting materials for data centres. Some of these impacts are already being realised in the real world.
“Some are already beginning to experience real-world impacts from infrastructure development, while others are stocks in the materials sector that benefit from infrastructure construction,” they wrote in a research report released on Monday (31/8/2026).
AI servers utilise multiple GPUs simultaneously, resulting in much higher electricity requirements. For instance, a traditional server rack requires approximately 10 kilowatts, whereas an Nvidia Blackwell/NVL72 rack reaches 200 kilowatts.
Robi and Danif explained that this high electricity demand is directly proportional to the heat generated by the servers. Every megawatt of electricity entering a server rack must eventually be dissipated in the form of heat.
They assessed that conventional air-cooling technology is becoming inadequate for high-density server racks. Consequently, AI infrastructure providers are beginning to adopt liquid cooling technology in their services.
“AI servers feature several GPUs working simultaneously and consume much more electricity compared to conventional data centres,” explained Robint and Danif.
They project that the need for liquid cooling could create opportunities for material companies. Direct-to-chip cooling technology uses hoses and pipes that connect the server chip directly to a liquid cooling distribution unit.
For AVIA, the opportunity lies in its goods distribution business, which includes water pipes. Approximately 20% of AVIA’s revenue comes from goods distribution, although this segment generates lower margins compared to its paint business.
Meanwhile, ISSP has more direct exposure, as its steel pipe products have been supplied for data centre racks and structures. However, low factory utilisation remains a challenge for the company.
Senior Equity Research at Kiwoom Sekuritas, Sukarno Alatas, observed that the trend in data centre construction is providing positive sentiment to several issuers with direct or indirect links to the industry.
Sukarno noted that DSSA is one of the issuers attracting the most market attention regarding the data centre theme. The company has a 40-megawatt capacity in Cikarang, with the initial development phase targeted for completion by the end of 2026.
“In terms of exposure, the current capacity is 40 megawatts located in Cikarang. The target for the initial phase is to be completed by the end of 2026,” he stated in a recent presentation.
This situation is one of the reasons market players are revisiting DSSA stock amidst the widespread news regarding data centres.
Sukarno also noted that ISAT has attractive exposure through data centre development with strategic partners. This potential is increasingly relevant as AI computing needs are expected to continue rising in the coming years.
“This means the demand for data centres will continue to increase in the future, and ISAT’s performance, as of the second quarter of 2026, recorded a significant increase,” he said.
He added that ISAT’s position is supported by a substantial cash capacity, providing room for expansion. This makes ISAT’s prospects in the data centre sector quite noteworthy.
For other telecommunications issuers, Sukarno assessed that the impact of data centres on TLKM remains relatively limited. The data centre business’s contribution to total revenue is currently below 2%, though its potential is projected to grow.
Data centre growth could also positively impact construction companies. Sukarno stated that increased data centre construction will drive demand for construction, providing indirect benefits to issuers in that sector.
“When there is demand for construction related to data centres, the related construction industries or businesses will certainly receive a positive impact in the future,” said Sukarno.
Regarding industrial estates, the demand for land for data centre development serves as a catalyst. Sukarno sees potential in KIJA, as its industrial estates can support data centre clustering and are backed by a significant land bank.
Network infrastructure providers such as MTEL, TOWR, MORA, and KETR may also benefit indirectly. He noted that data centre construction requires networks, fibre optics, and increased data traffic capacity.
“The growth of data centres could also increase traffic usage, perhaps traffic from MORA and KETR themselves,” he explained.
Furthermore, Mandiri Sekuritas maintains a neutral rating for the industrial estate sector, with preferred stocks being BEST and DMAS, both of which are given neutral recommendations.