Dian Swastatika (DSSA) Aggressively Diversifies Business, Analysts' Recommendations Under Scrutiny

JAKARTA. PT Dian Swastatika Sentosa Tbk (DSSA) is projected to record better performance in 2026, supported by the potential increase in coal demand amid threats of a global energy supply crisis.

This momentum is also accompanied by the company’s aggressive steps to expand its business beyond coal.

Head of Research at Korea Investment & Sekuritas Indonesia, Muhammad Wafi, assesses that geopolitical conflicts in the Middle East could trigger a global energy crisis, which would instead serve as a positive catalyst for DSSA’s coal exports, particularly to the Asian market.

This surge in demand is expected to offset the normalisation of coal prices while restoring margins that were previously under pressure.

Wafi emphasises that to maximise these opportunities, DSSA needs to maintain operational cost efficiency and strengthen long-term sales contracts with major buyers.

At the same time, growth momentum must also come from non-coal businesses.

Following the consolidation of MyRepublic, DSSA is assessed to need to accelerate market penetration in fixed broadband and expedite the development and commercialisation of geothermal assets.

Contributions from non-coal businesses are starting to show. Revenue from the cable TV, internet, and digital services segment jumped to US$211.79 million in 2025, from US$144.08 million in 2024.

This growth is supported by the expansion of internet services through MyRepublic Indonesia and the commencement of operations at the commercial data centre owned by SMPlus Sentra Data Persada (SM+).

In the new energy sector, DSSA is also accelerating the development of solar and geothermal energy.

The company has operated a solar panel factory with a capacity of 1 gigawatt in the Kendal Special Economic Zone, and is developing a geothermal project with a potential of 440 megawatts through DSSR Daya Mas Sakti.

DSSA President Director L. Krisnan Cahya affirms that the development of renewable energy is part of the strategy to reduce reliance on fossil fuels.

“Going forward, DSSA will continue to strengthen its business portfolio that is responsive to technological developments and the demands of sustainable energy,” he stated.

However, analyst at Mirae Asset Sekuritas, Nafan Aji Gusta, warns that DSSA’s performance improvement will not yet be significant if it still relies on coal.

In terms of recommendations, Nafan suggests that investors adopt a wait-and-see approach towards DSSA shares.

Meanwhile, Wafi recommends hold, considering the company’s solid fundamentals and ongoing business diversification.