When Haji Isam Chooses the Opposite Direction

JAKARTA – As queues for fuel emerged in some regions, businessman Samsudin Andi Arsyad, known as Haji Isam, moved in the opposite direction to the prevailing panic: he is entering the fuel business. PT Dana Brata Luhur Tbk (TEBE), a listed company associated with Haji Isam, is seeking a licence through PT Talenta Bumi Energi to enter the fuel trading business.

The expansion plan has drawn market attention after TEBE shares surged 96.5% over the past three months. However, the significant price rise also carries risks, as several of the company’s development plans have yet to be realised.

Jason Gozali, head of research at Pluang Maju Sekuritas, said TEBE’s move into fuel trading had a reasonable business basis, particularly given its infrastructure and the potential demand from Haji Isam’s business group.

TEBE already has a port facility with capacity of 18 million tonnes a year and a dedicated 46-kilometre haul road in South Kalimantan. This infrastructure could potentially be developed to support energy distribution.

“Additionally, fuel demand from mining activities within Haji Isam’s business group could provide an initial market for the new business,” Jason wrote in a note cited on Sunday (18 October 2026).

Nevertheless, Jason cautioned investors against equating expansion potential with revenue already being generated. He said several factors should be considered before investors factor the new business’s contribution into TEBE’s performance.

The company’s existing coal trading business is also still at an early stage. Its first shipment amounted to just 7,400 tonnes and has yet to make a meaningful contribution to revenue.

In terms of ownership, the controlling shareholder holds 76.91% of TEBE’s shares. This leaves a relatively small proportion of shares in public hands and could amplify price fluctuations.

Pluang Maju Sekuritas said investors interested in TEBE’s prospects should consider the risk of a correction and wait for selling pressure to ease before making a decision.

Technically, Pluang expects TEBE shares could retest strong support at Rp1,900. It considers this a relatively more attractive entry point than chasing the shares after their substantial year-to-date gains.

The planned expansion into fuel trading could therefore act as a potential catalyst for TEBE, but investors should monitor whether the necessary licences are secured, infrastructure is developed and the business generates revenue.