KONTAN.CO.ID - Indonesia’s telecommunications and electrical manufacturing sectors are experiencing a sharp valuation rerating, driven by an aggressive regional expansion of data center infrastructure outside saturated neighboring hubs like Singapore and Malaysia. Over the past month, trading volumes on the Indonesia Stock Exchange (IDX) highlighted a major bullish momentum for niche industrial suppliers. Share prices for PT Communication Cable Systems Indonesia Tbk (CCSI) skyrocketed by 35.11% to settle at Rp 354 per share, while PT Jembo Cable Company Tbk (JECC) and PT Kabelindo Murni Tbk (KBLM) surged 33.86% and 16.34% respectively.
Structural Shift: Doubling the Digital Power Grid by 2026
Market analysts stress that this equity rally is heavily tethered to a structural surge in regional energy and fiber optic capacity. Indonesia's domestic data center power requirements are forecast to expand by 93.2%, climbing from 1,098 MW in 2025 to a massive 2,122 MW by the end of 2026, before tracking toward a long-term target of 5,226 MW by 2034. "The data center theme has significantly heightened market expectations for fiber optic and high-voltage electrical distribution networks," stated Elandry Pratama, Branch Manager at Panin Sekuritas. However, fundamental tracking reveals an uneven performance breakdown:- PT Kabelindo Murni Tbk (KBLM): Boasts the strongest fundamental cushion. H1-2026 revenues soared 47.3% YoY to IDR 1.29 trillion, powered by a 105% EBITDA expansion, though net net profit growth moderated to 7.2% YoY (IDR 29.9 billion).
- PT Jembo Cable Company Tbk (JECC): Facing a sharp divergence, as its 33.86% equity surge lacks near-term fundamental backing; H1-2026 revenue fell 4.4% YoY while net profits collapsed by 57.8% YoY to IDR 20.2 billion.
