Swan.my.id - Indonesia - DSSA AI infrastructure is emerging as a major part of Dian Swastatika Sentosa’s growth strategy as the company expands beyond coal into renewable energy, data centers, connectivity, and artificial intelligence.
According to a July 2026 research report from Pluang Maju Sekuritas, DSSA is developing an integrated ecosystem that connects energy, telecommunications, computing infrastructure, and digital applications. The strategy is designed to support rising demand for AI and data center capacity in Indonesia.
The research team initiated a BUY recommendation on DSSA with a target price of Rp1,145 per share. The target represented a reported 40.5% upside from the research report’s reference price of Rp815. However, the recommendation and valuation represent the research team’s assessment, not a guaranteed future stock performance.
DSSA AI Infrastructure Moves Beyond Coal
Coal remains an important source of DSSA’s earnings. In fiscal year 2025, Golden Energy and Resources, or GEMS, contributed about 86.4% of DSSA’s revenue.
However, the company is increasingly directing cash generated from its coal operations toward new businesses. These include geothermal power, solar manufacturing, telecommunications, fiber networks, satellite services, and data centers.
The research report forecasts DSSA revenue at US$3.46 billion in 2026. Revenue is then projected to increase to US$4.40 billion by 2028.
Net profit is also forecast to rise from US$230 million in 2025 to US$299 million in 2026. By 2028, the research team estimates net profit could reach US$501 million.
Meanwhile, the company's estimated net margin is expected to increase from 8% in 2025 to 11% in 2028.
The broader strategy is based on shifting part of the business mix toward infrastructure with potentially higher margins and recurring revenue.
Renewable Energy Becomes a Key Foundation
One important component of the DSSA AI infrastructure strategy is renewable energy.
The company is developing up to 480 megawatts of geothermal capacity across several locations in Indonesia. These include Cipanas, Cisolok-Cisukarame, Jambi, West Sumatra, Central Sulawesi, and Nage.
The projects are targeted for commercial operation around 2029, based on the research assumptions.
DSSA is also involved in plans for 1-2 gigawatts of integrated solar cell and module manufacturing capacity at Kendal Industrial Park. The project is described as a joint venture involving Trina Solar and PLN.
The connection between renewable energy and data centers is becoming increasingly important. Data centers consume large amounts of electricity, while AI workloads can require significantly more power than conventional computing.
According to the research report, a next-generation NVIDIA B200 GPU rack can consume around 200 kilowatts. At full capacity, DSSA’s SMX01 data center could accommodate up to 2,400 high-density GPU racks.
This creates a direct link between power availability and AI infrastructure.
SMX01 Targets Indonesia’s Growing AI Demand
DSSA’s data center strategy is centered on SMX01, a Tier IV facility in Jakarta.
The facility is being developed through a 50:50 joint venture with LG CNS under LG Sinar Mas. The full development is expected to reach 60 MW of capacity.
Initial IT load is targeted at 18 MW when operations begin, with the project expected to scale over time.
The research report estimates that the facility could support up to 2,400 high-density GPU racks. Liquid cooling technology is also planned for AI and high-performance computing workloads.
Meanwhile, DSSA’s SM+ portfolio provides additional edge data center infrastructure. The portfolio consists of 25 facilities across 24 cities, with total capacity of about 24 MW, according to the report.
This combination could allow DSSA to serve both large-scale computing requirements and latency-sensitive applications.
However, the expansion also carries execution risks. Data center construction, regulatory approvals, customer acquisition, power availability, and the timing of hyperscaler contracts could affect the project's financial performance.
Connectivity Adds Another Layer to the Strategy
Data centers need more than electricity and computing capacity. They also require reliable, high-speed connectivity.
DSSA’s strategy therefore includes fiber infrastructure, mobile connectivity, satellite services, and data centers.
MoraRepublic, created through the April 2026 merger of Moratelindo and MyRepublic, reportedly has 12.7 million home passes and 2.6 million retail subscribers. The company ranks second nationally by home-pass scale, according to the research material.
The group also has exposure to XLSmart, combining fixed and mobile connectivity.
The research report highlights latency as another potential competitive factor. It estimates that owned fiber could provide approximately 3 milliseconds of latency to SMX01. Meanwhile, 5G standalone connectivity is estimated at around 8 milliseconds.
For comparison, third-party WAN connections can require 15-40 milliseconds, while satellite connections can be significantly slower.
For certain AI applications, particularly real-time inference, lower latency can become an important technical requirement.
DANA Could Support the AI Application Layer
The fourth part of the strategy involves digital applications and data.
DSSA owns a 20% stake in DANA, a major Indonesian digital wallet. The research report cites more than 200 million registered users.
DANA generates large volumes of transactional and behavioral data. These include payment activity, location signals, consumer behavior, and credit-related indicators.
The research team argues that this data layer could support AI applications serving Indonesia’s large consumer market.
However, data availability does not automatically translate into commercial value. Data usage remains subject to privacy rules, regulatory requirements, consent frameworks, cybersecurity standards, and business agreements.
Beyond DANA, the report identifies several potential sources of AI computing demand.
These include:
- DANA: Fraud detection, credit scoring, and transaction personalization.
- iFLYTEK: AI applications for education and healthcare.
- Vidio: Content recommendations, tagging, and advertising applications.
- ASIX and China Mobile: AI robotics and related computing workloads.
- Sinarmas businesses: Potential migration of digital and infrastructure demand onto the group’s ecosystem.
The research team estimates that the broader application layer could generate around 131 million GPU-hours of annual AI computing demand.
DSSA Financial Outlook and Valuation
The research report uses a Sum-of-the-Parts, or SOTP, approach to value DSSA.
This method separates the company into different business components. Each segment is then valued according to its own growth profile and financial characteristics.
The research valuation includes GEMS, geothermal operations, MoraRepublic, XLSmart, data centers, DANA, and other assets.
For 2026, the report forecasts DSSA’s earnings per share at around US$0.001. The figure is expected to rise to US$0.002 in 2027 and 2028.
The stock data in the report lists DSSA at Rp815 per share, with a market capitalization of about Rp163.7 trillion.
The report assigns a target price of Rp1,145 per share. It also identifies several potential catalysts, including the first geothermal commercial operation date, SMX01 anchor tenancy, and further development of the company's digital ecosystem.
At the same time, investors face several risks.
Key risks identified by the research team include:
- Falling coal prices and weaker coal earnings.
- Delays in geothermal project development.
- Regulatory approvals for data center operations.
- Delays in securing major data center customers.
- Implementation risks involving the export system.
- Regulatory developments affecting Chinese joint ventures.
- Execution risks across multiple infrastructure businesses.
- Dependence on partnerships for parts of the AI application strategy.
From Coal Producer to Integrated AI Infrastructure Company
DSSA’s transformation reflects a broader shift in Indonesia’s digital economy.
Coal remains the company’s financial foundation. However, its future strategy increasingly connects that cash flow with renewable energy, fiber networks, mobile connectivity, satellite infrastructure, data centers, and digital applications.
The concept is relatively straightforward. Renewable energy can provide power for data centers. Fiber and mobile networks can transport data. Data centers provide computing capacity. Meanwhile, digital applications can generate demand for that computing infrastructure.
This creates an integrated business model rather than a single-asset AI investment.
Still, much of the expected growth depends on projects that are being developed or scaled. Geothermal capacity, data center utilization, telecommunications synergies, and AI demand must all develop as projected for the broader strategy to deliver its expected financial impact.
For investors following DSSA AI infrastructure, the key issue is therefore the company's transition from a coal-centered business toward a diversified infrastructure platform. The coming years will show whether the planned combination of energy, connectivity, computing, and applications can translate into sustainable earnings growth.