Indonesia Cable Stocks Soar as Data Center Power Demands Hit 2.1GW

September 15, 2026, 03.26 AM

ILUSTRASI. Indonesia cable stocks CCSI, KBLM, and JECC surge up to 35% as data center electricity demands are projected to double to 2,122 MW by 2026. (KONTAN/Carolus Agus Waluyo)

Reporter: Pulina Nityakanti | Editor: Hasbi Maulana

STOCK MARKET - 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.

Institutional Risks: Margin Compression and Jakarta's Mega Relocation

Beyond digital infrastructure hubs, the industry is processing a massive urban layout shift. The Jakarta Provincial Government (Pemprov DKI) has initiated a multi-year mandate under Regional Regulation No. 8/2025 to relocate 6,500 km of overhead utility lines underground. While the existing integrated network (SJUT) only covers 41.7 km with a 54.2 km target for late 2026, the long-term project unlocks a vast expansion pipeline for local contractors.

Despite the highly attractive growth story, international macro desks are maintaining caution regarding mid-term profit-taking risks.

Senior Market Analyst Nafan Aji Gusta from Mirae Asset Sekuritas warns that the cable industry remains structurally exposed to thin margins and highly sensitive to volatile global copper and aluminum raw commodity prices, working capital constraints, and Rupiah currency fluctuations. Institutional portfolios are advised to adopt selective accumulation strategies, separating speculative retail momentum from actual order book quality.