Capitilizing on waste-to-energy (WtE) push backed by government policy.   Supported by strong regulatory alignment and government backing, OASA is set to experience solid growth  within Indonesia’s renewable energy sector, particularly in WtE using incineration technology. On the back of its strategic pivot in green energy solutions, OASA will capture WtE opportunities due to Indonesia’s  significant environmental and capacity constraints given generation of ~37.3mn tons of waste annually with ~67.8% ending in landfills without processing. This underpenetration highlights a long runway for WtE adoption, while OASA’s WtE incineration technology is currently the most effective and efficient solution in the market (Figure 3). Perpres No. 109/2025 marks a key inflection point, improving project economics through fixed electricity tariff of USD 0.20/kWh, 30-year power purchase agreement (PPA) certainty, and clearer government support across stakeholders including PLN, local governments, and Danantara. In addition, guaranteed waste supply from the government further reduces execution risks for OASA. USD 74mn fundraising to support project developments in Greater Jakarta. Based on OASA’s current project pipeline as discussed with the management, we estimate USD 74mn funding requirement, of which USD 52mn debt and USD 22mn equity (rights issuance). This fundraising will be utilized towards OASA’s significant progress in the waste-to-energy sector, with active WtE projects in South Tangerang and West Jakarta. The company has begun building its project pipeline, with key developments including PSEL South Tangerang, where OASA holds 76% total participation (~1,100 tons/day capacity, ~25 MW power output), and involvement in larger-scale West Jakarta project with 28% ownership (Figure 4), which has ~2,000 tons/day capacity. Both projects are expected to commence operations by end-2028.

Solid balance sheet with potential reversal to positive net profit ahead.  OASA’s share price performance has delivered strong YTD gains of 63.6%, reflecting investors’ optimism towards the potential lucrative transformation of its WtE business. Furthermore, we also like OASA’s healthy balance sheet, holding  net cash position with total cash of IDR 44bn (USD 2.5mn) in 9M25.  In terms of profitability, OASA is expected to generate additional  EBITDA of ~IDR 250bn (USD 14.4mn), potentially reversing its current negative net profit into positive territory, assuming the South Tangerang project operates at an 80% capacity factor by 2029. Separately,  OASA is also actively participating in the second batch of Danantara’s waste-to-energy tender pipeline, following BIPI’s 20% stake acquisition in one of its subsidiaries.