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■ Leading electric bus supplier & beneficiary of rising TransJakarta’s 2026 tender. Partnering with BYD, VKTR remains a key contender in Indonesia’s e-bus market, supported by TransJakarta’s 2026 tender of 300 units (+20% YoY). In 2025, VKTR secured 80 units, with 50 booked and 30 delivered in 1Q26. For 2026, total tenders are expected at 200 units (12-meter) and 150 units (8-meter), and we estimate VKTR could win c.90–100 units (25–30% share), supported by its 40% TKDN compliance. We forecast e-bus revenue of IDR 268bn from 70 units. VKTR’s fleet has operated ~165 e-buses over 50 months, averaging 210 km daily distance.
■ Growth catalysts: 8-meter new e-buses and e-trucks with higher margins. VKTR is preparing to launch 8-meter e-buses to expand its 2026 product lineup and support revenue growth. On e-trucks, demand is expected to rise gradually, driven by mining and agriculture under Indonesia’s decarbonization agenda, with internal estimates showing up to 20% fuel cost savings from electrification. E-trucks are increasingly attractive versus ICE trucks amid sector margin pressures from export tariffs, higher royalties, and tighter DMO rules. VKTR’s e-trucks also offer higher ~20% GPM vs ~8% for e-buses, supporting future margin upside.
■ Positive volume impact stemming from Bakrie network of companies. As part of the Bakrie Group, VKTR can benefit from group integration through faster pipeline access and ecosystem pilots, with sister companies acting as early customers to validate TCO and build references. VKTR could deploy e-trucks in diesel-intensive Bakrie-linked operations such as DEWA, BRMS, and UNSP, where fixed routes and centralized depots support electrification. Beyond captive demand, Bakrie’s government-linked exposure may also enhance VKTR’s access to tenders and partnerships, while internal deployments help accelerate TKDN compliance, after-sales readiness, and bundled offerings, improving long-term bid competitiveness.
■ VKTR plans a rights issue for new e-Mobility (e-buses & e-trucks) rental business. Through its subsidiary SEI, VKTR will launch an e-Mobility as a Service (e-MaaS) business, leasing e-buses and e-trucks to shift customer capex to opex. To support this, VKTR plans a rights issue, allocating 80% of proceeds to SEI capex and the remaining 20% to working capital. Despite higher depreciation and capital intensity, VKTR has secured MoUs for the model with several customers, including its sister company DEWA.
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
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