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Company Reports

19 August 2026

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DEWA: Operating Earnings Inflection Ahead – BUY with IDR 600 TP

SSI SUMMARY– DEWA is on target to achieve
operating earnings inflection starting in 3Q26, helped
by three catalysts: 1) PAMA's 26mn bcm KPC share to
be fully booked, 2) OPEX normalization, and 3)
Sebuku adding up to 55mn bcm waste removal
(+c.40%) and lifting 5mn tons of coal volumes
(+c.29%). Additional future upside lies in Sulawesi’s
nickel mining services project and Aceh’s Gayo gold
mine developments. BUY with IDR600TP.

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