DSSA – Diversified Indonesian Conglomerate Pivoting from Coal to Digital Infrastructure and Renewables

June 25, 2026

Investment Highlights

  • idAA rated credit backed by strong parentage and funding access. DSSA carries an idAA / idAAsy rating from Pefindo with a stable outlook, reflecting the Group’s dominant position across multiple sectors, access to diversified funding, and a consistent track record of debt service. The company is 59.9%-owned by PT Sinar Mas Tunggal (controlled by Franky Oesman Widjaja), ensuring continuity of strategic direction and capital support.
  • Structural pivot to digital and renewables — value-accretive growth engines. Mining remains the anchor (89.1% of FY25 revenue at USD 2.49bn), but the Digital Infrastructure & Technology segment grew +47.0% YoY to USD 211.8mn in FY25, driven by EMR (now merged with MORA) reaching 10.5mn homepass and 1.85mn subscribers — making it Indonesia’s 2nd largest FTTH player. DSSA’s 1GW solar panel factory at Kendal (operational June 2025) and 440MW geothermal pipeline (6 areas, First Gen strategic partnership) provide long-duration NRE upside. A data center in Jakarta CBD (18MW initial, scalable to 60MW, expected Q4-2026) represents the next digital monetisation leg.
  • Attractive coupon premium in an idAA drought window. The idAA primary market saw zero new issuance in Apr–May 2026 as issuers front-ran BI hikes in February. DSSA Obligasi II 2026 breaks this drought at a post-BI-hike pricing level — Seri A 3Y at 7.50%–8.25% vs. BSDE idAA 3Y at 6.00% (Sep 2025), a >150bps repricing reflecting the full BI +100bps pass-through. idAA 1Y spread has compressed to 58bps YTD tights, confirming demand for quality credit. For investors, the 3–5Y tenor window offers the best carry vs. GoB duration at current levels.

Regards, Aldiracita Research

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PT Aldiracita Sekuritas Indonesia

Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: 021-39705858

Customer Service (WhatsApp): +6288801010088

Email: [email protected]

Subsidiaries :
Aldiracita Global Investment Pte Ltd

8 Temasek Boulevard, #04 – 01, Suntec Tower Three, Singapore 038988

PT Surya Timur Alam Raya Asset Management

Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: (021)-39725678

©Copyright 2024, PT Aldiracita Sekuritas Indonesia

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Anindita Cintasya

Director of Investment Banking

Anindita Cintasya is an experienced finance and investment professional specializing in debt capital markets. With a Bachelor’s degree in Business Administration from Universitas Indonesia (2007), she has built a strong career in investment banking, holding key roles at PT Aldiracita Sekuritas Indonesia, CIMB Niaga Sekuritas, and CGS-CIMB Sekuritas Indonesia. She holds multiple certifications, including a Risk Management Competency Certification and WPPE license, demonstrating her expertise in capital market regulations. Currently serving as VP Debt Capital Market – Investment Banking Associate at PT Aldiracita Sekuritas Indonesia, she has a proven track record of managing and coordinating debt issuance processes.

Our Fixed Income Sales

Mario Martin
Head of Fixed Income Sales
Mindo Leona
VP of Fixed Income Sales
Schedule a consultation with our Fixed Income Sales

Mindo Leona Christina Pardede

President Director

Mindo Leona Christina earned her Bachelor’s degree in Public Relations from Institut Ilmu Sosial dan Politik Jakarta in 2000. She joined Aldira in 2021 as Vice President of Fixed Income Sales and has been serving as President Director since 2025. With over 20 years of experience in Indonesia’s capital market, she specializes in Fixed Income. She also holds a capital market license as a Broker-Dealer Representative.

Livius Nurtanio

Senior Managing Director

Livius graduated from University of Toronto in 1995. He joined PT. Aldiracita Sekuritas Indonesia as Vice President Director from 4 October 2023. Livius has more than 20+ years of experience in Investment Banking both in Securities, Private Equity and Investment Banks in Indonesia, and overseas such as New York, Hongkong, Singapore as a Research Analyst, Head of Fixed Income, Financial Advisor, Senior Associate, Executive and Managing Director. He holds a capital market license for Broker-Dealer Representative and Underwriter Representative from OJK.

Christian Kurniawan

Director

Christian Kurniawan is a seasoned finance professional with over 15 years of experience in accounting, financial management, and capital markets. Prior to joining Aldiracita, Christian built his career at Moore Stephens Consulting, progressing from Junior to Associate Manager. During this time, he was actively involved in financial due diligence, valuation, and advisory services across various industries, strengthening his expertise in financial analysis and corporate transactions.

Christian holds a Bachelor’s degree in Accounting from Universitas Katolik Atma Jaya and is a certified Wakil Perantara Pedagang Efek (WPPE). He has also completed professional programs in taxation and leadership, reflecting his commitment to continuous professional development.

B Hari Mantoro

Independent Commissioner

Hari received his degree from the Faculty of Economics, University of Indonesia in 1988. He became the Independent Commissioner of PT Aldiracita Sekuritas Indonesia on 24 March 24 2023. He began his work in the financial industry in 1976 at a foreign bank in Jakarta and later worked for a security company in the capital market. Having worked in the financial market for over 30+ years, Hari has held positions as a President Director, Directors and Senior Manager. He is currently an competency assessor for Lembaga Sertifikasi Profesi Pasar Modal Indonesia (LSPPMI).