Indonesia's Cable Stocks Are Surging. Only One Has the Earnings to Back It Up.

Indonesian industrial cable and electrical-equipment suppliers have climbed 16 to 35 percent this month as regional data-center power demand is forecast to nearly double in 2026. The first-half earnings split contradicts the share-price tape.

PT Communication Cable Systems Indonesia (CCSI) is up 35.11 percent to Rp 354 a share, PT Jembo Cable Company (JECC) is up 33.86 percent, and PT Kabelindo Murni (KBLM) is up 16.34 percent over the past month, according to Indonesia Stock Exchange data reported by Kontan. The three names do not break in the same direction: Kabelindo Murni's move is backed by earnings, Jembo Cable's is not.

Kabelindo Murni posted revenue of IDR 1.29 trillion (about USD 84 million at roughly 15,400 IDR per USD) in the first half of 2026, up 47.3 percent year on year. Earnings before interest, taxes, depreciation and amortization (EBITDA) more than doubled, rising 105 percent. Net profit grew a more modest 7.2 percent to IDR 29.9 billion (about USD 1.9 million), held back by costs and financing even as the top line surged.

Jembo Cable moved in the opposite direction. Its first-half revenue fell 4.4 percent year on year, and net profit collapsed 57.8 percent to IDR 20.2 billion (about USD 1.3 million). The 34 percent equity move has no anchor in the same earnings tape.

Indonesia's domestic data-center power demand is forecast to reach 2,122 megawatts by the end of 2026, up 93.2 percent from 1,098 megawatts in 2025, according to Mordor Intelligence's Indonesia data-center power market report. The same trajectory points to 5,226 megawatts by 2034, a long-dated projection rather than a realized figure. A Global Data Center Hub analysis puts the ceiling higher, and a separate Indonesian-language industry analysis frames the gap as roughly 2 GW of demand against about 400 MW of installed capacity. The build is partly a regional rebalance as Singapore and Malaysia reach power and land constraints.

A second driver sits in Jakarta itself. Regional Regulation No. 8 of 2025 mandates the relocation of 6,500 kilometers of overhead utility lines underground, per the same Kontan report. The existing integrated underground network, known locally as SJUT, currently covers 41.7 kilometers, with a 54.2 kilometer target by late 2026. Even on the conservative end of the schedule, that gap is years of cable demand for the listed suppliers.

Elandry Pratama, branch manager at Panin Sekuritas, framed the move in on-record remarks to Kontan: "The data center theme has significantly heightened market expectations for fiber optic and high-voltage electrical distribution networks." That is one named voice, not a chorus, but it matches the price action.

The split between Kabelindo Murni and Jembo Cable gives a reader a usable model. A rerating that arrives alongside a 47 percent revenue jump and a roughly doubled EBITDA is the kind a fundamentals buyer can underwrite. A rerating that arrives while net profit falls 58 percent on a 4 percent revenue slide is the kind a momentum trader rides, until the tape turns. The data-center demand thesis and the Jakarta underground mandate both pull through, but they do not apply equally to the three names.

The watch item going into the second half is whether Jembo Cable's full-year numbers stabilize. If the second-half book starts to look like Kabelindo Murni's first half, the divergence narrows. If it does not, the 34 percent move is the kind of rerating that gives back.