Indonesian Equities | Buy-Side Investment Research

Defriansyah Has

Buy-side investment professional focused on listed equities, combining bottom-up fundamental analysis with macroeconomic and capital allocation perspectives. I focus on intrinsic value, valuation, catalysts, downside risk, and the gap between fundamentals and market expectations, with the objective of identifying mispriced opportunities and translating research into disciplined investment decisions. 15+ years of experience across Indonesia’s Ministry of Finance, private investment, and independent research.

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/pt-puradelta-lestari-tbk" target="_blank" data-smartkarma-citation="entities:428:1" rel="noopener">Puradelta Lestari (DMAS IJ)</a> Industrial revenue surged 218% YoY to Rp1,744 Bn in 1H26, driven by data-center transactions that reached Rp1,676.6 Bn, or 93.6% of total sales.</li>
<li>Sojitz Corp.’s 25% ownership provides strategic context to GIIC’s positioning, while DMAS is becoming an indirect beneficiary of Indonesia’s data-center build-out. </li>
<li>We test, through a forensic examination of DMAS’s land, recurring-income and balance-sheet economics, whether the stock can still support more than 25% upside after the market’s data-center repricing.</li>
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Puradelta Lestari (DMAS IJ) Industrial revenue surged 218% YoY to Rp1,744 Bn in 1H26, driven by data-center transactions that reached Rp1,676.6 Bn, or 93.6% of total sales.
Sojitz Corp.’s 25% ownership provides strategic context to GIIC’s positioning, while DMAS is becoming an indirect beneficiary of Indonesia’s data-center build-out. 
We test, through a forensic examination of DMAS’s land, recurring-income and balance-sheet economics, whether the stock can still support more than 25% upside after the market’s data-center repricing.


DMAS IJ: The Opportunity Behind Sojitz Corp.’s Data Center Exposure in Indonesia