Company Coverage
Cikarang Listrindo (POWR IJ): Exclusive Power Supplier With Capacity Headroom
NOT RATED
Current price:
Target price:
Upside:
Rp910
n.a.
n.a.
Analyst
Analyst
Highlights
- Exclusive power supplier POWR’s IUPTLU provides exclusive access to >2,500 industrial customers across five major estates, supported by low
churn and strong customer retention.
- Significant growth headroom. A 55% capacity factor and >40% unelectrified service area leaves room to capture rising industrial and datacentre
demand.
- Strong profitability and dividends. POWR combines a 37.4% EBITDA margin, 0.6x net debt/EBITDA and ~8% dividend yield.
Analysis
- POWR as a private power provider. Cikarang Listrindo (POWR) is one of Indonesia's longest-operating private power producers, supplying electricity directly to industrial customers across five major industrial estates in Bekasi, Karawang and Purwakarta, rather than through National Electricity Company (PLN). Its integrated Electricity Supply Business Licence (IUPTLU) provides exclusive access to these customers, effectively protecting POWR from direct competition within its designated area. POWR operates 1,194MW of generation capacity, comprising 864MW of gas-fired and 280MW of steam generation, including 70MW of biomass co-firing, alongside 50.5MW of solar capacity as of 1H26. Its customer base exceeds 2,500, with 73% retained for more than 10 years and 12% for 5-10 years, reinforced by a churn rate of just 0.3% and bad debt of 0.3% in 1H26. The company also holds investment grade credit ratings of BBB-/Baa3 (Stable) from S&P and Moody's.
- DC demand has significant headroom. Data centre (DC) energised capacity is expected to reach ~206MW in 2026 and ~380MW by 2028 (converted from the company's 303 MVA/447 MVA disclosure at ~0.9 power factor), a 34% CAGR from 2019-28. Despite this rapid growth, DCs are projected to account for only 20% of industrial-customer electricity consumption by 2028, leaving most of the demand across POWR's diversified industrial customer base. POWR's 55% net capacity factor in 1H26 also indicates meaningful headroom within its existing 1,194MW generation fleet to support additional demand. Beyond existing capacity, over 40% of POWR's 5,375-hectare designated service area remains unelectrified, providing a further runway for organic growth within its exclusive licensed territory.
Highlights
- Exclusive power supplier POWR’s IUPTLU provides exclusive access to >2,500 industrial customers across five major estates, supported by low
churn and strong customer retention.
- Significant growth headroom. A 55% capacity factor and >40% unelectrified service area leaves room to capture rising industrial and datacentre
demand.
- Strong profitability and dividends. POWR combines a 37.4% EBITDA margin, 0.6x net debt/EBITDA and ~8% dividend yield.
Analysis
- POWR as a private power provider. Cikarang Listrindo (POWR) is one of Indonesia's longest-operating private power producers, supplying electricity directly to industrial customers across five major industrial estates in Bekasi, Karawang and Purwakarta, rather than through National Electricity Company (PLN). Its integrated Electricity Supply Business Licence (IUPTLU) provides exclusive access to these customers, effectively protecting POWR from direct competition within its designated area. POWR operates 1,194MW of generation capacity, comprising 864MW of gas-fired and 280MW of steam generation, including 70MW of biomass co-firing, alongside 50.5MW of solar capacity as of 1H26. Its customer base exceeds 2,500, with 73% retained for more than 10 years and 12% for 5-10 years, reinforced by a churn rate of just 0.3% and bad debt of 0.3% in 1H26. The company also holds investment grade credit ratings of BBB-/Baa3 (Stable) from S&P and Moody's.
- DC demand has significant headroom. Data centre (DC) energised capacity is expected to reach ~206MW in 2026 and ~380MW by 2028 (converted from the company's 303 MVA/447 MVA disclosure at ~0.9 power factor), a 34% CAGR from 2019-28. Despite this rapid growth, DCs are projected to account for only 20% of industrial-customer electricity consumption by 2028, leaving most of the demand across POWR's diversified industrial customer base. POWR's 55% net capacity factor in 1H26 also indicates meaningful headroom within its existing 1,194MW generation fleet to support additional demand. Beyond existing capacity, over 40% of POWR's 5,375-hectare designated service area remains unelectrified, providing a further runway for organic growth within its exclusive licensed territory.
NOT RATED
Current price:
Target price:
Upside:
Rp910
n.a.
n.a.
Analyst
Analyst
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
Our latest research
Company Coverage
26 Aug 2026
WuXi Biologics (Cayman) (2269 HK): 1H26: Exceeds Expectations; Robust Demand Fuels Accelerated Growth
Company Coverage
26 Aug 2026
