Company Coverage
NexAI Digital Infrastruktur (MGLV IJ): Transforming Into An AI Data Centre
NOT RATED
Current price:
Target price:
Upside:
Rp14,625
n.a.
n.a.
Analyst
Analyst
Highlights
- MGLV is building an AI-focused data centre platform. NDC now owns 67.1% of MGLV, while the company has acquired NAC and NGC to consolidate its data centre operations.
- MGLV has secured around 1.2GW of contracted power. The company currently operates 6MW and targets 102MW of phase-one capacity across Jababeka and Batang by 2Q27.
- The Rp2.54t rights issue support expansion. NDC will subscribe to Rp1.65t of its entitlement, while proceeds will mainly fund the 96MW Jababeka and Batang expansion.
Analysis
- MGLV is transforming into an AI-focused data centre platform. NexAI Digital Infrastruktur (MGLV), formerly Panca Anugrah Wisesa, has undergone a backdoor transformation following the entry of Nextier Datamate Center (NDC), which now owns 67.1% of MGLV. The company has since acquired 99.9% of Nextier Askara Center (NAC) and Nextier GenAI Center (NGC), shifting its focus entirely toward data centres. The transformation is backed by several industry and investment figures, including Glenn Sugita (ex- Northstar) and the Thohir family. Patrick Walujo also remains closely linked to the ecosystem through his role as Indosat’s commissioner and involvement in Zankore’s development. Zankore by Indosat is targeting up to 1GW of AI factory capacity, with MGLV expected to supply part of its data centre requirements.
- MGLV has secured significant power capacity across Jababeka and Batang. The company has contracted power capacity of around 900MW in Jababeka and around 270MW in Batang. It currently operates 6MW in Jababeka and plans to complete an additional 36MW in Jababeka and 60MW in Batang by 2Q27, bringing phase-one capacity to 102MW. PLN charges industrial customers around Rp1,100/kWh, while its stated tariff for data centres has been Rp1,600/kWh since Jun 26. Despite the higher tariff, management said Indonesia remains competitive against regional players. Contract pricing varies by end user, with higher rates for AI startups and lower rates for world-class customers, while longer contracts generally command lower pricing. All end users are international, and MGLV expects data centres to generate over US$1m/MW of EBITDA at steady state.
Highlights
- MGLV is building an AI-focused data centre platform. NDC now owns 67.1% of MGLV, while the company has acquired NAC and NGC to consolidate its data centre operations.
- MGLV has secured around 1.2GW of contracted power. The company currently operates 6MW and targets 102MW of phase-one capacity across Jababeka and Batang by 2Q27.
- The Rp2.54t rights issue support expansion. NDC will subscribe to Rp1.65t of its entitlement, while proceeds will mainly fund the 96MW Jababeka and Batang expansion.
Analysis
- MGLV is transforming into an AI-focused data centre platform. NexAI Digital Infrastruktur (MGLV), formerly Panca Anugrah Wisesa, has undergone a backdoor transformation following the entry of Nextier Datamate Center (NDC), which now owns 67.1% of MGLV. The company has since acquired 99.9% of Nextier Askara Center (NAC) and Nextier GenAI Center (NGC), shifting its focus entirely toward data centres. The transformation is backed by several industry and investment figures, including Glenn Sugita (ex- Northstar) and the Thohir family. Patrick Walujo also remains closely linked to the ecosystem through his role as Indosat’s commissioner and involvement in Zankore’s development. Zankore by Indosat is targeting up to 1GW of AI factory capacity, with MGLV expected to supply part of its data centre requirements.
- MGLV has secured significant power capacity across Jababeka and Batang. The company has contracted power capacity of around 900MW in Jababeka and around 270MW in Batang. It currently operates 6MW in Jababeka and plans to complete an additional 36MW in Jababeka and 60MW in Batang by 2Q27, bringing phase-one capacity to 102MW. PLN charges industrial customers around Rp1,100/kWh, while its stated tariff for data centres has been Rp1,600/kWh since Jun 26. Despite the higher tariff, management said Indonesia remains competitive against regional players. Contract pricing varies by end user, with higher rates for AI startups and lower rates for world-class customers, while longer contracts generally command lower pricing. All end users are international, and MGLV expects data centres to generate over US$1m/MW of EBITDA at steady state.
NOT RATED
Current price:
Target price:
Upside:
Rp14,625
n.a.
n.a.
Analyst
Analyst
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