PT Darma Henwa Tbk (DEWA) is internalizing operations by taking over the KPC Bengalon mine. This strategic shift aims to increase in-house capacity by 77.6% annually by 2026.
Samuel Sekuritas nearly doubled its price target for DEWA to Rp 800 from Rp 350. Henan Putihrai Sekuritas set a new target of Rp 750. Mandiri Sekuritas increased its valuation to Rp 700. These revisions follow forecasts for significant profit growth through 2027.
The company secured a Rp 5 trillion syndicated loan from major domestic banks at the end of 2025. This capital will fund operational expansion and refinance existing debt. Management is also pursuing new contracts outside its traditional client base to diversify revenue.
Analysts expect increased cash flow to manage the rising gearing ratio. However, DEWA shares experienced high volatility and retail sell-offs in mid-May 2026. Some investors remain cautious regarding the sustainability of projected growth.