Indonesia equity strategy

Research evidence excerpt

Indonesia equity strategy

Nomura Securities Malaysia Sdn Bhd

26 June 2026Indonesia equity strategy

EQUITY: EQUITY STRATEGY

Pulse check - industrial estates 2023 vs 2026 Research Analysts

Indonesia Research Team

Growing power capacity and recurring revenues Tushartushar.mohata@nomura.comMohata, CFA - NSM

+60(3)20276895

Three years since our last Indonesia industrial estate visit (read report), the theme has

now flipped from ESG to high energy demand. When we last toured Java's estates in Onshore expert

2023, the pitch was green energy and one-off land sales. In 2026, the conversation is

Jupriadi Tan (jupriadi.tan@verdhana.id),

about high energy demand and recurring revenues.

Gerald Hugo (gerald.hugo@verdhana.id),Analysts from our Indonesia equity research partner Verdhana visited five industrial

estates, along with four companies in 9-12 June 2026 across Java. The industrial estates David Tjahjadi

are: 1) Jababeka (unlisted, under KIJA IJ [not rated]), 2) Bekasi Fajar [BeFa & MM2100, (david.tjahjadi@verdhana.id), and

unlisted], 3) Kawasan Industri Terpadu Batang (KITB, unlisted), 4) Kendal Industrial Park

(under KIJA), and 5) Java Integrated Industrial and Port Estate (JIIPE, under AKRA IJ, Felix Justin (felix.wirianto@verdhana.id),

Buy). The companies that we visited are: 1) AVIA, 2) PWON, 3) WIIM and 4) AKRA - all Theonshoreexperts,whoare

rated Buy. employedbyPTVerdhanaSekuritas

From selling land once to recurring revenues Indonesia(“Verdhana”)andarenot

licensedoutsideIndonesia,haveThe changed trend of industrial estates is the move from a transactional land-sale model

contributedtothecontentofthisto recurring income from utilities, estate management and water sales and treatment.