Darma Henwa's Shares Attract Investors with New Contracts and Expansion Plans

Strong Year-to-Date Performance

PT Darma Henwa Tbk (DEWA) shares demonstrated remarkable growth, rising 5.5% to 575 on Monday. This latest increase continues the stock's impressive 387.29% year-to-date gain, making it a standout performer in the market. The company's strong performance has caught the attention of investors, driven by positive developments in its business operations and future prospects.

New Contracts and Operational Expansion

Analysts from HP Sekuritas, in a research report dated December 19, 2025, highlighted that DEWA's growth prospects are becoming increasingly solid. This optimism is supported by the company's pipeline of new contracts and improved visibility on future performance. A significant factor contributing to this positive outlook is DEWA's plan to fully take over mining operations at Bengalon, currently owned by KPC, once the subcontractor's contract ends in late 2025. The company anticipates completing the transition by Q1-2026, with a planned capital expenditure of approximately Rp 1 trillion in 2026.

Strategic Investments for Future Growth

The substantial capital expenditure is earmarked for acquiring 30-35 new trucks and adjusting operational locations to support the company's shift towards electric vehicle (EV)-based mining operations. This transition is expected to take about six months, involving site clearance and rebuilding before full operations commence. The expansion will also create around 790 new jobs, further contributing to the company's growth and local economic development.

Market Reaction and Future Outlook

The positive news has generated significant investor interest in DEWA shares, driving the recent price surge. As the company moves forward with its expansion plans and new contracts, market watchers will be closely monitoring the implementation of these strategies and their impact on DEWA's financial performance. The successful execution of these plans could potentially sustain the company's upward trajectory in the stock market.