Rancak Media JAKARTA – Shares of PT Maharaksa Biru Energy Tbk. (OASA) have notably surged by 50.76% year-to-date (YtD), reaching Rp398 per share by the market close on Friday, May 8, 2026. This impressive performance reflects robust investor confidence in the company, which specializes in converting waste into energy (WTE).
The upward trajectory of OASA’s stock signals high investor expectations for a significant improvement in the company’s fundamental performance. This optimism prevails despite the current challenges, as the company is still navigating through net losses.
From an opportunities perspective, the Waste-to-Energy (WTE) sector enjoys clear project direction, aligning seamlessly with the central government’s priority programs. However, the path is not without hurdles. The economic viability of these large-scale projects remains under scrutiny, particularly given the substantial funding required for their implementation.
According to OASA’s latest financial report, the company recorded a net loss of Rp13.32 billion for the January-September 2025 period. Revenue also experienced a significant contraction, declining from Rp50.59 billion to Rp30.65 billion. The WTE segment has yet to generate revenue, primarily because the company’s critical Waste-to-Electricity (PSEL) projects in South Tangerang and West Jakarta are not yet operational.
Analysts Juan Harahap and Ahnaf Yassar from Samuel Sekuritas Indonesia project that these PSEL projects will eventually become OASA’s primary revenue engine in the long term, notwithstanding the considerable funding demands. “From a profitability standpoint, OASA is anticipated to generate an additional EBITDA of approximately Rp250 billion, or US$14.4 million,” the analysts stated in their research, quoted on Sunday, May 10, 2026. This potential influx of capital could transform the current net losses into positive net profit, provided the South Tangerang project achieves an 80% utilization rate by 2029.
Samuel Sekuritas estimates OASA’s total funding requirement at US$74 million. This sum is expected to be sourced through US$52 million in debt and US$22 million in equity, potentially via a rights issue. These funds are crucial for advancing OASA’s significant initiatives within the WTE sector, particularly for the PSEL projects in South Tangerang and West Jakarta.
Specifically, the South Tangerang PSEL project involves OASA with a 76% participation stake, boasting a processing capacity of approximately 1,100 tons per day and an electricity output of around 25 megawatts (MW). Furthermore, OASA holds a 28% ownership in a larger PSEL project in West Jakarta, designed to process roughly 2,000 tons of waste daily. Both of these pivotal projects are slated to commence operations by the end of 2028, signaling a future revenue stream for the company.
Despite the current net losses, Samuel Sekuritas highlights the robust health of OASA’s balance sheet, characterized by a net cash position. The company reported total cash reserves of Rp44 billion, or approximately US$2.5 million, during the first nine months of 2025, providing a stable financial foundation.
To further expand its footprint in Indonesia’s WTE sector, OASA is actively participating in the second wave of Danantara WTE tenders. This strategic expansion comes notably after PT Astrindo Nusantara Infrastruktur Tbk. (BIPI) acquired a 20% stake in PT Maharaksa Energi Hijau, an OASA subsidiary, enhancing potential collaborations and resource mobilization.
Analysts believe OASA is exceptionally well-positioned to capitalize on the vast WTE opportunities in Indonesia. The nation faces significant environmental limitations and insufficient waste management capacity, with approximately 37.3 million tons of national waste produced annually, and a staggering 67.8% ending up in landfills without proper processing. This low penetration rate underscores a substantial long-term potential for WTE adoption, where OASA’s incineration technology is currently regarded as the most effective and efficient solution available in the market.
A pivotal development in the regulatory landscape, Presidential Regulation No. 109/2025, has significantly improved the economics of WTE projects. This regulation introduces a fixed electricity tariff of US$0.20/kWh and guarantees 30-year power purchase agreements (PPAs), providing crucial long-term stability. Additionally, clearer government support from various stakeholders, including PLN, local governments, and Danantara, coupled with government assurances for waste supply, substantially mitigates project execution risks for OASA, creating a more favorable investment environment.
Despite these promising opportunities, Samuel Sekuritas maintains a “non-rated” outlook for OASA. This cautious stance aligns with the projection that significant improvements in financial performance are still a long-term prospect, alongside the overarching challenge of meeting the company’s substantial funding requirements.
On March 6, 2026, Danantara announced the chosen partners for PSEL projects in Bekasi and Denpasar. Wangneng Environment Co., Ltd. was selected as the operator for the Bekasi plant, while Zhejiang Weiming Environment Protection Co., Ltd. secured the role for the Denpasar plant in this first tender phase. Moving forward, these operator partners are mandated to form consortia to facilitate technology transfer, which must include collaboration with local government-owned enterprises and other Indonesian companies, fostering local expertise and participation.
In late 2025, OASA President Director and CEO, Bobby Gafur Umar, disclosed that three companies had approached OASA about joining a consortium. From these, OASA selected Grandblue Environment Co., Ltd. The Chinese company, Bobby noted, ranks as China’s second-largest waste processor, boasting an impressive daily processing capacity of nearly 99,000 tons. “We have signed a preliminary understanding. However, investment decisions will be based on the specific waste characteristics and site locations. Hopefully, it will be a three-way split between Danantara, Grandblue, and us,” Bobby explained when met at The Westin Jakarta on Thursday, November 20, 2025. Regarding the projections for financial performance improvements, Bobby offered no immediate comment.
Disclaimer: This news article is not intended as an invitation to buy or sell stocks. Investment decisions are solely at the discretion of the reader. Bisnis.com is not responsible for any losses or gains arising from the reader’s investment decisions.
Summary
Shares of PT Maharaksa Biru Energy Tbk. (OASA) have surged 50.76% year-to-date, reflecting strong investor confidence in its Waste-to-Energy (WTE) projects despite the company currently reporting net losses and revenue contraction. This optimism is driven by expectations for its critical Waste-to-Electricity (PSEL) projects in South Tangerang and West Jakarta, which are anticipated to become operational by the end of 2028. Analysts project these WTE initiatives to significantly improve OASA’s financial performance by generating substantial EBITDA, potentially converting current losses into profit.
The WTE sector in Indonesia offers significant opportunities due to high waste generation and a low processing rate, with OASA’s incineration technology positioned as an effective solution. While large-scale WTE projects require substantial funding, estimated at US$74 million for OASA, regulatory support has improved project economics. Presidential Regulation No. 109/2025 provides a fixed electricity tariff and 30-year power purchase agreements, along with clearer government support, which collectively mitigate execution risks and foster a favorable investment environment.
