![\"\"](\"http:\/\/bbs.binus.ac.id\/master-program\/wp-content\/uploads\/sites\/23\/2026\/06\/DCI-Logo.png\"){kind=logo}
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01 Company Overview<\/strong><\/span><\/p>\n 1.1 Our Company<\/strong><\/p>\n Business Description Revenue Model Services Key Customers \/ Industries Served Revenue Drivers <\/span><\/p>\n 1.2 Corporate Structure & Shareholder<\/strong><\/p>\n Ownership Structure Founder Involvement Governance Implications Company Structure 02 Industry Overview<\/strong><\/span><\/p>\n 2.1 Industry Overview<\/strong><\/p>\n Indonesia\u2019s Digital Economy Growth The growth of cloud computing and AI significantly increases the need for\u00a0 data storage, processing power, and server infrastructure. This creates\u00a0 strong long-term demand for data center operators such as DCII.<\/span><\/p>\n 2.2 Data Center Industry Characteristics 1. Capital Intensive Industry Industry estimates suggest that development costs can reach hundreds of billions of\u00a0 rupiah per megawatt (MW).<\/span><\/p>\n 2. High Barriers to Entry 3. Long-Term Recurring Revenue 4. Scalability Potential 2.3 <\/strong>Competitive Landscape Despite rising competition, DCII maintains a strong position due to:<\/p>\n 03 Financial Statement Analysis<\/strong><\/p>\n 3.1 Strong Revenue and Net Profit Growth<\/strong> 3.2 Healthy Profitability Ratios<\/strong> 3.3 Tight Liquidity, Gradually Manageable Debt DCII’s debt position has significantly improved less debt reliance. Debt-to-capital also improved, remaining under the 40% benchmark since 2023, suggesting manageable debt. Must ensure new debt-funded assets yield sufficient future returns.<\/p>\n 3.4 Lower Debt Reliance, Lower Net Gearing Ratio<\/strong> 3.5 Strong Cash Flow, Heavy Reinvestment<\/strong> DCII’s investment spending should be compared with its ability to generate operating cash flow. In 2024 and 2025, operating cash flow could not fully cover capital expenditure or total investing cash flow, causing free cash flow to turn negative. This is understandable for a growing data center company, but it shows that DCII’s expansion remains cash-intensive and must translate into future revenue and operating cash flow.<\/p>\n 3.6 Solid Earnings Quality, Yet 2024 Needs Attention 3.7 DCII Financial Statement Analysis Summary<\/strong> 04 Future Outlook<\/strong><\/span><\/p>\n 4.1 Key Assumptions<\/strong> 4.3 Balance Sheet 4.4 Cash Flow<\/strong> 4.5 Financial Ratios<\/strong> Written by: Marivi Calaguan\u00a0 Davy Satria\u00a0\u00a0 Rivano Nugroho\u00a0 Nitolonia Fernando Lifao 01 Company Overview 1.1 Our Company Business Description Leading Indonesian hyperscale data center and digital infrastructure provider supporting cloud\u00a0 computing, AI, fintech, telecommunications, and enterprise digitalization.\u00a0 Revenue Model Primarily generates recurring revenue through colocation services and long-term enterprise contracts. Services Colocation services, Hyperscale data […]<\/p>\n","protected":false},"author":55,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-849","post","type-post","status-publish","format-standard","hentry","category-articles"],"_links":{"self":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts\/849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/comments?post=849"}],"version-history":[{"count":1,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts\/849\/revisions"}],"predecessor-version":[{"id":867,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts\/849\/revisions\/867"}],"wp:attachment":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/media?parent=849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/categories?post=849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/tags?post=849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n<\/b>Leading Indonesian hyperscale data center and digital infrastructure provider supporting cloud\u00a0 computing, AI, fintech, telecommunications, and enterprise digitalization.\u00a0<\/span><\/p>\n
\n<\/b>Primarily generates recurring revenue through colocation services and long-term enterprise contracts.
\n<\/span><\/b><\/p>\n
\n<\/b>Colocation services, Hyperscale data centers, AI-ready infrastructure, Interconnection & connectivity,\u00a0 Disaster recovery solutions .<\/span><\/p>\n
\n<\/b>Cloud providers, Banking & fintech, E-commerce platforms, Telecommunications, Enterprise technology\u00a0 companies.<\/span><\/p>\n
\n<\/b>Cloud computing growth, AI adoption, Fintech & e-commerce expansion, Indonesia\u2019s digital\u00a0 transformation, Data localization regulations.<\/p>\n
\n<\/b>Ownership is relatively concentrated among major shareholders and founders, allowing strong strategic control and\u00a0 long-term decision making.\u00a0<\/span><\/p>\n
\n<\/b>Founders remain actively involved in the company\u2019s strategic direction and expansion plans.<\/span><\/p>\n
\n<\/b>Strong founder control supports faster execution and long-term vision, but also increases the importance of transparency\u00a0 and minority shareholder protection.\u00a0<\/span><\/p>\n
\n<\/b>DCII operates as a capital-intensive infrastructure company focused on: Data center development, Digital infrastructure\u00a0 operations, Long-term recurring contracts, Continuous expansion and reinvestment<\/span><\/p>\n![](\"http:\/\/bbs.binus.ac.id\/master-program\/wp-content\/uploads\/sites\/23\/2026\/06\/Screenshot-2026-06-23-at-14.20.46.png\")
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\n<\/b>Indonesia is currently one of Southeast Asia\u2019s fastest-growing digital\u00a0 economies. Several factors drive this growth:\u00a0<\/span><\/p>\n\n
\n<\/strong>The data center industry has several unique characteristics:<\/span><\/p>\n
\n<\/b>Building data centers requires massive upfront investment in:<\/p>\n\n
\n<\/b>Not all companies can easily enter this industry because:\u00a0<\/span><\/p>\n\n
\n<\/b>Most clients sign long-term contracts, creating predictable revenue streams. This stability\u00a0 supports debt financing and long-term expansion planning.<\/span><\/p>\n
\n<\/b>Once infrastructure is established, data center companies can expand capacity efficiently,\u00a0 creating economies of scale.<\/span><\/p>\n
\n<\/b>Indonesia\u2019s data center industry has become increasingly\u00a0 competitive. Key competitors include:<\/p>\n\n
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\n![](\"http:\/\/bbs.binus.ac.id\/master-program\/wp-content\/uploads\/sites\/23\/2026\/06\/Screenshot-2026-06-23-at-14.38.24.png\")
DCII’s revenue grew from IDR <\/span>871B in 2021 to IDR 2,540B in <\/span>2025, and net profit rose from IDR <\/span>261B to IDR 1,002B. This growth is <\/span>visible across all levels. <\/span>Colocation service is the primary <\/span>revenue source. While the growth <\/span>trend is strong, the 2025 pattern <\/span>shows revenue grew 40.2%, but <\/span>net profit grew only 25.7%, <\/span>requiring closer analysis.<\/span><\/p>\n![](\"http:\/\/bbs.binus.ac.id\/master-program\/wp-content\/uploads\/sites\/23\/2026\/06\/Screenshot-2026-06-23-at-14.42.45.png\")
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\n![](\"http:\/\/bbs.binus.ac.id\/master-program\/wp-content\/uploads\/sites\/23\/2026\/06\/Screenshot-2026-06-23-at-14.48.07.png\")
\nDCII faces tight liquidity in\u00a0 2024-2025, with a current ratio\u00a0 below 1.0x, negative net working\u00a0 capital, and a cash ratio below\u00a0 the 0.3x benchmark, indicating a small immediate cash buffer relative to short-term obligations (such as account payable).<\/span>
\n<\/strong><\/p>\n![](\"http:\/\/bbs.binus.ac.id\/master-program\/wp-content\/uploads\/sites\/23\/2026\/06\/Screenshot-2026-06-23-at-15.01.18.png\")
Net gearing ratio measures how much interest-bearing debt the company has compared with its equity. DCII improved from 113.9% in 2021 to 46.9% in 2025, moving below the 50% high-risk threshold.<\/p>\n
\n![](\"http:\/\/bbs.binus.ac.id\/master-program\/wp-content\/uploads\/sites\/23\/2026\/06\/Screenshot-2026-06-23-at-15.04.17.png\")
Capital expenditure and investing cash flow are shown as positive values for comparison, although they are recorded as cash outflows in the cash flow statement<\/strong><\/em><\/p>\n
\n![](\"http:\/\/bbs.binus.ac.id\/master-program\/wp-content\/uploads\/sites\/23\/2026\/06\/Screenshot-2026-06-23-at-15.10.10.png\")
<\/strong>Customer cash receipts\/revenue shows how much of the reported revenue has actually been collected in cash from customers. DCII’s customer cash receipts generally mirror revenue, though 2024 figures need attention.<\/p>\n![](\"http:\/\/bbs.binus.ac.id\/master-program\/wp-content\/uploads\/sites\/23\/2026\/06\/Screenshot-2026-06-23-at-15.10.45.png\")
Trade receivables generally <30% of revenue except in 2024, where the number is slightly higher at 34.8. Most of the 2024 receivables were not yet past due and management shows little to no concern in the annual financial report.<\/p>\n
\n![](\"http:\/\/bbs.binus.ac.id\/master-program\/wp-content\/uploads\/sites\/23\/2026\/06\/Screenshot-2026-06-23-at-15.17.26.png\")
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\nSimple logic and rules used to guess the 2026 numbers.
\n![](\"http:\/\/bbs.binus.ac.id\/master-program\/wp-content\/uploads\/sites\/23\/2026\/06\/Screenshot-2026-06-23-at-15.20.31.png\")
\n4.2 Income Statement<\/strong>
\nThis report shows how much money the company makes from its sales.![](\"http:\/\/bbs.binus.ac.id\/master-program\/wp-content\/uploads\/sites\/23\/2026\/06\/Screenshot-2026-06-23-at-15.22.06.png\")
What does this mean?<\/strong> The company can turn physical buildings into trillions of rupiah in net profit very fast. With a projected net profit of Rp1.31 trillion, the company has great financial freedom. They do not need to borrow high-interest money from banks to grow.<\/p>\n
\n<\/strong>This report shows everything the company owns (Assets) and owes (Debt).
\n![](\"http:\/\/bbs.binus.ac.id\/master-program\/wp-content\/uploads\/sites\/23\/2026\/06\/Screenshot-2026-06-23-at-15.23.59.png\")
What does this mean?<\/strong> Total Assets = Total Debt + Total Equity. The company has a foundation as strong as concrete. Their wealth grows very big, but their debt stays small. This means they are extremely safe from bankruptcy.<\/p>\n
\nThis report tracks exactly where real cash comes in and goes out.
\n![](\"http:\/\/bbs.binus.ac.id\/master-program\/wp-content\/uploads\/sites\/23\/2026\/06\/Screenshot-2026-06-23-at-15.25.23.png\")
What does this mean?<\/strong> A negative number in “Investing Cash” is very good. It means the company is aggressively buying weapons to grow bigger. Because the cash from operations is so huge, they can pay for trillion-rupiah projects using their own money.<\/p>\n
\nThese are the final “report card” scores to see if the company is healthy.![](\"http:\/\/bbs.binus.ac.id\/master-program\/wp-content\/uploads\/sites\/23\/2026\/06\/Screenshot-2026-06-23-at-15.26.51.png\")
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