PEFINDO has assigned its idA rating with stable outlook for PT Darma Henwa Tbk (DEWA)

(January 26, 2026)--The rating reflects the Company’s strategic importance to the shareholder as well as strong revenue visibility. The rating is constrained by moderate capital structure amid the expansion mode, as well as exposure to fluctuating commodity prices and tight competition in the industry.

The rating may be raised if DEWA significantly outperforms its projected revenue and EBITDA, generates strong cash flow and improves its profit margins on a sustained basis, and enhances its overall financial profile. The rating may be lowered if DEWA’s revenue or EBITDA underperforms relative to projections due to declining profitability or weakened market demand, or if the Company incurs higher debt than projected without being compensated by stronger business performance.

DEWA was established in 1991 as a general mining contractor company and was listed on the Indonesian Stock Exchange in September 2007. The Company provides integrated mining services including coal and mineral mining services, mining infrastructure & other supporting activities, and port management services. Currently, the majority of DEWA’s revenue is contributed by its affiliated companies such as PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia. As of December 31, 2025, the Company’s shareholders comprised PT Andhesti Tungkas Pratama (8.55%), CIMB Securities Limited (6.38%), PT CGS International Sekuritas Indonesia (5.53%), Goldwave Capital Limited (9.38%), Zurich Assets International Ltd (6.18%), and others (64.0%). (ends)