JAKARTA – Shares of two issuers involved in waste-to-energy (WTE) projects, PT TBS Energi Utama Tbk (TOBA) and PT Maharaksa Biru Energi Tbk (OASA), have surged since the beginning of the year. This is despite both companies recording net losses and revenue contractions in the first half of 2025.
Investment Analyst Ekky Topan of Infovesta Utama suggests that the increase in OASA and TOBA shares is primarily driven by news sentiment and investor expectations regarding long-term prospects. He noted that discussions of Danantara’s funding support through Patriot Bonds for WTE projects have provided an additional catalyst.
“The market hopes that this capital injection will improve the future performance of both issuers. Therefore, even though the latest financial reports show weakening performance, fundamental factors are not the primary concern,” he stated.
On Wednesday, August 27, 2025, OASA closed down 3.91% to Rp246, although it has surged 74.47% since the beginning of the year. Meanwhile, TOBA corrected by 2.22% to Rp1,320, even though it has strengthened by 231.66% year-to-date.
“Sentiment-based increases like this are usually short-term and volatile. When project realization or performance does not meet expectations, the share price risks experiencing a rapid correction,” Ekky cautioned.
Ekky advises investors who have already entered the market to closely monitor the sustainability of the sentiment and the progress of project execution. If signs emerge that sentiment is starting to fade or performance does not support the stock price, realizing profits would be a wise move to avoid being caught in a deep correction.
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“In other words, the current rallies of OASA and TOBA are more appropriately viewed as thematic trading momentum rather than long-term fundamental investments,” he concluded.
Senior Market Analyst Nafan Aji Gusta of Mirae Asset Sekuritas echoed this sentiment, recommending a sell on strength strategy for OASA and TOBA.
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Specifically for TOBA, the price has exceeded Mirae Asset’s target prices of Rp1,075, Rp1,110, and Rp1,230. Currently, TOBA is in an overbought trend.
“If today’s upside is limited, sell on strength could be considered, especially if a reasonable correction occurs,” Nafan suggested.
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Summary
Shares of PT TBS Energi Utama Tbk (TOBA) and PT Maharaksa Biru Energi Tbk (OASA), both involved in waste-to-energy projects, have significantly increased year-to-date despite reported net losses and revenue contractions in the first half of 2025. This surge is primarily attributed to news sentiment and investor expectations related to Danantara’s funding support through Patriot Bonds for WTE projects.
Analysts suggest caution, viewing the current rallies of OASA and TOBA as thematic trading momentum rather than long-term fundamental investments. They recommend a “sell on strength” strategy, advising investors to monitor the sustainability of the positive sentiment and project execution progress, and to realize profits if sentiment fades or performance does not support the stock price. TOBA, in particular, is considered overbought and has exceeded target prices.