Flooring Guide by Cinvex – , JAKARTA — Three key corporate actions planned by PT TBS Energi Utama Tbk. (TOBA), encompassing dividend distribution and a share buyback, are anticipated to serve as significant positive catalysts for TOBA stock.
According to information disclosed to the Indonesia Stock Exchange (BEI) on Thursday, March 26, 2026, these strategic initiatives include allocating a portion of retained earnings for dividend payment, undertaking a share buyback, and executing a Capital Increase with Pre-emptive Rights (PMHMETD), commonly known as a rights issue.
TOBA is set to convene its Annual General Meeting of Shareholders (AGMS) and an Extraordinary General Meeting of Shareholders (EGMS) – collectively referred to as GMS – for the 2025 financial year on April 16, 2026. These meetings will be crucial for approving the aforementioned corporate maneuvers.
Related: TBS Energi’s (TOBA) Strategy to Ensure a Successful 1.39 Billion Share Rights Issue
Andhika Audrey, an analyst from BRI Danareksa Sekuritas, believes that the allocation of retained earnings for dividends and the share buyback will significantly enhance shareholder value. Concurrently, the PMHMETD is viewed as a fundamental pillar to strengthen capital, laying the groundwork for medium to long-term expansion.
Regarding the dividend distribution, Andhika elaborated that despite TOBA reporting a net loss in 2025 – primarily attributed to non-cash and accounting losses stemming from the divestment of coal-fired power plants – the company remains capable of distributing dividends.
“Historically, TOBA has been a dividend-paying issuer. While 2025 indeed saw non-cash losses due to the asset transition towards green businesses, the company’s retained earnings remain positive from profits in previous years, thus enabling dividend distribution. This also underscores TOBA‘s strong business fundamentals amidst its transitional period,” Andhika explained in his statement.
Despite recording a non-cash net loss in 2025 as a direct consequence of divesting power plant assets in line with its green transition strategy, the company successfully achieved a positive Adjusted EBITDA and maintained a robust cash balance of US$102.3 million, marking a 15% increase from the prior year.
This strategic transformation has dramatically impacted revenues from sustainable business segments, which surged to US$164.1 million in 2025, representing a remarkable 738% year-on-year growth. Notably, the waste management sector alone contributed 41% to the total revenue.
Meanwhile, MNC Sekuritas analyst Raka Junico emphasized that beyond dividends, the share buyback is also expected to play a pivotal role in boosting market confidence in TOBA‘s fundamental strength and stock value.
“This signals management’s conviction that the current share price does not accurately reflect its fair valuation,” Raka commented.
He further added that TOBA‘s sustained positive retained earnings and solid cash flow provide robust support for the company’s ability to execute both corporate actions concurrently. The acceleration of TOBA‘s portfolio shift necessitates capital strengthening, which is expected to be facilitated through the PMHMETD, underpinning its ambitious long-term expansion plans.
“A rights issue scheme offers the advantage of attracting strategic investors, enabling them to participate in a company’s long-term growth trajectory,” he concluded.
The agenda of TOBA‘s upcoming GMS could therefore serve as a powerful positive catalyst for its share price performance in the short term.
Related: TOBA Rights Issue: GMS Approval Slated for April 2026
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Related: TBS Energi Utama (TOBA) Reports Rp2.7 Trillion Net Loss in 2025