XA Company Insights | PT Total Bangun Persada Tbk. (TOTL)

 

By Ezaridho Ibnutama (Head of Research) and Graceline Melinda (Associate)

27-Feb-2026

 

 

 

🔹Robust Data Center Project Pipeline

TOTL currently has 3–4 data center projects, with an additional 3 projects upcoming.

 

 

 

🔹 New Contract Wins Well Above Target and Strong Expansion in Contract Volume

New signed contracts reached IDR 2,590bn by 3Q25 and increased sharply to IDR 6,866bn by December 2025, exceeding the initial target of IDR 5,000bn. The number of contracts increased from around 20 contracts in 2024 to approximately 35 contracts in 2025, with 15 contracts coming from subsidiaries.

 

 

 

🔹 Revenue Dominated by Office and Data Center Projects, While Premium Apartment Segment Declines

The majority of TOTL’s 2025 revenue was generated from office and data center projects. Apartment projects, where TOTL is mainly focused on premium apartments, are experiencing a downturn.

 

 

 

🔹 All-Time High Profitability

Profitability remains outstanding, with GPM reaching 20.63% in 3Q25, continuing its upward trend and standing at an all-time high.

 

 

 

🔹 Tight Payment Control with Minimal Risk

TOTL enforces a 45-day late payment ratio. Payments must be settled within this period; otherwise, projects will be slowed down and eventually stopped. To date, this has never occurred with any of TOTL’s clients.

 

 

 

🔹 Consistent and Low Capex Requirement

Capex is maintained at IDR 10bn per year for 2024–2026, allocated to project equipment and IT equipment & software. Since the pandemic, TOTL has implemented digitalization through CIS (Construction Integrated System), enabling more efficient, real-time, and simplified operations.

 

 

 

🔹 In-House MnE Upgrade to Support Data Center Projects

TOTL plans to upgrade its MnE capabilities to support data center projects internally, reducing the need for outsourcing.

 

 

 

🔹 Clear Strategic Focus as a Pure Contractor

TOTL plans to upgrade its MnE capabilities to support data center projects internally, reducing the need for outsourcing.

 

*NHKSI Research*

 

 

 

 

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