External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>We forecast FY26 sector revenue/ EBITDA growth of 5.8%/7.1% yoy, led by mobile amid continued price-repair execution by MNOs.</li><li>We see fiber asset restructuring as an additional catalyst, aimed at improving FCF, enhancing asset utilization, and unlocking value.</li><li>We maintain an Overweight on the sector, supported by resilient mobile momentum and selective catalysts from ongoing fiber transformation.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We forecast FY26 sector revenue/ EBITDA growth of 5.8%/7.1% yoy, led by mobile amid continued price-repair execution by MNOs.We see fiber asset restructuring as an additional catalyst, aimed at improving FCF, enhancing asset utilization, and unlocking value.We maintain an Overweight on the sector, supported by resilient mobile momentum and selective catalysts from ongoing fiber transformation.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Telco: FY26 Outlook: Sustained Mobile Momentum and Upside from Fiber Transformation

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

iWOW Technology Ltd provides global wireless technologies and equipment. The Company designs, manufactures, and distributes wireless connectivity product lines including GSM/GPRS modems and GSM/GPRS modules to the machine-to machine market. iWOW Technology serves customers worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/iwow-technology-ltd" target="_blank" data-smartkarma-citation="entities:36147:1" rel="noopener">IWOW Technology Ltd (IWOW SP)</a> is a one-stop end-to-end wireless IoT technology provider specialising in offering vertically integrated solutions and a telecommunications infrastructure solutions provider.</li>
<li>IWOW uses open and proprietary wireless communication technologies to create customized Internet-of-Things (IoT) solutions for consumers which connect devices and sensors to cloud application servers for a variety of applications.</li>
<li>The firm reported its 1H26 results on 10th Nov 2025. In this note, we provide an update on its 1H26 earnings.</li>
</ul>



IWOW Technology Ltd (IWOW SP) is a one-stop end-to-end wireless IoT technology provider specialising in offering vertically integrated solutions and a telecommunications infrastructure solutions provider.
IWOW uses open and proprietary wireless communication technologies to create customized Internet-of-Things (IoT) solutions for consumers which connect devices and sensors to cloud application servers for a variety of applications.
The firm reported its 1H26 results on 10th Nov 2025. In this note, we provide an update on its 1H26 earnings.


IWOW Technology - 1H26 Earnings Update - Limited Near-Term Catalysts, but Net Cash Still a Positive

Solusi Sinergi Digital Tbk PT / Equity Bottom-Up

PT Solusi Sinergi Digital Tbk provides information technology services. The Company offers network infrastructure, application and software development, out of home advertising media, and digital advertising solutions. Solusi Sinergi Digital serves customers worldwide.

<ul><li>WIFI booked 3Q25 net profit of Rp32bn (-77.6% qoq), impacted by initial rollout spending, despite strong homeconnect reaching 831k.</li><li>The company guides for 3mn FTTH homeconnect and 5mn 5G FWA subs by 26F, supported by partnership with local contractors and RT/RW Net.</li><li>WIFI currently trades at ~17.2x FY25F EV/EBITDA, implying a premium to global FiberCo peers at ~12x</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WIFI booked 3Q25 net profit of Rp32bn (-77.6% qoq), impacted by initial rollout spending, despite strong homeconnect reaching 831k.The company guides for 3mn FTTH homeconnect and 5mn 5G FWA subs by 26F, supported by partnership with local contractors and RT/RW Net.WIFI currently trades at ~17.2x FY25F EV/EBITDA, implying a premium to global FiberCo peers at ~12xContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Solusi Sinergi Digital (WIFI IJ) 3Q25 Earnings Weighed by Early-Stage Investment...

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Delta Electronics Thailand  / Equity Bottom-Up

Delta Electronics (Thailand) PCL designs and manufactures electronic equipment. The Company produces power systems for telecommunications, medical equipment, and industrial automation.  Delta also produces fans, electromagnetic interference filters, and solenoids.

<ul><li>In line with our previous note, DELTA’s share price has been unable to sustain a P/E above 85x for more than two months, and has fallen by more than 24% from its peak.</li><li>4Q25 profit is expected to reach an all-time high, while 2026 profit is projected to continue growing to Bt29bn (+23% YoY), supported by still-strong demand.</li><li>We upgrade our rating to Neutral from Underperform, maintaining our FV at Bt195 based on a P/E of 85x, which we see as the stock’s maximum justifiable valuation.</li></ul>

In line with our previous note, DELTA’s share price has been unable to sustain a P/E above 85x for more than two months, and has fallen by more than 24% from its peak.4Q25 profit is expected to reach an all-time high, while 2026 profit is projected to continue growing to Bt29bn (+23% YoY), supported by still-strong demand.We upgrade our rating to Neutral from Underperform, maintaining our FV at Bt195 based on a P/E of 85x, which we see as the stock’s maximum justifiable valuation.

DELTA ELECTRONICS (THAILAND) Plc. (DELTA): Back To A More Appropriate Level

<ul><li>The US sets a 19% tariff rate on Thailand.</li><li>The US and Thailand issue a joint statement as a framework for the next stage of negotiations.</li><li>The US and Thailand conduct detailed negotiations in line with the joint statement.</li></ul>

The US sets a 19% tariff rate on Thailand.The US and Thailand issue a joint statement as a framework for the next stage of negotiations.The US and Thailand conduct detailed negotiations in line with the joint statement.

Krungthai XSpring Zoom Eng. December 15, 2025

ASEAN Tech
SE Asia TMT

Telco: FY26 Outlook: Sustained Mobile Momentum and Upside from Fiber Transformation

We maintain an Overweight on the sector, supported by resilient mobile momentum and selective catalysts from ongoing fiber transformation.

BRI Danareksa Research

IWOW Technology - 1H26 Earnings Update - Limited Near-Term Catalysts, but Net Cash Still a Positive

iWOW Technology reported its 1H26 results on 10th Nov 2025. In this note, we provide an update on its 1H26 earnings as well as share some of our...

Evolve Capital Advisory Pte Ltd

Solusi Sinergi Digital (WIFI IJ) 3Q25 Earnings Weighed by Early-Stage Investment...

The company guides for 3mn FTTH homeconnect and 5mn 5G FWA subs by 26F, supported by partnership with local contractors and RT/RW Net.

BRI Danareksa Research

DELTA ELECTRONICS (THAILAND) Plc. (DELTA): Back To A More Appropriate Level

In line with our previous note, DELTA’s share price has been unable to sustain a P/E above 85x for more than two months, and has fallen by more...

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 15, 2025

The US and Thailand issue a joint statement as a framework for the next stage of negotiations.The US and Thailand conduct detailed negotiations in...

Krungthai XSpring