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Research Reinvented

Equity Bottom-Up

Indoritel Makmur Internasional / Equity Bottom-Up

PT Indoritel Makmur Internasional Tbk operates as an investment holding company. The Company is primarily focused on the consumer and retail industries in Indonesia.

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<a href="https://smartkarma.com/entities/indoritel-makmur-internasional-tbk-pt">Indoritel Makmur Internasional</a> (DNET) is a strategic investment holding company providing unique exposure to Indonesia's burgeoning consumer and digital economy through its significant stakes in market-leading enterprises.</li>
 <li>The company's core holdings include PT Indomarco Prismatama (Indomaret), the nation's largest convenience store network, and PT Mega Akses Persada (FiberStar), a key player in the fiber optic infrastructure sector.</li>
 <li>While top-line growth is robust, driven by the expansion of its portfolio companies, profitability and free cash flow remain volatile due to intense competition in the retail sector and high capital expenditure requirements for fiber network expansion.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Indoritel Makmur Internasional (DNET) is a strategic investment holding company providing unique exposure to Indonesia's burgeoning consumer and digital economy through its significant stakes in market-leading enterprises.
  The company's core holdings include PT Indomarco Prismatama (Indomaret), the nation's largest convenience store network, and PT Mega Akses Persada (FiberStar), a key player in the fiber optic infrastructure sector.
  While top-line growth is robust, driven by the expansion of its portfolio companies, profitability and free cash flow remain volatile due to intense competition in the retail sector and high capital expenditure requirements for fiber network expansion.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Indoritel Makmur Internasional (DNET IJ) - Dec 2025

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

Thematic (Sector/Industry)

<ul><li>Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.</li><li>On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.</li><li>As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).</li></ul>

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).

PT Telkom Indonesia (Persero) Tbk. is a telecommunication company that provides a variety of domestic telecommunications services such as telephone, telex, telegram, satellite, and leased lines services. The Company also offers electronic mail, mobile communication, and cellular phone services.

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Dominant Market Leader: As Indonesia's largest state-owned telecommunications provider, Telkom holds a commanding market share in both mobile (through its subsidiary Telkomsel) and fixed broadband services, providing a strong foundation for stable revenue generation.</li>
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Strategic Asset Monetization: The company is pursuing a value-unlocking strategy by spinning off its fiber assets. This move, coupled with plans to bring in a strategic partner, aims to improve capital efficiency and potentially lead to a significant re-rating of the company's valuation.</li>
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Attractive Shareholder Returns: Telkom consistently delivers strong returns to shareholders, evidenced by a high dividend yield and a formal commitment to dividend payouts. The company's strong cash flow generation supports this policy.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Dominant Market Leader: As Indonesia's largest state-owned telecommunications provider, Telkom holds a commanding market share in both mobile (through its subsidiary Telkomsel) and fixed broadband services, providing a strong foundation for stable revenue generation.
  
Strategic Asset Monetization: The company is pursuing a value-unlocking strategy by spinning off its fiber assets. This move, coupled with plans to bring in a strategic partner, aims to improve capital efficiency and potentially lead to a significant re-rating of the company's valuation.
  
Attractive Shareholder Returns: Telkom consistently delivers strong returns to shareholders, evidenced by a high dividend yield and a formal commitment to dividend payouts. The company's strong cash flow generation supports this policy.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Telekomunikasi Indonesia (TLKM IJ) - Dec 2025

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.

G-Able Public Company Limited provides information technology solutions. The Company offers cybersecurity, cloud and data center modernization, data and analytics, and managed tech services. G-Able serves customers in Thailand.

<ul><li>We raise 2025-26E forecasts by 26% and 29%, implying 28% YoY profit growth this year—the strongest in the sector.</li><li>We upgrade our rating from Neutral to Outperform with a new FV of Bt3.50 (from Bt3.20), based on a required return of 13.79%, MRP 5.61%, and RF 1.23%.</li><li>GABLE leads the sector with the highest dividend payout, strongest earnings growth, and lowest P/E and P/BV.</li></ul>

We raise 2025-26E forecasts by 26% and 29%, implying 28% YoY profit growth this year—the strongest in the sector.We upgrade our rating from Neutral to Outperform with a new FV of Bt3.50 (from Bt3.20), based on a required return of 13.79%, MRP 5.61%, and RF 1.23%.GABLE leads the sector with the highest dividend payout, strongest earnings growth, and lowest P/E and P/BV.

G-ABLE Plc. (GABLE): The Industry’s Standout – Outperform (12M FWD Fair Value Bt3.60)

<ul><li>SET Index today is expected to continue rising, with resistance at 1,273 / 1,285 points and support at 1,262 / 1,250 points.</li><li>International factors remain Slightly Positive, driven by expectations of Federal Reserve interest rate cuts and a strengthening baht, which attract fund flows.</li><li>Thai exports in October grew by 5.7% YoY, slightly below the market expectation of 6.1% YoY.</li></ul>

SET Index today is expected to continue rising, with resistance at 1,273 / 1,285 points and support at 1,262 / 1,250 points.International factors remain Slightly Positive, driven by expectations of Federal Reserve interest rate cuts and a strengthening baht, which attract fund flows.Thai exports in October grew by 5.7% YoY, slightly below the market expectation of 6.1% YoY.

Krungthai XSpring Zoom Eng. November 26, 2025