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.

Equity Bottom-Up

<ul><li>TLKM executed the spin-off of 56% of its fiber assets to TIF, valued at Rp35.7tr net book value, implying an 8.75x EV/EBITDA multiple.</li><li>Potential improvement in utilization shall offer a clear path for value unlocking and potential re-rating toward peer valuation levels.</li><li>Management guides for a 20-30% stake sale to a strategic partner, targeted after the completion of Phase 2 in mid-2026.</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.

TLKM executed the spin-off of 56% of its fiber assets to TIF, valued at Rp35.7tr net book value, implying an 8.75x EV/EBITDA multiple.Potential improvement in utilization shall offer a clear path for value unlocking and potential re-rating toward peer valuation levels.Management guides for a 20-30% stake sale to a strategic partner, targeted after the completion of Phase 2 in mid-2026.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.

Telkom Indonesia (TLKM.IJ) - Fiber Assets Spin-Off Paves the Way for Value Unlocking

Thematic (Sector/Industry)

<ul><li>EXCL leads 5G metrics , with download speed tripling to 135.4Mbps and availability at 52.8%, though capacity - not coverage - driven.</li><li>ISAT's 5G availability jumped to 44.6% but download speed lags at 48.1Mbps, underpinning its Rp23tr FY26F capex.</li><li>With the sector in a capex up - cycle, we cut 3M tactical to Neutral, pending TLKM and EXCL capex guidance post 2Q26 results.</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.

EXCL leads 5G metrics , with download speed tripling to 135.4Mbps and availability at 52.8%, though capacity - not coverage - driven.ISAT's 5G availability jumped to 44.6% but download speed lags at 48.1Mbps, underpinning its Rp23tr FY26F capex.With the sector in a capex up - cycle, we cut 3M tactical to Neutral, pending TLKM and EXCL capex guidance post 2Q26 results.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: Jul26 OpenSignal: The 5G Race Reshuffles (OVERWEIGHT)

<ul><li>TelcoJul26 Price Tracker: Repair Path Sustained; Rp50k ARPU Within Reach.</li><li>We think the next leg of the telco price-repair theme is a basket-size uptrade game, the key lever to push ARPU toward Rp50k.</li><li>EXCL is best positioned on uptrade to ARPU 50k followed by ISAT, while TLKM seems to have a heavier base on its current portfolio. </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.

TelcoJul26 Price Tracker: Repair Path Sustained; Rp50k ARPU Within Reach.We think the next leg of the telco price-repair theme is a basket-size uptrade game, the key lever to push ARPU toward Rp50k.EXCL is best positioned on uptrade to ARPU 50k followed by ISAT, while TLKM seems to have a heavier base on its current portfolio. 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: Jul26 Price Tracker: Repair Path Sustained; Rp50k ARPU Within Reach

<ul><li>TelcoSpectrum Cost Lower than Feared; Reiterate OW Komdigi announced the 700MHz and 2.6GHz auction results; Total upfront bids were Rp1.2tr (TLKM), Rp0.9tr (ISAT), &amp; Rp1.3tr (EXCL).</li><li>The results were lower than our estimation and translate into FY27F EBITDA impact of -1.5%/ -3%/ -3.3% for TLKM/ ISAT/ EXCL.</li><li>We maintain 3M Tactical OW on ISAT &amp; EXCL; lower-than-expected spectrum pricing enhances ISAT's special dividend optionality. </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.

TelcoSpectrum Cost Lower than Feared; Reiterate OW Komdigi announced the 700MHz and 2.6GHz auction results; Total upfront bids were Rp1.2tr (TLKM), Rp0.9tr (ISAT), &amp; Rp1.3tr (EXCL).The results were lower than our estimation and translate into FY27F EBITDA impact of -1.5%/ -3%/ -3.3% for TLKM/ ISAT/ EXCL.We maintain 3M Tactical OW on ISAT &amp; EXCL; lower-than-expected spectrum pricing enhances ISAT's special dividend optionality. 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: Spectrum Cost Lower than Feared; Reiterate OW (OVERWEIGHT)

<ul><li>TelcoJun26 Price Tracker: Limited but Positive Room to Sustain Price Repair.</li><li>Price repair has remained solid since Oct25, driven by monetization of low-to-mid-tier data packages and SKU rationalization.May-Jun26: TLKM tightened Hot Promo GB, ISAT reshuffled Hutch to larger baskets, EXCL repriced XL Regular while enhancing VIP.</li><li>We reiterate OW as MNO’s price-repair efforts remain constructive, with ISAT and EXCL as our preferred picks. </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.

TelcoJun26 Price Tracker: Limited but Positive Room to Sustain Price Repair.Price repair has remained solid since Oct25, driven by monetization of low-to-mid-tier data packages and SKU rationalization.May-Jun26: TLKM tightened Hot Promo GB, ISAT reshuffled Hutch to larger baskets, EXCL repriced XL Regular while enhancing VIP.We reiterate OW as MNO’s price-repair efforts remain constructive, with ISAT and EXCL as our preferred picks. 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: Jun26 Price Tracker: Limited but Positive Room to Sustain Price Repair (OVERWEIGHT)

Indonesia

Telkom Indonesia is a multinational telecommunications conglomerate that provides information and communications technology, and telecommunications network services globally. The company offers a diverse range of services including mobile communications, consumer fixed broadband, corporate ICT solutions, digital infrastructure, and global wholesale connectivity. Telkom Indonesia's corporate headquarters are in Bandung, with operational headquarters in Jakarta, Indonesia, and the company traces its history back to 1856.

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Telkom Indonesia (TLKM IJ)