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

Dayamitra Telekomunikasi PT / Equity Bottom-Up

<ul><li>MTEL posted strong 4Q23 revenue growth, aiding inline FY23 earnings (+12.6% yoy) and EBITDA to reach critical mass at Rp6.9tr (+12.7% yoy).</li><li>We expect oFCF to turn positive in FY24 and raise our non-tower capex estimate. Our FY24F revenue are unchanged as we trim tenancies.</li><li>We maintain our Buy rating and TP of Rp960 on MTEL’s stronger growth outlook vs. peers, advantages in ex-Java and its attractive 9x EV/EBITDA.</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.

MTEL posted strong 4Q23 revenue growth, aiding inline FY23 earnings (+12.6% yoy) and EBITDA to reach critical mass at Rp6.9tr (+12.7% yoy).We expect oFCF to turn positive in FY24 and raise our non-tower capex estimate. Our FY24F revenue are unchanged as we trim tenancies.We maintain our Buy rating and TP of Rp960 on MTEL’s stronger growth outlook vs. peers, advantages in ex-Java and its attractive 9x EV/EBITDA.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.

Mitratel (MTEL) -  Becoming a Stronger M&A Player with Robust Revenue and OFCF Trends

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>MTEL substantiates its leading position in Indonesia’s digital infrastructure industry through both organic and several acquisitions of towers and fiber optics in FY23E, resulting in total 37,894 towers (41.55% inside Java and 58.45% ex-Java), estimation of 1.51x/1.55x tenancy ratio in FY23E/FY24E, and ~30,000 km of fiber optic rollouts in FY23E.</li><li>We forecast the revenue to grow at +11.4% YoY in FY23E and +9.9% YoY in FY24E, supported by the increasing income in tower leasing and fiber optics segments.</li><li>Preparing capex of ~IDR6 tn for FY24E, MTEL is in for the tender offer to acquire the shares of PT Inti Bangun Sejahtera Tbk (IBST) who owns 16,642 km of fiber optic, 3,383 towers with 5,791 tenants, and tenancy ratio of 1.71x.</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.

MTEL substantiates its leading position in Indonesia’s digital infrastructure industry through both organic and several acquisitions of towers and fiber optics in FY23E, resulting in total 37,894 towers (41.55% inside Java and 58.45% ex-Java), estimation of 1.51x/1.55x tenancy ratio in FY23E/FY24E, and ~30,000 km of fiber optic rollouts in FY23E.We forecast the revenue to grow at +11.4% YoY in FY23E and +9.9% YoY in FY24E, supported by the increasing income in tower leasing and fiber optics segments.Preparing capex of ~IDR6 tn for FY24E, MTEL is in for the tender offer to acquire the shares of PT Inti Bangun Sejahtera Tbk (IBST) who owns 16,642 km of fiber optic, 3,383 towers with 5,791 tenants, and tenancy ratio of 1.71x.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.

MTEL IJ - MNC Sekuritas Equity Report February 16, 2024

<ul><li>Following an update by Mitratel yesterday, we reiterate our view that MTEL is well placed to outperform its peers in 2023</li><li>Moreover, we note the strong link between monetary policies and share price performance of tower companies, with a growing view that interest rates are peaking</li><li>Mitratel has the largest tower portfolio (36,439 units or ~33% of the tower market), with a strong platform to leverage new ICT infrastructure services and diversifying to non-towers (tower revenues now stand at 92%, non-towers at 8%)</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.

Following an update by Mitratel yesterday, we reiterate our view that MTEL is well placed to outperform its peers in 2023Moreover, we note the strong link between monetary policies and share price performance of tower companies, with a growing view that interest rates are peakingMitratel has the largest tower portfolio (36,439 units or ~33% of the tower market), with a strong platform to leverage new ICT infrastructure services and diversifying to non-towers (tower revenues now stand at 92%, non-towers at 8%)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.

Mitratel (MTEL IJ) - Comparative Advantage for MTEL in Ex–Java

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>The review period for the LQ45 Index ended on 31 December. The changes should be announced in the last week of January, becoming effective after the close on 31 January.</li>
<li>We see <a href="https://www.smartkarma.com/entities/waskita-karya-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:15739:1" rel="noopener">Waskita Karya (Persero) (WSKT IJ)</a>, <a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia (BFIN IJ)</a> and <a href="https://www.smartkarma.com/entities/harum-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:1604:1" rel="noopener">Harum Energy (HRUM IJ)</a> as higher probability inclusions in the LQ45 Index.</li>
<li>Given the focus is on liquidity, we see <a href="https://www.smartkarma.com/entities/jasa-marga-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:12747:1" rel="noopener">Jasa Marga (Persero) (JSMR IJ)</a>, <a href="https://www.smartkarma.com/entities/bumi-serpong-damai-pt" target="_blank" data-smartkarma-citation="entities:15498:1" rel="noopener">Bumi Serpong Damai (BSDE IJ)</a> and <a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a> as higher probability deletion candidates.</li>
</ul>


The review period for the LQ45 Index ended on 31 December. The changes should be announced in the last week of January, becoming effective after the close on 31 January.
We see Waskita Karya (Persero) (WSKT IJ), BFI Finance Indonesia (BFIN IJ) and Harum Energy (HRUM IJ) as higher probability inclusions in the LQ45 Index.
Given the focus is on liquidity, we see Jasa Marga (Persero) (JSMR IJ), Bumi Serpong Damai (BSDE IJ) and AKR Corporindo (AKRA IJ) as higher probability deletion candidates.


LQ45 Index Rebalance Preview (Feb 2022): Potential Changes Later This Month

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.</li>
<li>We look at Indonesian Hospitals, as <a href="https://www.smartkarma.com/entities/saratoga-investama-sedaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:13714:1" rel="noopener">Saratoga</a> buys into Brawijaya Hospital focusing attention on the space. We also look at leading mass-market bread maker ROTI as KKR seeks an exit.</li>
<li>We also look at the telecom tower space as transactions on the Philippines heat up and examine the current state of play in Indonesian towers. </li>
</ul>


CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.
We look at Indonesian Hospitals, as Saratoga buys into Brawijaya Hospital focusing attention on the space. We also look at leading mass-market bread maker ROTI as KKR seeks an exit.
We also look at the telecom tower space as transactions on the Philippines heat up and examine the current state of play in Indonesian towers. 


CrossASEAN Ground Zero - Hospitals in Play, ROTI in Play, and Philippine Towers

Indonesia

PT Dayamitra Telekomunikasi operates as an infrastructure construction company. The Company constructs telecommunications towers. Dayamitra Telekomunikasi serves customers in Indonesia.

Dayamitra Telekomunikasi PT (MTEL IJ)

Mitratel (MTEL) - Becoming a Stronger M&A Player with Robust Revenue and OFCF Trends

MTEL posted strong 4Q23 revenue growth, aiding inline FY23 earnings (+12.6% yoy) and EBITDA to reach critical mass at Rp6.9tr (+12.7% yoy).

BRI Danareksa Research

MTEL IJ - MNC Sekuritas Equity Report February 16, 2024

We forecast the revenue to grow at +11.4% YoY in FY23E and +9.9% YoY in FY24E, supported by the increasing income in tower leasing and fiber optics...

MNC Sekuritas

Mitratel (MTEL IJ) - Comparative Advantage for MTEL in Ex–Java

Following an update by Mitratel yesterday, we reiterate our view that MTEL is well placed to outperform its peers in 2023

BRI Danareksa Research

LQ45 Index Rebalance Preview (Feb 2022): Potential Changes Later This Month

Changes to the LQ45 Index will be announced soon & become effective after the close on 31 Jan. We see three potential changes. The adds outperform...

Brian Freitas

CrossASEAN Ground Zero - Hospitals in Play, ROTI in Play, and Philippine Towers

This week we look at Indonesian Hospitals, as Saratoga buys into Brawijaya Hospital focusing attention on the space. We also look at leading mass...

Angus Mackintosh