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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The review period for the LQ45 Index July rebalance ended 30 June. The changes should be announced the last week of July, becoming effective after the close on 31 July.</li>
<li>Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat (BBRI)</a> and <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA)</a>.</li>
<li>For a change, the impact on the potential inclusions will be higher since they will join the index with higher weights compared to the potential deletions.</li>
</ul>


The review period for the LQ45 Index July rebalance ended 30 June. The changes should be announced the last week of July, becoming effective after the close on 31 July.
Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for Bank Rakyat (BBRI) and Bank Central Asia (BBCA).
For a change, the impact on the potential inclusions will be higher since they will join the index with higher weights compared to the potential deletions.


LQ45 Index Rebalance Preview (July): Identifying Potential Index Changes

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Dayamitra Telekomunikasi PT / Equity Bottom-Up

<ul><li>Net income reached IDR526bn (+1.0% YoY/-8.5% QoQ) - (23.1%/23.8% of our/cons.), respectively.</li><li>This was driven by increase in finance income (+61.7% YoY) and decrease in other expenses (-97.9% YoY), mainly due to the reversal of the allowance for expected credit losses.</li><li>It also reflects the company's cost efficiency program, reflected in G&amp;A expenses declined 10.6% YoY. </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.

Net income reached IDR526bn (+1.0% YoY/-8.5% QoQ) - (23.1%/23.8% of our/cons.), respectively.This was driven by increase in finance income (+61.7% YoY) and decrease in other expenses (-97.9% YoY), mainly due to the reversal of the allowance for expected credit losses.It also reflects the company's cost efficiency program, reflected in G&amp;A expenses declined 10.6% YoY. 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 - Infrastructure Expansion to Drive Performance

Thematic (Sector/Industry)

<ul><li>In 1Q25, EXCL and ISAT outperformed TLKM, driven by network integration and marketing synergies, although data growth and ARPU slowed down</li><li>  With mobile penetration exceeding 110%, subscriber growth has stagnated, and ARPU remains low at IDR35k–45k/month</li><li>Regulatory costs are expected to rise to 11–12% of total revenue in FY25E due to various fees such as USO levy, spectrum costs, and licensing issues that slow down infrastructure expansion</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.

In 1Q25, EXCL and ISAT outperformed TLKM, driven by network integration and marketing synergies, although data growth and ARPU slowed down  With mobile penetration exceeding 110%, subscriber growth has stagnated, and ARPU remains low at IDR35k–45k/monthRegulatory costs are expected to rise to 11–12% of total revenue in FY25E due to various fees such as USO levy, spectrum costs, and licensing issues that slow down infrastructure expansionContent 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 & Tower Sectoral Update May 21, 2025

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

BRI Danareksa Research

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.

<ul><li>MTEL has announced it will hold its AGMS / RUPST for the 2024 fiscal year on Wednesday, May 28, 2025.</li><li>Shareholders listed in the company's register as of May 5, 2025, are eligible to attend and vote.</li><li>Any shareholder proposals for meeting agenda items must be submitted in writing by April 29, 2025. (IDX)</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 has announced it will hold its AGMS / RUPST for the 2024 fiscal year on Wednesday, May 28, 2025.Shareholders listed in the company's register as of May 5, 2025, are eligible to attend and vote.Any shareholder proposals for meeting agenda items must be submitted in writing by April 29, 2025. (IDX)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.

<ul><li>Revenue Rp5.36tr, +28%yoy, above cons., driven by strong growth in Data Center &amp; Cloud Infra (+42%yoy).</li><li>Gross profit Rp964bn, +11%yoy, but GPM compressed to 18% (vs 21% in FY23) due to a higher portion of hardware.</li><li>Net profit Rp530bn, +18%yoy, in line with consensus 103%, with NPM steady at 11%, due to effective cost control.</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.

Revenue Rp5.36tr, +28%yoy, above cons., driven by strong growth in Data Center &amp; Cloud Infra (+42%yoy).Gross profit Rp964bn, +11%yoy, but GPM compressed to 18% (vs 21% in FY23) due to a higher portion of hardware.Net profit Rp530bn, +18%yoy, in line with consensus 103%, with NPM steady at 11%, due to effective cost control.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.

Indonesia

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

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Dayamitra Telekomunikasi PT (MTEL IJ)

LQ45 Index Rebalance Preview (July): Identifying Potential Index Changes

We have identified 5 potential changes for the LQ45 Index in July. There will also be capping flows for BBCA and BBRI. Historically, adds and...

Brian Freitas

MTEL IJ - Infrastructure Expansion to Drive Performance

Net income reached IDR526bn (+1.0% YoY/-8.5% QoQ) - (23.1%/23.8% of our/cons.), respectively. This was driven by increase in finance income (+61.7%...

MNC Sekuritas

Telco & Tower Sectoral Update May 21, 2025

In 1Q25, EXCL and ISAT outperformed TLKM, driven by network integration and marketing synergies, although data growth and ARPU slowed down

MNC Sekuritas

BRIDS TMT News - Tuesday, April 22, 2025

MTEL has announced it will hold its AGMS / RUPST for the 2024 fiscal year on Wednesday, May 28, 2025. Shareholders listed in the company's register...

BRI Danareksa Research

BRIDS TMT News - Tuesday, March 25 2025

Revenue Rp5.36tr, +28%yoy, above cons., driven by strong growth in Data Center & Cloud Infra (+42%yoy). Gross profit Rp964bn, +11%yoy, but GPM...

BRI Danareksa Research

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