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>XLSMart reiterated the merger benefits from a) scale and commercial presence b) network synergies, c) ecosystem support from the shareholders. </li><li>XLSmart emphasized a) the larger scale of the new XLSmart and how important it is amid technology advancements, b) the in country telco consolidation experience of Axiata shareholder, c) the deep knowledge of Sinar Mas conglomerate in the local economy d) 20years+ telco experience for each director in XLSmart</li><li>Categorizing the benefits into shareholders, industry, customers and employees. </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.

XLSMart reiterated the merger benefits from a) scale and commercial presence b) network synergies, c) ecosystem support from the shareholders. XLSmart emphasized a) the larger scale of the new XLSmart and how important it is amid technology advancements, b) the in country telco consolidation experience of Axiata shareholder, c) the deep knowledge of Sinar Mas conglomerate in the local economy d) 20years+ telco experience for each director in XLSmartCategorizing the benefits into shareholders, industry, customers and employees. 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>We see a significant untapped inventory in fixed BB despite the low user penetration, implying a large fragmentation in the supply chain.</li><li>Smaller infra ISPs may disrupt the market by offering more affordable prices of Rp100-Rp200k/month, owing to their leaner cost structures.</li><li>Maintain OW rating in infra/towers; lower prices may unlock the supply chain and improve segmentation; TOWR should be the key beneficiary.</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 see a significant untapped inventory in fixed BB despite the low user penetration, implying a large fragmentation in the supply chain.Smaller infra ISPs may disrupt the market by offering more affordable prices of Rp100-Rp200k/month, owing to their leaner cost structures.Maintain OW rating in infra/towers; lower prices may unlock the supply chain and improve segmentation; TOWR should be the key beneficiary.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.

Towers: Building Retail Channels to Invigorate Supply and Demand for Fixed Broadband

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

Japfa Comfeed Indonesia / Index Rebalance

<ul>
<li>There are 2 constituent changes for the IDX30 Index, and 3 changes each for the LQ45 Index and IDX80 Index to be implemented at the close on 31 January.</li>
<li>The largest passive flows are expected in <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</a>, <a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat</a>, <a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8258:1" rel="noopener">Japfa Comfeed Indonesia</a>, <a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement Tunggal Prakarsa</a>, <a href="https://www.smartkarma.com/entities/dayamitra-telekomunikasi-pt" target="_blank" data-smartkarma-citation="entities:34741:1" rel="noopener">Dayamitra Telekomunikasi</a>, <a href="https://www.smartkarma.com/entities/map-aktif-adiperkasa-pt" target="_blank" data-smartkarma-citation="entities:27291:1" rel="noopener">MAP Aktif Adiperkasa</a>, <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri Persero</a>, <a href="https://www.smartkarma.com/entities/ciputra-development-tbk-pt" target="_blank" data-smartkarma-citation="entities:5513:1" rel="noopener">Ciputra Development</a> and <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata</a>.</li>
<li>With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.</li>
</ul>


There are 2 constituent changes for the IDX30 Index, and 3 changes each for the LQ45 Index and IDX80 Index to be implemented at the close on 31 January.
The largest passive flows are expected in Bank Central Asia, Indosat, Japfa Comfeed Indonesia, Indocement Tunggal Prakarsa, Dayamitra Telekomunikasi, MAP Aktif Adiperkasa, Bank Mandiri Persero, Ciputra Development and XL Axiata.
With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.


IDX30/​​LQ45/IDX80 Index Rebalance: Big Impact in Some Stocks with 4 Days to Implementation

<ul>
<li>The review period for the LQ45 Index January rebalance ended 31 December. The changes should be announced the last week of January, becoming effective after the close on 31 January.</li>
<li>We highlight 4 potential inclusions and 4 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.</li>
<li>Nearly all stocks will have over 1x ADV to trade from passive trackers if they are added to or deleted from the index.</li>
</ul>


The review period for the LQ45 Index January rebalance ended 31 December. The changes should be announced the last week of January, becoming effective after the close on 31 January.
We highlight 4 potential inclusions and 4 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.
Nearly all stocks will have over 1x ADV to trade from passive trackers if they are added to or deleted from the index.


LQ45 Index Rebalance Preview (Jan 2025): Identifying Potential Index Changes

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>Telco’s: Data Traffic and ARPU Trends Indonesia's economic growth is driven by investments in digital infrastructure, aiming for 79.5% penetration by 2024 and a USD1 trillion digital economy by 2030, aligning with the Golden Indonesia 2045 vision.</li><li>Meanwhile, competition among telco operators remains fierce. TLKM leads in data traffic and ARPU but faced an ARPU decline in Q3 2024, nearing 2021 levels, due to seasonal factors and a shift toward affordable packages like Telkomsel Lite, which increased data traffic.</li><li>XL and IOH demonstrated growth in both ARPU and data traffic, bolstered by successful price adjustments and confidence in user growth. </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.

Telco’s: Data Traffic and ARPU Trends Indonesia's economic growth is driven by investments in digital infrastructure, aiming for 79.5% penetration by 2024 and a USD1 trillion digital economy by 2030, aligning with the Golden Indonesia 2045 vision.Meanwhile, competition among telco operators remains fierce. TLKM leads in data traffic and ARPU but faced an ARPU decline in Q3 2024, nearing 2021 levels, due to seasonal factors and a shift toward affordable packages like Telkomsel Lite, which increased data traffic.XL and IOH demonstrated growth in both ARPU and data traffic, bolstered by successful price adjustments and confidence in user growth. 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 & Tower Sectoral Update November 25, 2024

Indonesia

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

Price Gauge
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Dayamitra Telekomunikasi PT (MTEL IJ)

BRIDS TMT News - Tuesday, March 11 2025

XLSMart reiterated the merger benefits from a) scale and commercial presence b) network synergies, c) ecosystem support from the shareholders.

BRI Danareksa Research

Towers: Building Retail Channels to Invigorate Supply and Demand for Fixed Broadband

We see a significant untapped inventory in fixed BB despite the low user penetration, implying a large fragmentation in the supply chain.

BRI Danareksa Research

IDX30/LQ45/IDX80 Index Rebalance: Big Impact in Some Stocks with 4 Days to Implementation

There are 2 constituent changes for the IDX30, and 3 each for LQ45 and IDX80 indices to be implemented at the close 31 Jan. There are stocks with...

Brian Freitas

LQ45 Index Rebalance Preview (Jan 2025): Identifying Potential Index Changes

We have identified potential changes for the LQ45 Index in January. The potential adds have been outperforming the deletes. Historically, adds and...

Brian Freitas

Telco & Tower Sectoral Update November 25, 2024

Data Traffic and ARPU Trends Indonesia's economic growth is driven by investments in digital infrastructure, aiming for 79.5% penetration by 2024...

MNC Sekuritas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BRIDS TMT News - Tuesday, March 11 2025

XLSMart reiterated the merger benefits from a) scale and commercial presence b) network synergies, c) ecosystem support from the shareholders.

BRI Danareksa Research

Towers: Building Retail Channels to Invigorate Supply and Demand for Fixed Broadband

We see a significant untapped inventory in fixed BB despite the low user penetration, implying a large fragmentation in the supply chain.

BRI Danareksa Research

IDX30/​​LQ45/IDX80 Index Rebalance: Big Impact in Some Stocks with 4 Days to Implementation

There are 2 constituent changes for the IDX30, and 3 each for LQ45 and IDX80 indices to be implemented at the close 31 Jan. There are stocks with...

Brian Freitas

LQ45 Index Rebalance Preview (Jan 2025): Identifying Potential Index Changes

We have identified potential changes for the LQ45 Index in January. The potential adds have been outperforming the deletes. Historically, adds and...

Brian Freitas

Telco & Tower Sectoral Update November 25, 2024

Data Traffic and ARPU Trends Indonesia's economic growth is driven by investments in digital infrastructure, aiming for 79.5% penetration by 2024...

MNC Sekuritas

IDX30/LQ45/IDX80 Index Rebalance: Big Impact in Some Stocks with 4 Days to Implementation