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

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 <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY</a> family of indices, <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50</a>, the KRX New Deal Index and a global index ends on 31 January.</li>
<li>The January rebalance of the IDX30 and LQ45 indices will be implemented at the close of trading on 31 January.</li>
<li>There have been huge inflows into the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300 Index</a> ETFs for another week. This will increase the impact on the index changes at the next rebalance.</li>
</ul>


The review period for the NIFTY family of indices, Nikkei 225, STAR50, the KRX New Deal Index and a global index ends on 31 January.
The January rebalance of the IDX30 and LQ45 indices will be implemented at the close of trading on 31 January.
There have been huge inflows into the CSI 300 Index ETFs for another week. This will increase the impact on the index changes at the next rebalance.


Index Rebalance & ETF Flow Recap: CSI300, CSI500, SSE50, ChiNext, KOSPI200, Renesas, IDX30/LQ45

Chandra Asri Petrochemical / Index Rebalance

<ul>
<li>There are 4 changes each for the IDX30 Index and the LQ45 Index at the upcoming rebalance to be implemented at the close on 31 January.</li>
<li>The largest passive inflows are expected in <a href="https://www.smartkarma.com/entities/indofood-cbp-sukses-makmur-tbk" target="_blank" data-smartkarma-citation="entities:17651:1" rel="noopener">Indofood CBP Sukses (ICBP IJ)</a>, <a href="https://www.smartkarma.com/entities/merdeka-battery-materials-tbk" target="_blank" data-smartkarma-citation="entities:36864:1" rel="noopener">Merdeka Battery Materials (MBMA IJ)</a>, <a href="https://www.smartkarma.com/entities/indah-kiat-pulp-paper-tbk" target="_blank" data-smartkarma-citation="entities:20064:1" rel="noopener">Indah Kiat Pulp &amp; Paper (INKP IJ)</a> and <a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal Energy (PGEO IJ)</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 4 changes each for the IDX30 Index and the LQ45 Index at the upcoming rebalance to be implemented at the close on 31 January.
The largest passive inflows are expected in Indofood CBP Sukses (ICBP IJ), Merdeka Battery Materials (MBMA IJ), Indah Kiat Pulp &amp; Paper (INKP IJ) and Pertamina Geothermal Energy (PGEO IJ). 
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 Index Rebalance: Four Changes for Each Index

Tower Bersama Infrastructure / Index Rebalance

<ul>
<li>The review period for the LQ45 Index ended on 29 December. The changes should be announced in the last week of January, becoming effective after the close on 31 January.</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>The impact of passive trading will be higher on the deletions than the inclusions since lower liquidity stocks are replaced with higher liquidity stocks.</li>
</ul>


The review period for the LQ45 Index ended on 29 December. The changes should be announced in the last week of January, becoming effective after the close on 31 January.
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).
The impact of passive trading will be higher on the deletions than the inclusions since lower liquidity stocks are replaced with higher liquidity stocks.


LQ45 Index Rebalance Preview (Jan): Reading the Tea Leaves

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)

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

Index Rebalance & ETF Flow Recap: CSI300, CSI500, SSE50, ChiNext, KOSPI200, Renesas, IDX30/LQ45

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

IDX30/LQ45 Index Rebalance: Four Changes for Each Index

There are 4 changes each for the IDX30 and LQ45. Implementation is in 4 trading days. There is over 1 day of ADV to trade on a lot of stocks. Most...

Brian Freitas

LQ45 Index Rebalance Preview (Jan): Reading the Tea Leaves

There could be 5 potential changes for the LQ45 Index in January. The potential adds have performed well while the potential deletes are trading...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Index Rebalance & ETF Flow Recap: CSI300, CSI500, SSE50, ChiNext, KOSPI200, Renesas, IDX30/LQ45

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

IDX30/​​LQ45 Index Rebalance: Four Changes for Each Index

There are 4 changes each for the IDX30 and LQ45. Implementation is in 4 trading days. There is over 1 day of ADV to trade on a lot of stocks. Most...

Brian Freitas

LQ45 Index Rebalance Preview (Jan): Reading the Tea Leaves

There could be 5 potential changes for the LQ45 Index in January. The potential adds have performed well while the potential deletes are trading...

Brian Freitas

IDX30/LQ45 Index Rebalance: Four Changes for Each Index