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

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>4Q24 revenue growth was solid, driven by Telkom projects and FTTT growth, including the UMT acquisition. </li><li>FY24 net profit was in line amid a strong 82.7% EBITDA margin (+230bps yoy), despite higher interest from M&amp;A and higher tax. </li><li>Maintain Buy rating with lower TP of Rp800 to reflect -6.6% est. cut in FY25-27; MTEL remains best positioned for MNOs' ex-Java 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.

4Q24 revenue growth was solid, driven by Telkom projects and FTTT growth, including the UMT acquisition. FY24 net profit was in line amid a strong 82.7% EBITDA margin (+230bps yoy), despite higher interest from M&amp;A and higher tax. Maintain Buy rating with lower TP of Rp800 to reflect -6.6% est. cut in FY25-27; MTEL remains best positioned for MNOs' ex-Java growthContent 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) In-Line FY24 Earnings with Growth and Continued Margin Expansion

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

<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.

Sarana Menara Nusantara / Equity Bottom-Up

<ul><li>TOWR reported net profit of Rp888bn (+5.5%qoq, +7.3%yoy), supported by stable revenue and positive contributions from items below the EBITDA line.</li><li>Revenue was largely stable at Rp3.29tr (-0.3%qoq, +8.8%yoy), as robust non-tower revenue offset weaker tower revenue. Non-tower revenue contributed 33.8% of total revenue, increasing by 90 bps qoq.</li><li>EBITDA was Rp2.75tr (-2.1%qoq, +7.5%yoy), translating to an EBITDA margin of 83.8% (-150 bps qoq). This lower annualized EBITDA resulted in increased ND/EBITDA leverage.</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.

TOWR reported net profit of Rp888bn (+5.5%qoq, +7.3%yoy), supported by stable revenue and positive contributions from items below the EBITDA line.Revenue was largely stable at Rp3.29tr (-0.3%qoq, +8.8%yoy), as robust non-tower revenue offset weaker tower revenue. Non-tower revenue contributed 33.8% of total revenue, increasing by 90 bps qoq.EBITDA was Rp2.75tr (-2.1%qoq, +7.5%yoy), translating to an EBITDA margin of 83.8% (-150 bps qoq). This lower annualized EBITDA resulted in increased ND/EBITDA leverage.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.

BRIDS TMT News - Wednesday, March 26 2025

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)

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

Mitratel (MTEL.IJ) In-Line FY24 Earnings with Growth and Continued Margin Expansion

Maintain Buy rating with lower TP of Rp800 to reflect -6.6% est. cut in FY25-27; MTEL remains best positioned for MNOs' ex-Java growth

BRI Danareksa Research

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 - Wednesday, March 26 2025

TOWR reported net profit of Rp888bn (+5.5%qoq, +7.3%yoy), supported by stable revenue and positive contributions from items below the EBITDA line.

BRI Danareksa Research

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