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

Digital Mediatama Maxima Tbk / Equity Bottom-Up

<ul><li>DMMX’s 3Q/9M23 earnings offer evidence of operational growth on the back of steady expansion of its marketing efforts and O2O networks.</li><li>We expect DMMX’s key initiatives to drive volume in 4Q23F and FY24F and cement its position in key segments.</li><li>We lower our TP to IDR1,200 to reflect the latest valuations of its peers but maintain our BUY rating as our growth thesis is intact.</li></ul><p><em>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.</em></p>

DMMX’s 3Q/9M23 earnings offer evidence of operational growth on the back of steady expansion of its marketing efforts and O2O networks.We expect DMMX’s key initiatives to drive volume in 4Q23F and FY24F and cement its position in key segments.We lower our TP to IDR1,200 to reflect the latest valuations of its peers but maintain our BUY rating as our growth thesis is intact.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.

Digital Mediatama Maxima (DMMX.IJ) - Solid Industry Position as Digital Enabler Is Intact

<ul><li>DMMX’s 3Q/9M23 earnings offer evidence of operational growth on the back of steady expansion of its marketing efforts and O2O networks.</li><li>We expect DMMX’s key initiatives to drive volume in 4Q23F and FY24F and cement its position in key segments.</li><li>We lower our TP to IDR1,200 to reflect the latest</li></ul><p><em>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.</em></p>

DMMX’s 3Q/9M23 earnings offer evidence of operational growth on the back of steady expansion of its marketing efforts and O2O networks.We expect DMMX’s key initiatives to drive volume in 4Q23F and FY24F and cement its position in key segments.We lower our TP to IDR1,200 to reflect the latestContent 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.

Digital Mediatama Maxima - Solid Industry Position as Digital Enabler Is Intact

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

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<li>1Q22 saw robust performances: Revenue rose by 209.7% YoY to IDR560bn in 1Q22, largely due to robust performances of Trade Marketing/TM (+215% YoY), MS (+164% YoY), IaaS (+49% YoY) and contribution from the newly launched E-wholesale platform (+IDR73.8bn or 13% of revenue).</li>
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<li>E-wholesale to surpass Trade Marketing: We lift our combined GMV estimates for TM and E-wholesale by +51%/+69%/+26% to IDR2,351bn/IDR3,616bn/IDR4,675bn in FY22E/23E/24E, respectively</li>
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<li>Large order book to sustain screen deployments: We estimate that DMMX has a sizeable screen order book (contracts on hand and potentially acquired contracts are +95% and +46% from 19,655 screens deployed in FY21, respectively).</li>
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1Q22 saw robust performances: Revenue rose by 209.7% YoY to IDR560bn in 1Q22, largely due to robust performances of Trade Marketing/TM (+215% YoY), MS (+164% YoY), IaaS (+49% YoY) and contribution from the newly launched E-wholesale platform (+IDR73.8bn or 13% of revenue).






E-wholesale to surpass Trade Marketing: We lift our combined GMV estimates for TM and E-wholesale by +51%/+69%/+26% to IDR2,351bn/IDR3,616bn/IDR4,675bn in FY22E/23E/24E, respectively






Large order book to sustain screen deployments: We estimate that DMMX has a sizeable screen order book (contracts on hand and potentially acquired contracts are +95% and +46% from 19,655 screens deployed in FY21, respectively).














PT Digital Mediatama Maxima Tbk - Powered by E-Wholesale Solution

<div><div><div><div><ul><li><strong>Upbeat on Trade Marketing:</strong> We tweaked our GMV estimates (accounted 85% of sales) by +28%/+14%/-24% to IDR904bn/IDR1,561bn/IDR2,141bn in FY21E/22E/23E, respectively, in order to reflect: 1) accelerating sales of existing digital products (data, top-up credits, etc.)</li></ul><div><div><div><ul><li><strong>Ample room for screen order book to grow:</strong> We expect the total screens deployed to rise at 38% CAGR to 39,651 units from FY20-23E (old est. 43.5% CAGR).</li></ul><div><div><div><div><ul><li><strong>E-wholesale platform as the new growth engine:</strong> DMMX recently launched “SIAP” platform, which offers e-wholesale solutions, including warehouse &amp; inventory mgmt., distribution syst., etc to SMEs (including SRCs), wholesalers and agents.</li></ul></div></div></div></div></div></div></div></div></div></div></div>

Upbeat on Trade Marketing: We tweaked our GMV estimates (accounted 85% of sales) by +28%/+14%/-24% to IDR904bn/IDR1,561bn/IDR2,141bn in FY21E/22E/23E, respectively, in order to reflect: 1) accelerating sales of existing digital products (data, top-up credits, etc.)Ample room for screen order book to grow: We expect the total screens deployed to rise at 38% CAGR to 39,651 units from FY20-23E (old est. 43.5% CAGR).E-wholesale platform as the new growth engine: DMMX recently launched “SIAP” platform, which offers e-wholesale solutions, including warehouse &amp; inventory mgmt., distribution syst., etc to SMEs (including SRCs), wholesalers and agents.

<p>DMMX recently announced two landmark partnerships that could revolutionize the way it operates as well as substantially adjusts its return profile higher. We turn more bullish on our forecasts, ascribing stronger tractions across all its platforms. Our DCF-based TP thus jumps to IDR910/share (from IDR310), implying 0.8x FY22E PEG. Reiterate BUY</p>

DMMX recently announced two landmark partnerships that could revolutionize the way it operates as well as substantially adjusts its return profile higher. We turn more bullish on our forecasts, ascribing stronger tractions across all its platforms. Our DCF-based TP thus jumps to IDR910/share (from IDR310), implying 0.8x FY22E PEG. Reiterate BUY

PT Digital Mediatama Maxima Tbk: Revving up with AdTech & MarTech Engines

Indonesia

Digital Mediatama Tbk PT provides advertising and marketing services. The Company offers digital trade marketing and cloud advertising exchange platform providing to end-to-end services from content management and programmatic sales acquisition program. Digital Mediatama serves customers in Indonesia.

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Digital Mediatama Maxima Tbk (DMMX IJ)

Digital Mediatama Maxima (DMMX.IJ) - Solid Industry Position as Digital Enabler Is Intact

DMMX’s 3Q/9M23 earnings offer evidence of operational growth on the back of steady expansion of its marketing efforts and O2O networks.

BRI Danareksa Research

Digital Mediatama Maxima - Solid Industry Position as Digital Enabler Is Intact

DMMX’s 3Q/9M23 earnings offer evidence of operational growth on the back of steady expansion of its marketing efforts and O2O networks.

BRI Danareksa Research

PT Digital Mediatama Maxima Tbk - Powered by E-Wholesale Solution

1Q22 Revenue and Core PATMI were up substantially by ~210% and ~22% YoY, forming 22%/19% of our FY22E revised forecasts, respectively.

SCCM Asia Research

PT Digital Mediatama Maxima Tbk

We revised our Trade Marketing GMV estimates higher for FY22E largely to account for accelerating fast-moving digital products sales and new...

SCCM Asia Research

PT Digital Mediatama Maxima Tbk: Revving up with AdTech & MarTech Engines

DMMX recently announced two landmark partnerships that could revolutionize the way it operates as well as substantially adjusts its return profile...

SCCM Asia Research

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