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

<ul>
<li>1Q25 core profit rose 6.1% qoq from OPEX savings setting new base; topline dipped on macro, but subs and ARPU rose via rural push.</li>
<li>FY25 revenue will be supported by starter pack simplification, AI-led personalization, and stronger Lebaran tailwinds peaking in April.</li>
<li>We maintain our Buy rating (TP Rp3,200), based on our blended valuation, as we keep our forecast unchanged.</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.


1Q25 core profit rose 6.1% qoq from OPEX savings setting new base; topline dipped on macro, but subs and ARPU rose via rural push.
FY25 revenue will be supported by starter pack simplification, AI-led personalization, and stronger Lebaran tailwinds peaking in April.
We maintain our Buy rating (TP Rp3,200), based on our blended valuation, as we keep our forecast unchanged.

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.

ISAT IJ -1Q25 Earnings Miss Due to Persisting Macro Headwinds

<ul><li>At NVIDIA GTC 2025, IOH CEO Vikram Sinha made it clear: the company will not follow technology—it will shape it, sovereignly (fully independent) and strategically, from within Indonesia at the heart of SE Asia.</li><li>Indosat is evolving from a legacy telco into a sovereign, AI-native TechCo and a national enabler placing Indonesia firmly on the global map as not just an AI adopter, but an AI creator.</li><li>“Where others see data traffic,” Vikram notes, “we see 120 million dreams in motion.”</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.

At NVIDIA GTC 2025, IOH CEO Vikram Sinha made it clear: the company will not follow technology—it will shape it, sovereignly (fully independent) and strategically, from within Indonesia at the heart of SE Asia.Indosat is evolving from a legacy telco into a sovereign, AI-native TechCo and a national enabler placing Indonesia firmly on the global map as not just an AI adopter, but an AI creator.“Where others see data traffic,” Vikram notes, “we see 120 million dreams in motion.”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>IOH shifts from rotating subs, planning starter pack price hikes to 25- 35k/3GB while leveraging its AI-native telco strategy. </li><li>IOH mgmt. underscores first-mover AI positioning, aiming to expand B2B revenue to $120mn annualized revenue through AI servicesin FY25. </li><li>We maintain BUY on ISAT on the outlook of market repair and AI edge; the stock trades at 3.5x 25F EV/EBITDA, ~-2SD of its 5-year range.</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.

IOH shifts from rotating subs, planning starter pack price hikes to 25- 35k/3GB while leveraging its AI-native telco strategy. IOH mgmt. underscores first-mover AI positioning, aiming to expand B2B revenue to $120mn annualized revenue through AI servicesin FY25. We maintain BUY on ISAT on the outlook of market repair and AI edge; the stock trades at 3.5x 25F EV/EBITDA, ~-2SD of its 5-year range.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.

Indosat Ooredoo Hutchison (ISAT.IJ) - Accelerating Market Repair and AI-Driven Growth

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat (ISAT IJ)</a> booked 4Q2024 results below estimates, despite improving ARPUs and headline revenues, as margins were depressed with a greater focus on its B2B business. </li>
<li>There was also continuing aggressive competition in starter packs during the quarter, although this abated somewhat in early December but the company also lost non-productive subscribers as a result.</li>
<li>
<a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat</a> continues to build on its AI edge both around its mobile strategies and as a standalone AI-as-a-service business. Valuations are attractive after sharp correction. </li>
</ul>



Indosat (ISAT IJ) booked 4Q2024 results below estimates, despite improving ARPUs and headline revenues, as margins were depressed with a greater focus on its B2B business. 
There was also continuing aggressive competition in starter packs during the quarter, although this abated somewhat in early December but the company also lost non-productive subscribers as a result.

Indosat continues to build on its AI edge both around its mobile strategies and as a standalone AI-as-a-service business. Valuations are attractive after sharp correction. 


Indosat (ISAT IJ) - A More Intelligent Future

<ul><li>IOH diversifies growth into non-cellular revenue, driving higher OPEX amid intensified mobile competition and weak consumption.</li><li>IOH’s mobile strategy is intact, focused on rural expansion to boost ARPU with personalization and cross-selling, building competitive moat.</li><li>We adjust our valuation, averaging the 3yr EV/EBITDA and DCF valuation, lowering TP to Rp3,200 while maintaining our BUY rating</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.

IOH diversifies growth into non-cellular revenue, driving higher OPEX amid intensified mobile competition and weak consumption.IOH’s mobile strategy is intact, focused on rural expansion to boost ARPU with personalization and cross-selling, building competitive moat.We adjust our valuation, averaging the 3yr EV/EBITDA and DCF valuation, lowering TP to Rp3,200 while maintaining our BUY ratingContent 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.

Indosat Ooredoo Hutchison (ISAT.IJ) - FY24 Earnings Missed

Indonesia

PT Indosat Tbk is a telecommunication and information service provider in Indonesia that provides cellular services (prepaid and postpaid), fixed data services or MIDI (Multimedia, Internet & Data Communication) and fixed voice services including fixed wireless access services.

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Indosat Tbk PT (ISAT IJ)

ISAT IJ -1Q25 Earnings Miss Due to Persisting Macro Headwinds

1Q25 core profit rose 6.1% qoq from OPEX savings setting new base; topline dipped on macro, but subs and ARPU rose via rural push.

BRI Danareksa Research

BRIDS TMT News - Thursday, March 27 2025

At NVIDIA GTC 2025, IOH CEO Vikram Sinha made it clear: the company will not follow technology—it will shape it, sovereignly (fully independent)...

BRI Danareksa Research

Indosat Ooredoo Hutchison (ISAT.IJ) - Accelerating Market Repair and AI-Driven Growth

We maintain BUY on ISAT on the outlook of market repair and AI edge; the stock trades at 3.5x 25F EV/EBITDA, ~-2SD of its 5-year range.

BRI Danareksa Research

Indosat (ISAT IJ) - A More Intelligent Future

Indosat continues to build on its AI edge both around its mobile strategies and as a standalone AI-as-a-service business. Valuations are attractive...

Angus Mackintosh

Indosat Ooredoo Hutchison (ISAT.IJ) - FY24 Earnings Missed

IOH diversifies growth into non-cellular revenue, driving higher OPEX amid intensified mobile competition and weak consumption.

BRI Danareksa Research

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