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

Equity Bottom-Up

<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

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.

<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><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>

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

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul><li>ESR partners with CloudHQ for $2B Osaka data centre, aiming to enhance digital infrastructure in the region.</li><li>Macquarie Asset Management plans to invest $5B in a crypto firm turned data centre startup, highlighting growing interest in the industry.</li><li>US hyperscaler enters Malaysian market, establishing a 220MW campus in Johor to meet increasing demand for data services in the region.</li></ul>

ESR partners with CloudHQ for $2B Osaka data centre, aiming to enhance digital infrastructure in the region.Macquarie Asset Management plans to invest $5B in a crypto firm turned data centre startup, highlighting growing interest in the industry.US hyperscaler enters Malaysian market, establishing a 220MW campus in Johor to meet increasing demand for data services in the region.

Asia Real Estate Tracker (17-Jan-2025): ESR & CloudHQ JV for $2B Osaka Data Centre Campus

<ul>
<li>A conversation with <a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat (ISAT IJ) </a>managment revealed a stabilisation in the pricing environment following Telkomsel's recent data price hikes and a more positive outlook for 2025 with market consolidation. </li>
<li>2025 will see the four-player market move to a three-player market which should be positive for data pricing following the XL/FREN merger, with ex-Java expansion also potentially boosting ISAT ARPUs. </li>
<li>
<a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat</a>'s move into the AI sphere through its exclusivity in providing <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp</a>'s GPUs in Indonesia should be an additional growth driver in 2025. Valuation remains appealing.</li>
</ul>


A conversation with Indosat (ISAT IJ) managment revealed a stabilisation in the pricing environment following Telkomsel's recent data price hikes and a more positive outlook for 2025 with market consolidation. 
2025 will see the four-player market move to a three-player market which should be positive for data pricing following the XL/FREN merger, with ex-Java expansion also potentially boosting ISAT ARPUs. 

Indosat's move into the AI sphere through its exclusivity in providing NVIDIA Corp's GPUs in Indonesia should be an additional growth driver in 2025. Valuation remains appealing.


Indosat (ISAT IJ) - Rising ARPUs with an AI Twist

Cross Asset Strategy

<ul>
<li>The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new government in place. </li>
<li>GDP growth forecasts are more optimistic for 2025 and government stimulus should help to drive higher consumption, with FDI driven by more value-added investments in the EV-related projects. </li>
<li>Increasing digitalisation of the economy and greater use of AI will drive profitability and data centre growth. Interest rates are expected to fall -50-100bps which should also be supportive.</li>
</ul>


The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new government in place. 
GDP growth forecasts are more optimistic for 2025 and government stimulus should help to drive higher consumption, with FDI driven by more value-added investments in the EV-related projects. 
Increasing digitalisation of the economy and greater use of AI will drive profitability and data centre growth. Interest rates are expected to fall -50-100bps which should also be supportive.


CrossASEAN Indonesia Strategy - Parting Clouds

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)

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

Asia Real Estate Tracker (17-Jan-2025): ESR & CloudHQ JV for $2B Osaka Data Centre Campus

ESR partners with CloudHQ for $2B data centre, Macquarie invests $5B in crypto firm turned data centre startup, US hyperscaler opens 220MW campus...

Asia Real Estate Tracker

Indosat (ISAT IJ) - Rising ARPUs with an AI Twist

Indosat's move into the AI sphere through its exclusivity in providing NVIDIA Corp's GPUs in Indonesia should be an additional growth driver in...

Angus Mackintosh

CrossASEAN Indonesia Strategy - Parting Clouds

The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new...

Angus Mackintosh

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