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.

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<ul><li>Telco companies are projected to increase capex ~15% YoY in FY25E to strengthen network modernization and expand 5G infrastructure.</li><li>Although 5G penetration currently stands at ~4.4%, it’s expected to grow significantly, driven by more affordable 5G devices, the readiness of low-latency service ecosystems, and regulatory support through the spectrum auction scheduled for July/August 2025.</li><li>The government plans to auction the 1.4 GHz frequency spectrum, which is expected to increase network capacity by ~70% and accelerate equitable adoption of the national 5G network. </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.

Telco companies are projected to increase capex ~15% YoY in FY25E to strengthen network modernization and expand 5G infrastructure.Although 5G penetration currently stands at ~4.4%, it’s expected to grow significantly, driven by more affordable 5G devices, the readiness of low-latency service ecosystems, and regulatory support through the spectrum auction scheduled for July/August 2025.The government plans to auction the 1.4 GHz frequency spectrum, which is expected to increase network capacity by ~70% and accelerate equitable adoption of the national 5G network. 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.

Telco & Tower Sectoral Update July 23, 2025

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>BUKA delivered 4Q24 bottomline losses Rp958bn mainly due to soft Contribution Margin, losses from investment in BBHI and restructuring costs.</li><li>Revenue came in Rp1.06tr (+7.5%qoq, -3.5%yoy) a positive sign of revenue health amid its transformation.</li><li>Contribution margin reached Rp41bn (-32.7%qoq, -66.3%yoy) mainly due to lower gross profit.</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.

BUKA delivered 4Q24 bottomline losses Rp958bn mainly due to soft Contribution Margin, losses from investment in BBHI and restructuring costs.Revenue came in Rp1.06tr (+7.5%qoq, -3.5%yoy) a positive sign of revenue health amid its transformation.Contribution margin reached Rp41bn (-32.7%qoq, -66.3%yoy) mainly due to lower gross profit.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 19 2025

Equity Bottom-Up

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul><li>GOTO delivered 4Q24 strong adj. EBITDA of Rp399bn (+193%qoq, +348%yoy) with all 3 pillars (ODS, GTF, Ecommerce) well in positive territory.</li><li>This is on the back of better Group core GTV, improved for both ODS and Fintech GTV.</li><li>ODS GTV grew by +2.7%qoq, +18.7% yoy driven by user growth and increased no. of orders. </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.

GOTO delivered 4Q24 strong adj. EBITDA of Rp399bn (+193%qoq, +348%yoy) with all 3 pillars (ODS, GTF, Ecommerce) well in positive territory.This is on the back of better Group core GTV, improved for both ODS and Fintech GTV.ODS GTV grew by +2.7%qoq, +18.7% yoy driven by user growth and increased no. of orders. 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>Kemenaker, together with ride-hailing platforms, is designing a THR scheme for ojol drivers in the form of incentives/bonuses.</li><li>The ministry is finalizing the formula, considering parameters such as transportation type, services, and working hours, which is why the process takes time.</li><li>Kemenaker aims to issue the circular letter today, ensuring THR is available by the weekend.</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.

Kemenaker, together with ride-hailing platforms, is designing a THR scheme for ojol drivers in the form of incentives/bonuses.The ministry is finalizing the formula, considering parameters such as transportation type, services, and working hours, which is why the process takes time.Kemenaker aims to issue the circular letter today, ensuring THR is available by the weekend.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>MTEL booked a revenue of IDR4.45 tn in 1H24 (+7.75% YoY), reflecting to 47.84%/47.91% of our/consensus estimates.</li><li>This performance was primarily driven by the tower leasing segment (+7.27% YoY), tower-related business (+7.80% YoY), and the fiber optic segment (+103.49% YoY).</li><li>Meanwhile, the revenue from reseller dropped by -13.59% YoY, aligning with management’s plan to gradually reduce this segment.</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 booked a revenue of IDR4.45 tn in 1H24 (+7.75% YoY), reflecting to 47.84%/47.91% of our/consensus estimates.This performance was primarily driven by the tower leasing segment (+7.27% YoY), tower-related business (+7.80% YoY), and the fiber optic segment (+103.49% YoY).Meanwhile, the revenue from reseller dropped by -13.59% YoY, aligning with management’s plan to gradually reduce this segment.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 - Vibrant Growth and Innovation – What to Expect Next

India

MT Educare Limited is an education support and coaching services provider. The Company serves students in the secondary and higher secondary school and for students pursuing graduation degree in commerce, preparing for various competitive examinations and undertaking chartered accountancy examinations.

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Mt Educare Ltd (MTEL IN)

Telco & Tower Sectoral Update July 23, 2025

Telco companies are projected to increase capex ~15% YoY in FY25E to strengthen network modernization and expand 5G infrastructure.

MNC Sekuritas

BRIDS TMT News - Wednesday, March 19 2025

BUKA delivered 4Q24 bottomline losses Rp958bn mainly due to soft Contribution Margin, losses from investment in BBHI and restructuring costs.

BRI Danareksa Research

BRIDS TMT News - Thursday, March 13 2025

GOTO delivered 4Q24 strong adj. EBITDA of Rp399bn (+193%qoq, +348%yoy) with all 3 pillars (ODS, GTF, Ecommerce) well in positive territory.

BRI Danareksa Research

TMT News - Thursday, March 06 2025

The ministry is finalizing the formula, considering parameters such as transportation type, services, and working hours, which is why the process...

BRI Danareksa Research

MTEL IJ - Vibrant Growth and Innovation – What to Expect Next

This performance was primarily driven by the tower leasing segment (+7.27% YoY), tower-related business (+7.80% YoY), and the fiber optic segment...

MNC Sekuritas

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