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.

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

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>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.

<ul><li>Revenue Rp5.36tr, +28%yoy, above cons., driven by strong growth in Data Center &amp; Cloud Infra (+42%yoy).</li><li>Gross profit Rp964bn, +11%yoy, but GPM compressed to 18% (vs 21% in FY23) due to a higher portion of hardware.</li><li>Net profit Rp530bn, +18%yoy, in line with consensus 103%, with NPM steady at 11%, due to effective cost control.</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.

Revenue Rp5.36tr, +28%yoy, above cons., driven by strong growth in Data Center &amp; Cloud Infra (+42%yoy).Gross profit Rp964bn, +11%yoy, but GPM compressed to 18% (vs 21% in FY23) due to a higher portion of hardware.Net profit Rp530bn, +18%yoy, in line with consensus 103%, with NPM steady at 11%, due to effective cost control.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>Komdigi proposed the implementation of the Multi-Operator Core Network (MOCN) model to accelerate the adoption of 5G technology in Indonesia.</li><li>This model enables operators to share infrastructure, which not only speeds up network expansion but also reduces investment costs.</li><li>Additionally, utilizing PLN’s infrastructure, such as electricity poles for fiber optic distribution, is seen as a strategic solution to extend telecommunications networks to underserved areas. </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.

Komdigi proposed the implementation of the Multi-Operator Core Network (MOCN) model to accelerate the adoption of 5G technology in Indonesia.This model enables operators to share infrastructure, which not only speeds up network expansion but also reduces investment costs.Additionally, utilizing PLN’s infrastructure, such as electricity poles for fiber optic distribution, is seen as a strategic solution to extend telecommunications networks to underserved areas. 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>XLSMart reiterated the merger benefits from a) scale and commercial presence b) network synergies, c) ecosystem support from the shareholders. </li><li>XLSmart emphasized a) the larger scale of the new XLSmart and how important it is amid technology advancements, b) the in country telco consolidation experience of Axiata shareholder, c) the deep knowledge of Sinar Mas conglomerate in the local economy d) 20years+ telco experience for each director in XLSmart</li><li>Categorizing the benefits into shareholders, industry, customers and employees. </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.

XLSMart reiterated the merger benefits from a) scale and commercial presence b) network synergies, c) ecosystem support from the shareholders. XLSmart emphasized a) the larger scale of the new XLSmart and how important it is amid technology advancements, b) the in country telco consolidation experience of Axiata shareholder, c) the deep knowledge of Sinar Mas conglomerate in the local economy d) 20years+ telco experience for each director in XLSmartCategorizing the benefits into shareholders, industry, customers and employees. 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.

Indonesia

PT Dayamitra Telekomunikasi Tbk, known as Mitratel, is an Indonesian telecommunications infrastructure company. It specializes in the construction, ownership, and management of telecommunications towers, providing infrastructure solutions such as tower rentals, colocation, and fiber optic solutions to mobile network operators across Indonesia. The company is headquartered in Jakarta, Indonesia, and was established on June 18, 1995.

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Mitratel (MTEL IJ)

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 - Tuesday, March 25 2025

Revenue Rp5.36tr, +28%yoy, above cons., driven by strong growth in Data Center & Cloud Infra (+42%yoy). Gross profit Rp964bn, +11%yoy, but GPM...

BRI Danareksa Research

BRIDS TMT News - Friday, March 14 2025

Komdigi proposed the implementation of the Multi-Operator Core Network (MOCN) model to accelerate the adoption of 5G technology in Indonesia.

BRI Danareksa Research

BRIDS TMT News - Tuesday, March 11 2025

XLSMart reiterated the merger benefits from a) scale and commercial presence b) network synergies, c) ecosystem support from the shareholders.

BRI Danareksa Research

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