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.

Thematic (Sector/Industry)

<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.

<ul><li>We see a significant untapped inventory in fixed BB despite the low user penetration, implying a large fragmentation in the supply chain.</li><li>Smaller infra ISPs may disrupt the market by offering more affordable prices of Rp100-Rp200k/month, owing to their leaner cost structures.</li><li>Maintain OW rating in infra/towers; lower prices may unlock the supply chain and improve segmentation; TOWR should be the key beneficiary.</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.

We see a significant untapped inventory in fixed BB despite the low user penetration, implying a large fragmentation in the supply chain.Smaller infra ISPs may disrupt the market by offering more affordable prices of Rp100-Rp200k/month, owing to their leaner cost structures.Maintain OW rating in infra/towers; lower prices may unlock the supply chain and improve segmentation; TOWR should be the key beneficiary.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.

Towers: Building Retail Channels to Invigorate Supply and Demand for Fixed Broadband

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

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.

<ul><li>Telco’s: Data Traffic and ARPU Trends Indonesia's economic growth is driven by investments in digital infrastructure, aiming for 79.5% penetration by 2024 and a USD1 trillion digital economy by 2030, aligning with the Golden Indonesia 2045 vision.</li><li>Meanwhile, competition among telco operators remains fierce. TLKM leads in data traffic and ARPU but faced an ARPU decline in Q3 2024, nearing 2021 levels, due to seasonal factors and a shift toward affordable packages like Telkomsel Lite, which increased data traffic.</li><li>XL and IOH demonstrated growth in both ARPU and data traffic, bolstered by successful price adjustments and confidence in user growth. </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’s: Data Traffic and ARPU Trends Indonesia's economic growth is driven by investments in digital infrastructure, aiming for 79.5% penetration by 2024 and a USD1 trillion digital economy by 2030, aligning with the Golden Indonesia 2045 vision.Meanwhile, competition among telco operators remains fierce. TLKM leads in data traffic and ARPU but faced an ARPU decline in Q3 2024, nearing 2021 levels, due to seasonal factors and a shift toward affordable packages like Telkomsel Lite, which increased data traffic.XL and IOH demonstrated growth in both ARPU and data traffic, bolstered by successful price adjustments and confidence in user growth. 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 November 25, 2024

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)

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

Towers: Building Retail Channels to Invigorate Supply and Demand for Fixed Broadband

We see a significant untapped inventory in fixed BB despite the low user penetration, implying a large fragmentation in the supply chain.

BRI Danareksa Research

Telco & Tower Sectoral Update November 25, 2024

Data Traffic and ARPU Trends Indonesia's economic growth is driven by investments in digital infrastructure, aiming for 79.5% penetration by 2024...

MNC Sekuritas

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