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>4Q24 revenue growth was solid, driven by Telkom projects and FTTT growth, including the UMT acquisition. </li><li>FY24 net profit was in line amid a strong 82.7% EBITDA margin (+230bps yoy), despite higher interest from M&amp;A and higher tax. </li><li>Maintain Buy rating with lower TP of Rp800 to reflect -6.6% est. cut in FY25-27; MTEL remains best positioned for MNOs' ex-Java 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.

4Q24 revenue growth was solid, driven by Telkom projects and FTTT growth, including the UMT acquisition. FY24 net profit was in line amid a strong 82.7% EBITDA margin (+230bps yoy), despite higher interest from M&amp;A and higher tax. Maintain Buy rating with lower TP of Rp800 to reflect -6.6% est. cut in FY25-27; MTEL remains best positioned for MNOs' ex-Java growthContent 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.

Mitratel (MTEL.IJ) In-Line FY24 Earnings with Growth and Continued Margin Expansion

Sarana Menara Nusantara / Equity Bottom-Up

<ul><li>TOWR reported net profit of Rp888bn (+5.5%qoq, +7.3%yoy), supported by stable revenue and positive contributions from items below the EBITDA line.</li><li>Revenue was largely stable at Rp3.29tr (-0.3%qoq, +8.8%yoy), as robust non-tower revenue offset weaker tower revenue. Non-tower revenue contributed 33.8% of total revenue, increasing by 90 bps qoq.</li><li>EBITDA was Rp2.75tr (-2.1%qoq, +7.5%yoy), translating to an EBITDA margin of 83.8% (-150 bps qoq). This lower annualized EBITDA resulted in increased ND/EBITDA leverage.</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.

TOWR reported net profit of Rp888bn (+5.5%qoq, +7.3%yoy), supported by stable revenue and positive contributions from items below the EBITDA line.Revenue was largely stable at Rp3.29tr (-0.3%qoq, +8.8%yoy), as robust non-tower revenue offset weaker tower revenue. Non-tower revenue contributed 33.8% of total revenue, increasing by 90 bps qoq.EBITDA was Rp2.75tr (-2.1%qoq, +7.5%yoy), translating to an EBITDA margin of 83.8% (-150 bps qoq). This lower annualized EBITDA resulted in increased ND/EBITDA leverage.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 26 2025

<ul><li>MTEL posted strong 4Q23 revenue growth, aiding inline FY23 earnings (+12.6% yoy) and EBITDA to reach critical mass at Rp6.9tr (+12.7% yoy).</li><li>We expect oFCF to turn positive in FY24 and raise our non-tower capex estimate. Our FY24F revenue are unchanged as we trim tenancies.</li><li>We maintain our Buy rating and TP of Rp960 on MTEL’s stronger growth outlook vs. peers, advantages in ex-Java and its attractive 9x EV/EBITDA.</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 posted strong 4Q23 revenue growth, aiding inline FY23 earnings (+12.6% yoy) and EBITDA to reach critical mass at Rp6.9tr (+12.7% yoy).We expect oFCF to turn positive in FY24 and raise our non-tower capex estimate. Our FY24F revenue are unchanged as we trim tenancies.We maintain our Buy rating and TP of Rp960 on MTEL’s stronger growth outlook vs. peers, advantages in ex-Java and its attractive 9x EV/EBITDA.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.

Mitratel (MTEL) -  Becoming a Stronger M&A Player with Robust Revenue and OFCF Trends

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>MTEL substantiates its leading position in Indonesia’s digital infrastructure industry through both organic and several acquisitions of towers and fiber optics in FY23E, resulting in total 37,894 towers (41.55% inside Java and 58.45% ex-Java), estimation of 1.51x/1.55x tenancy ratio in FY23E/FY24E, and ~30,000 km of fiber optic rollouts in FY23E.</li><li>We forecast the revenue to grow at +11.4% YoY in FY23E and +9.9% YoY in FY24E, supported by the increasing income in tower leasing and fiber optics segments.</li><li>Preparing capex of ~IDR6 tn for FY24E, MTEL is in for the tender offer to acquire the shares of PT Inti Bangun Sejahtera Tbk (IBST) who owns 16,642 km of fiber optic, 3,383 towers with 5,791 tenants, and tenancy ratio of 1.71x.</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 substantiates its leading position in Indonesia’s digital infrastructure industry through both organic and several acquisitions of towers and fiber optics in FY23E, resulting in total 37,894 towers (41.55% inside Java and 58.45% ex-Java), estimation of 1.51x/1.55x tenancy ratio in FY23E/FY24E, and ~30,000 km of fiber optic rollouts in FY23E.We forecast the revenue to grow at +11.4% YoY in FY23E and +9.9% YoY in FY24E, supported by the increasing income in tower leasing and fiber optics segments.Preparing capex of ~IDR6 tn for FY24E, MTEL is in for the tender offer to acquire the shares of PT Inti Bangun Sejahtera Tbk (IBST) who owns 16,642 km of fiber optic, 3,383 towers with 5,791 tenants, and tenancy ratio of 1.71x.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 - MNC Sekuritas Equity Report February 16, 2024

<ul><li>Following an update by Mitratel yesterday, we reiterate our view that MTEL is well placed to outperform its peers in 2023</li><li>Moreover, we note the strong link between monetary policies and share price performance of tower companies, with a growing view that interest rates are peaking</li><li>Mitratel has the largest tower portfolio (36,439 units or ~33% of the tower market), with a strong platform to leverage new ICT infrastructure services and diversifying to non-towers (tower revenues now stand at 92%, non-towers at 8%)</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.

Following an update by Mitratel yesterday, we reiterate our view that MTEL is well placed to outperform its peers in 2023Moreover, we note the strong link between monetary policies and share price performance of tower companies, with a growing view that interest rates are peakingMitratel has the largest tower portfolio (36,439 units or ~33% of the tower market), with a strong platform to leverage new ICT infrastructure services and diversifying to non-towers (tower revenues now stand at 92%, non-towers at 8%)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.

Mitratel (MTEL IJ) - Comparative Advantage for MTEL in Ex–Java

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) In-Line FY24 Earnings with Growth and Continued Margin Expansion

Maintain Buy rating with lower TP of Rp800 to reflect -6.6% est. cut in FY25-27; MTEL remains best positioned for MNOs' ex-Java growth

BRI Danareksa Research

BRIDS TMT News - Wednesday, March 26 2025

TOWR reported net profit of Rp888bn (+5.5%qoq, +7.3%yoy), supported by stable revenue and positive contributions from items below the EBITDA line.

BRI Danareksa Research

Mitratel (MTEL) - Becoming a Stronger M&A Player with Robust Revenue and OFCF Trends

MTEL posted strong 4Q23 revenue growth, aiding inline FY23 earnings (+12.6% yoy) and EBITDA to reach critical mass at Rp6.9tr (+12.7% yoy).

BRI Danareksa Research

MTEL IJ - MNC Sekuritas Equity Report February 16, 2024

We forecast the revenue to grow at +11.4% YoY in FY23E and +9.9% YoY in FY24E, supported by the increasing income in tower leasing and fiber optics...

MNC Sekuritas

Mitratel (MTEL IJ) - Comparative Advantage for MTEL in Ex–Java

Following an update by Mitratel yesterday, we reiterate our view that MTEL is well placed to outperform its peers in 2023

BRI Danareksa Research