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

Indosat Ooredoo Hutchison / Equity Bottom-Up

<ul><li>ISAT raised its FY26F revenue and EBITDA growth guidance from mid-single-digit to close-to- double-digit. </li><li>We see this as achievable, supported by strong 1H26 traffic momentum and the guided ~US$100mn contribution from AI Neocloud.</li><li>Accordingly, we lift our FY 26F revenue by 3.4%, translating to 8.6% yoy growth, assuming +2% hoh traffic growth in 2H26 — implying average monthly data usage of 19GB. </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.

ISAT raised its FY26F revenue and EBITDA growth guidance from mid-single-digit to close-to- double-digit. We see this as achievable, supported by strong 1H26 traffic momentum and the guided ~US$100mn contribution from AI Neocloud.Accordingly, we lift our FY 26F revenue by 3.4%, translating to 8.6% yoy growth, assuming +2% hoh traffic growth in 2H26 — implying average monthly data usage of 19GB. 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.

Indosat Ooredoo Hutchison (ISAT.IJ): Growth Outlook Accelerates, But So Does Capex

<ul><li>Indosat Ooredoo Hutchison (ISAT IJ)Monetize Without Letting Go: Fiber Divestment Funds a Potential Special Dividend ISAT divests 84.9% of its fiber yet keeps a 49.9% stake and operational control—booking a Rp1.65tr gain, not a clean exit.</li><li>Special dividend potential of ~Rp4.9–5.6tr from excess cash remains, implying a potential dividend yield of 7.6–8.7%.</li><li>Maintain Buy, TP Rp3,000, implying 4.0x 26F EV/EBITDA (-1.4SD); Special dividend and spectrum pricing are the key catalysts. </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.

Indosat Ooredoo Hutchison (ISAT IJ)Monetize Without Letting Go: Fiber Divestment Funds a Potential Special Dividend ISAT divests 84.9% of its fiber yet keeps a 49.9% stake and operational control—booking a Rp1.65tr gain, not a clean exit.Special dividend potential of ~Rp4.9–5.6tr from excess cash remains, implying a potential dividend yield of 7.6–8.7%.Maintain Buy, TP Rp3,000, implying 4.0x 26F EV/EBITDA (-1.4SD); Special dividend and spectrum pricing are the key catalysts. 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.

Indosat Ooredoo Hutchison (ISAT.IJ) - Fiber Divestment Funds a Potential Special Dividend

<ul><li>4Q25 ARPU reached Rp44k (+10% qoq), with traffic remaining the key driver (+7.5% qoq), supported by AI-driven hyper-personalization.</li><li>FY26F capex is guided at Rp13tr, excluding spectrum license costs, while management aims to secure both 700MHz and 2.6GHz bands.</li><li>We maintain Buy rating and TP Rp3,000, supported by solid mobile while net FiberCo proceeds (US$560mn) could provide dividend upside.</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.

4Q25 ARPU reached Rp44k (+10% qoq), with traffic remaining the key driver (+7.5% qoq), supported by AI-driven hyper-personalization.FY26F capex is guided at Rp13tr, excluding spectrum license costs, while management aims to secure both 700MHz and 2.6GHz bands.We maintain Buy rating and TP Rp3,000, supported by solid mobile while net FiberCo proceeds (US$560mn) could provide dividend upside.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.

Indosat Ooredoo Hutchison (ISAT.IJ) Solid Mobile; Potential Div Upside from Fiber Sale

Macroeconomics

<ul><li>BRIDS Market PulseIn the SpotlightMarket and Sector Performance.</li><li>JCI rose 1.93% wow to 6,525.69, its best weekly gain in five weeks, with the advance broadening beyond the commodity and small cap names that had carried the index through Jul26 and early Aug26.</li><li>The rupiah strengthened in step, ending at Rp17,693/US$ from Rp17,825, a 0.74% wow gain.</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.

BRIDS Market PulseIn the SpotlightMarket and Sector Performance.JCI rose 1.93% wow to 6,525.69, its best weekly gain in five weeks, with the advance broadening beyond the commodity and small cap names that had carried the index through Jul26 and early Aug26.The rupiah strengthened in step, ending at Rp17,693/US$ from Rp17,825, a 0.74% wow gain.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 Market Pulse: Chart of the Week – ISAT 3-Year Forward PE Multiple Band

<ul><li>Dec25 price tracker shows clear intentional price hikes across IM3 and Hutch mainstream packages, supporting yield improvement prospect.</li><li>We raise our FY26F revenue forecast to +5.2% yoy, supported by stronger mobile execution, and meaningful upside to data yields.</li><li>We raise our TP to Rp3,000 (5.3x EV/EBITDA) following initial pricerepair; Mgmt. guides fiber divestment completion by year-end.</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.

Dec25 price tracker shows clear intentional price hikes across IM3 and Hutch mainstream packages, supporting yield improvement prospect.We raise our FY26F revenue forecast to +5.2% yoy, supported by stronger mobile execution, and meaningful upside to data yields.We raise our TP to Rp3,000 (5.3x EV/EBITDA) following initial pricerepair; Mgmt. guides fiber divestment completion by year-end.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.

Indosat Ooredoo Hutchison (ISAT.IJ) Stepping Into Monetization Phase

Indonesia

Indosat Ooredoo Hutchison provides digital telecommunication services, including cellular, fixed telecommunications, and multimedia, data communication, and internet (MIDI) services across Indonesia. The company offers prepaid and post-paid mobile services, international and roaming services, data communication, IT services, and electronic payment and remittance services. It was founded in 1967 and is headquartered in Jakarta, Indonesia.

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Indosat Ooredoo Hutchison (ISAT IJ)