External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

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Equity Bottom-Up

Indosat Ooredoo Hutchison / Equity Bottom-Up

<ul><li>IOH fully absorbed its FY23 capex budget in 4Q23 signaling its growth commitments, hence its guidance for further outperformance in FY24F. </li><li>IOH subs offer significant ARPU upside to over Rp40k in FY24F and onwards, hence the 50% EBITDA margin guidance should be attainable. </li><li>We include the Home BB Internet take-up, raise our FY24-25F earnings by 23%/19%, raise our TP to Rp13,300 (implying 6.1x EV/EBITDA); reiterate Buy rating on strong fundamentals and the growth outlook. </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.

IOH fully absorbed its FY23 capex budget in 4Q23 signaling its growth commitments, hence its guidance for further outperformance in FY24F. IOH subs offer significant ARPU upside to over Rp40k in FY24F and onwards, hence the 50% EBITDA margin guidance should be attainable. We include the Home BB Internet take-up, raise our FY24-25F earnings by 23%/19%, raise our TP to Rp13,300 (implying 6.1x EV/EBITDA); reiterate Buy rating on strong fundamentals and the growth outlook. 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 IJ - Earnings Beat Offers a Credible Prospect of Further Growth Outperformance in FY24

<ul><li>The IOH roadmap has become clearcut with the management providing guidance for network capacity and coverage expansion by frontloading in exJava areas.</li><li>IOH now has better network performance especially for Hutch3 subscribers.</li><li>Right off the bat, Hutch3 prices increased post Lebaran leveraging on this network experience upgrade. </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.

The IOH roadmap has become clearcut with the management providing guidance for network capacity and coverage expansion by frontloading in exJava areas.IOH now has better network performance especially for Hutch3 subscribers.Right off the bat, Hutch3 prices increased post Lebaran leveraging on this network experience upgrade. 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) - Bigger Fish to Fry – Significant Upside

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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ISAT IJ - Earnings Beat Offers a Credible Prospect of Further Growth Outperformance in FY24

We include the Home BB Internet take-up, raise our FY24-25F earnings by 23%/19%, raise our TP to Rp13,300 (implying 6.1x EV/EBITDA)

BRI Danareksa Research

Indosat Ooredoo Hutchison (ISAT IJ) - Bigger Fish to Fry – Significant Upside

The IOH roadmap has become clearcut with the management providing guidance for network capacity and coverage expansion by frontloading in exJava...

BRI Danareksa Research