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>We cut FY25–27F EBITDA by 2.6–7.1%, although the +4.5% qoq data revenue uplift in 3Q25 indicates early mobile momentum returning.</li><li>3Q25 ARPU hit Rp40k (+3.9% qoq / +7.5% yoy), supported by SIM consolidation and AI-driven personalization that lifted usage.</li><li>We maintain our TP of Rp2,600 as we rolled forward DCF to FY26F; we expect mobile momentum to continue in a more rational market.</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 cut FY25–27F EBITDA by 2.6–7.1%, although the +4.5% qoq data revenue uplift in 3Q25 indicates early mobile momentum returning.3Q25 ARPU hit Rp40k (+3.9% qoq / +7.5% yoy), supported by SIM consolidation and AI-driven personalization that lifted usage.We maintain our TP of Rp2,600 as we rolled forward DCF to FY26F; we expect mobile momentum to continue in a more rational market.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) Early Signs of Inflection Emerging...

Thematic (Sector/Industry)

<ul><li>EXCL leads 5G metrics , with download speed tripling to 135.4Mbps and availability at 52.8%, though capacity - not coverage - driven.</li><li>ISAT's 5G availability jumped to 44.6% but download speed lags at 48.1Mbps, underpinning its Rp23tr FY26F capex.</li><li>With the sector in a capex up - cycle, we cut 3M tactical to Neutral, pending TLKM and EXCL capex guidance post 2Q26 results.</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.

EXCL leads 5G metrics , with download speed tripling to 135.4Mbps and availability at 52.8%, though capacity - not coverage - driven.ISAT's 5G availability jumped to 44.6% but download speed lags at 48.1Mbps, underpinning its Rp23tr FY26F capex.With the sector in a capex up - cycle, we cut 3M tactical to Neutral, pending TLKM and EXCL capex guidance post 2Q26 results.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: Jul26 OpenSignal: The 5G Race Reshuffles (OVERWEIGHT)

<ul><li>TelcoJul26 Price Tracker: Repair Path Sustained; Rp50k ARPU Within Reach.</li><li>We think the next leg of the telco price-repair theme is a basket-size uptrade game, the key lever to push ARPU toward Rp50k.</li><li>EXCL is best positioned on uptrade to ARPU 50k followed by ISAT, while TLKM seems to have a heavier base on its current portfolio. </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.

TelcoJul26 Price Tracker: Repair Path Sustained; Rp50k ARPU Within Reach.We think the next leg of the telco price-repair theme is a basket-size uptrade game, the key lever to push ARPU toward Rp50k.EXCL is best positioned on uptrade to ARPU 50k followed by ISAT, while TLKM seems to have a heavier base on its current portfolio. 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: Jul26 Price Tracker: Repair Path Sustained; Rp50k ARPU Within Reach

<ul><li>TelcoSpectrum Cost Lower than Feared; Reiterate OW Komdigi announced the 700MHz and 2.6GHz auction results; Total upfront bids were Rp1.2tr (TLKM), Rp0.9tr (ISAT), &amp; Rp1.3tr (EXCL).</li><li>The results were lower than our estimation and translate into FY27F EBITDA impact of -1.5%/ -3%/ -3.3% for TLKM/ ISAT/ EXCL.</li><li>We maintain 3M Tactical OW on ISAT &amp; EXCL; lower-than-expected spectrum pricing enhances ISAT's special dividend optionality. </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.

TelcoSpectrum Cost Lower than Feared; Reiterate OW Komdigi announced the 700MHz and 2.6GHz auction results; Total upfront bids were Rp1.2tr (TLKM), Rp0.9tr (ISAT), &amp; Rp1.3tr (EXCL).The results were lower than our estimation and translate into FY27F EBITDA impact of -1.5%/ -3%/ -3.3% for TLKM/ ISAT/ EXCL.We maintain 3M Tactical OW on ISAT &amp; EXCL; lower-than-expected spectrum pricing enhances ISAT's special dividend optionality. 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: Spectrum Cost Lower than Feared; Reiterate OW (OVERWEIGHT)

<ul><li>TelcoJun26 Price Tracker: Limited but Positive Room to Sustain Price Repair.</li><li>Price repair has remained solid since Oct25, driven by monetization of low-to-mid-tier data packages and SKU rationalization.May-Jun26: TLKM tightened Hot Promo GB, ISAT reshuffled Hutch to larger baskets, EXCL repriced XL Regular while enhancing VIP.</li><li>We reiterate OW as MNO’s price-repair efforts remain constructive, with ISAT and EXCL as our preferred picks. </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.

TelcoJun26 Price Tracker: Limited but Positive Room to Sustain Price Repair.Price repair has remained solid since Oct25, driven by monetization of low-to-mid-tier data packages and SKU rationalization.May-Jun26: TLKM tightened Hot Promo GB, ISAT reshuffled Hutch to larger baskets, EXCL repriced XL Regular while enhancing VIP.We reiterate OW as MNO’s price-repair efforts remain constructive, with ISAT and EXCL as our preferred picks. 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: Jun26 Price Tracker: Limited but Positive Room to Sustain Price Repair (OVERWEIGHT)

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)