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

Sarana Menara Nusantara / Equity Bottom-Up

<ul><li>Sarana Menara Nusantara (TOWR IJ)Emerging from the TroughEXCL merger is potentially value-accretive for TOWR, as no churn and contract tenor reset to 12 years offset the 8% cut in lease rate.</li><li>MNOs' 5G investment directly benefits FTTT, where TOWR leads peers at 67% fiberization, though still below regional levels.</li><li>We initiate Buy on TOWR with TP of Rp610 (implying 6.6x EV/ EBITDA); DATA consolidation could add further upside.EXCL merger impact largely contained. </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.

Sarana Menara Nusantara (TOWR IJ)Emerging from the TroughEXCL merger is potentially value-accretive for TOWR, as no churn and contract tenor reset to 12 years offset the 8% cut in lease rate.MNOs' 5G investment directly benefits FTTT, where TOWR leads peers at 67% fiberization, though still below regional levels.We initiate Buy on TOWR with TP of Rp610 (implying 6.6x EV/ EBITDA); DATA consolidation could add further upside.EXCL merger impact largely contained. 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.

Sarana Menara Nusantara (TOWR.IJ) Emerging from the Trough

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.

Thematic (Sector/Industry)

<ul><li>Telco companies are projected to increase capex ~15% YoY in FY25E to strengthen network modernization and expand 5G infrastructure.</li><li>Although 5G penetration currently stands at ~4.4%, it’s expected to grow significantly, driven by more affordable 5G devices, the readiness of low-latency service ecosystems, and regulatory support through the spectrum auction scheduled for July/August 2025.</li><li>The government plans to auction the 1.4 GHz frequency spectrum, which is expected to increase network capacity by ~70% and accelerate equitable adoption of the national 5G network. </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 companies are projected to increase capex ~15% YoY in FY25E to strengthen network modernization and expand 5G infrastructure.Although 5G penetration currently stands at ~4.4%, it’s expected to grow significantly, driven by more affordable 5G devices, the readiness of low-latency service ecosystems, and regulatory support through the spectrum auction scheduled for July/August 2025.The government plans to auction the 1.4 GHz frequency spectrum, which is expected to increase network capacity by ~70% and accelerate equitable adoption of the national 5G network. 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 July 23, 2025

<ul><li>In 1Q25, EXCL and ISAT outperformed TLKM, driven by network integration and marketing synergies, although data growth and ARPU slowed down</li><li>  With mobile penetration exceeding 110%, subscriber growth has stagnated, and ARPU remains low at IDR35k–45k/month</li><li>Regulatory costs are expected to rise to 11–12% of total revenue in FY25E due to various fees such as USO levy, spectrum costs, and licensing issues that slow down infrastructure expansion</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.

In 1Q25, EXCL and ISAT outperformed TLKM, driven by network integration and marketing synergies, although data growth and ARPU slowed down  With mobile penetration exceeding 110%, subscriber growth has stagnated, and ARPU remains low at IDR35k–45k/monthRegulatory costs are expected to rise to 11–12% of total revenue in FY25E due to various fees such as USO levy, spectrum costs, and licensing issues that slow down infrastructure expansionContent 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 May 21, 2025

<ul><li>GOTO (BUY, TP: Rp110) - Inline 1Q25 Earnings: Flat Topline but Solid Margin Gains in ODS &amp; GTF GOTO booked a 1Q25 net loss of Rp283bn, broadly in line with our and consensus expectations.</li><li>The quarter saw flattish topline and GTV performance, but significant adj. EBITDA margin improvement for ODS and Fintech GTF. </li><li>Net revenue remained steady at Rp4.23tr (-0.0%qoq, +37.4%yoy), supported by a sequentially stable take rate of 2.93%. ODS declined slightly by -2.7%qoq but still posted strong +37.4%yoy 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.

GOTO (BUY, TP: Rp110) - Inline 1Q25 Earnings: Flat Topline but Solid Margin Gains in ODS &amp; GTF GOTO booked a 1Q25 net loss of Rp283bn, broadly in line with our and consensus expectations.The quarter saw flattish topline and GTV performance, but significant adj. EBITDA margin improvement for ODS and Fintech GTF. Net revenue remained steady at Rp4.23tr (-0.0%qoq, +37.4%yoy), supported by a sequentially stable take rate of 2.93%. ODS declined slightly by -2.7%qoq but still posted strong +37.4%yoy 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.

BRIDS TMT News - Wednesday, April 30, 2025

<ul><li>BUKA Injects Rp656bn into Subsidiaries to Strengthen Ecosystem Operations</li><li>On April 22, 2025, Bukalapak injected a total of Rp656.65bn into 9 of its subsidiaries through affiliated capital increases to strengthen internal operations across its Mitra, supply chain, and digital commerce ecosystem.</li><li>All entities are directly or indirectly owned by Bukalapak by over 99%, qualifying the transactions as affiliated under POJK 42/2020. (IDX)</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.

BUKA Injects Rp656bn into Subsidiaries to Strengthen Ecosystem OperationsOn April 22, 2025, Bukalapak injected a total of Rp656.65bn into 9 of its subsidiaries through affiliated capital increases to strengthen internal operations across its Mitra, supply chain, and digital commerce ecosystem.All entities are directly or indirectly owned by Bukalapak by over 99%, qualifying the transactions as affiliated under POJK 42/2020. (IDX)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.

Indonesia

PT Sarana Menara Nusantara Tbk is an Indonesian investment company that primarily invests in and operates telecommunication tower sites and fiber optic networks, leasing them to wireless communication companies. The company, through its main subsidiary Protelindo, owns and operates tens of thousands of telecommunication towers across Indonesia. It was established in 2008 and is headquartered in Kudus, Indonesia.

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Sarana Menara Nusantara (TOWR IJ)