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

Solusi Sinergi Digital / Equity Bottom-Up

<ul><li>Solusi Sinergi Digital (WIFI IJ)IRA Officially Launched; Poised for Acceleration IRA World Cup promo could drive demand, though capped by early-stage BTS deployment; we trim FY26F FWA revenue by -24%.</li><li>1Q26 advances and inventories surged Rp1.65tr qoq, implying Rp1.8tr economic capex and signaling 2H acceleration deployment.</li><li>We maintain Buy rating with a lower TP of Rp4,100; management flagged a syndicated loan pipeline to fund FWA deployment.</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.

Solusi Sinergi Digital (WIFI IJ)IRA Officially Launched; Poised for Acceleration IRA World Cup promo could drive demand, though capped by early-stage BTS deployment; we trim FY26F FWA revenue by -24%.1Q26 advances and inventories surged Rp1.65tr qoq, implying Rp1.8tr economic capex and signaling 2H acceleration deployment.We maintain Buy rating with a lower TP of Rp4,100; management flagged a syndicated loan pipeline to fund FWA deployment.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.

Solusi Sinergi Digital (WIFI.IJ) IRA Officially Launched; Poised for Acceleration

<ul><li>WIFI benefits from its structurally lower FTTH capex at ~Rp750k/HC driven by network design, enabling its competitive pricing at Rp100k.</li><li>We project WIFI to reach ~12mn subs. by FY30F (vs. company’s 25mn target), with FWA as the primary driver, contributing ~65% of total subs.</li><li>We initiate with a Buy rating and TP of Rp4,400. As a high-growth play in the sector, WIFI currently trades at an attractive 5x FY27F 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.

WIFI benefits from its structurally lower FTTH capex at ~Rp750k/HC driven by network design, enabling its competitive pricing at Rp100k.We project WIFI to reach ~12mn subs. by FY30F (vs. company’s 25mn target), with FWA as the primary driver, contributing ~65% of total subs.We initiate with a Buy rating and TP of Rp4,400. As a high-growth play in the sector, WIFI currently trades at an attractive 5x FY27F EV/ EBITDAContent 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.

Solusi Sinergi Digital (WIFI.IJ) FTTH Cost Advantage and FWA-Driven Growth Momentum...

<ul><li>WIFI booked 3Q25 net profit of Rp32bn (-77.6% qoq), impacted by initial rollout spending, despite strong homeconnect reaching 831k.</li><li>The company guides for 3mn FTTH homeconnect and 5mn 5G FWA subs by 26F, supported by partnership with local contractors and RT/RW Net.</li><li>WIFI currently trades at ~17.2x FY25F EV/EBITDA, implying a premium to global FiberCo peers at ~12x</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.

WIFI booked 3Q25 net profit of Rp32bn (-77.6% qoq), impacted by initial rollout spending, despite strong homeconnect reaching 831k.The company guides for 3mn FTTH homeconnect and 5mn 5G FWA subs by 26F, supported by partnership with local contractors and RT/RW Net.WIFI currently trades at ~17.2x FY25F EV/EBITDA, implying a premium to global FiberCo peers at ~12xContent 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.

Solusi Sinergi Digital (WIFI IJ) 3Q25 Earnings Weighed by Early-Stage Investment...

Thematic (Sector/Industry)

<ul>
<li>JCI closed slightly up (+0.3% w-w) despite correcting from all-time high level during the week.</li>
<li>In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental stocks underperformed (BBCA -3.6% w-w, TLKM -4.1%, BMRI -1.6%).</li>
<li>Within our coverage universe, the Metal sector has regained leadership (+9.5% w-w), following recovery in gold price, followed by Media (+6.2% w-w, led by SCMA) and Tech (+2.0% w-w, led by GOTO); Industrial Estate, Heavy Equipment and Cigarettes underperformed.</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.


JCI closed slightly up (+0.3% w-w) despite correcting from all-time high level during the week.
In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental stocks underperformed (BBCA -3.6% w-w, TLKM -4.1%, BMRI -1.6%).
Within our coverage universe, the Metal sector has regained leadership (+9.5% w-w), following recovery in gold price, followed by Media (+6.2% w-w, led by SCMA) and Tech (+2.0% w-w, led by GOTO); Industrial Estate, Heavy Equipment and Cigarettes underperformed.

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 – JCI vs. LQ45 Forward P/E Band

<ul><li>The Fed is likely to lean toward an easing bias as labor conditions weaken, though divisions among members remain.</li><li>Stable inflation, ample liquidity, and BI’s intervention framework support Bank Indonesia’s gradual 2026 rate cuts.</li><li>We expect 2026 INDOGB yields at 5.62%–6.14% (5.9% yr-end baseline), supported by expected rate cuts, stable IDR and foreign ownership.</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 Fed is likely to lean toward an easing bias as labor conditions weaken, though divisions among members remain.Stable inflation, ample liquidity, and BI’s intervention framework support Bank Indonesia’s gradual 2026 rate cuts.We expect 2026 INDOGB yields at 5.62%–6.14% (5.9% yr-end baseline), supported by expected rate cuts, stable IDR and foreign ownership.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.

Macro Strategy: 2026: Navigating the Rate and Yield Transition

Indonesia

PT Solusi Sinergi Digital Tbk (SURGE) is an Indonesian digital infrastructure and technology company that operates an integrated digital ecosystem. The company focuses on connectivity infrastructure, digital products and services, and digital media and advertising, including the development and operation of fiber optic infrastructure and mobile applications. It was founded in 2012 and is headquartered in Jakarta, Indonesia.

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Solusi Sinergi Digital (WIFI.IJ) IRA Officially Launched; Poised for Acceleration

1Q26 advances and inventories surged Rp1.65tr qoq, implying Rp1.8tr economic capex and signaling 2H acceleration deployment.

BRI Danareksa Research

Solusi Sinergi Digital (WIFI.IJ) FTTH Cost Advantage and FWA-Driven Growth Momentum...

WIFI benefits from its structurally lower FTTH capex at ~Rp750k/HC driven by network design, enabling its competitive pricing at Rp100k.

BRI Danareksa Research

Solusi Sinergi Digital (WIFI IJ) 3Q25 Earnings Weighed by Early-Stage Investment...

The company guides for 3mn FTTH homeconnect and 5mn 5G FWA subs by 26F, supported by partnership with local contractors and RT/RW Net.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the week – JCI vs. LQ45 Forward P/E Band

In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental...

BRI Danareksa Research

Macro Strategy: 2026: Navigating the Rate and Yield Transition

We expect 2026 INDOGB yields at 5.62%–6.14% (5.9% yr-end baseline), supported by expected rate cuts, stable IDR and foreign ownership.

BRI Danareksa Research