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.

Thematic (Sector/Industry)

<ul><li>Telco3Q23 preview: expect positive qoq revenues growth, with foundations for more growth to come.</li><li>Our 3Q23 preview suggests that idle capacity from new capex spent during the quarter shall drive an increase in subs and/or bump existing subs onto higher quota packs in a seasonally low traffic period (3Q)</li><li>We expect this to result in sector revenues growth of 1.0-1.5%qoq</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.

Telco3Q23 preview: expect positive qoq revenues growth, with foundations for more growth to come.Our 3Q23 preview suggests that idle capacity from new capex spent during the quarter shall drive an increase in subs and/or bump existing subs onto higher quota packs in a seasonally low traffic period (3Q)We expect this to result in sector revenues growth of 1.0-1.5%qoqContent 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.

<ul><li>Sector evolution intactThe sector has a clear pathway to tangible sources of growth and profitability</li><li>Our observations suggest that the market landscape remains constructive with directed efforts for FMC penetration</li><li>IOH’s Hutch3 raised prices on the back of secular network improvements, and thus IOH expansion to more areas has little sector downside risk</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.

Sector evolution intactThe sector has a clear pathway to tangible sources of growth and profitabilityOur observations suggest that the market landscape remains constructive with directed efforts for FMC penetrationIOH’s Hutch3 raised prices on the back of secular network improvements, and thus IOH expansion to more areas has little sector downside riskContent 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.

<ul><li>We analyze the latest Opensignal results confirming the network benefits in the mobile sector from phasing out 3G, with companies positioning according to their strengths, weaknesses (IOH mostly) and strategic direction into FMC (TSEL, XL).</li><li>2Q23 offers a springboard for telcos to get inline in fulfilling consensus/our forecast 2023F estimates.</li><li>Sector Overweight with a pecking order of TLKM, EXCL and ISAT.</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 analyze the latest Opensignal results confirming the network benefits in the mobile sector from phasing out 3G, with companies positioning according to their strengths, weaknesses (IOH mostly) and strategic direction into FMC (TSEL, XL).2Q23 offers a springboard for telcos to get inline in fulfilling consensus/our forecast 2023F estimates.Sector Overweight with a pecking order of TLKM, EXCL and ISAT.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 - Economies of scale through technology

<ul><li>Gear UpDespite fiscal expansion in 2H, the government has a lower fiscal deficit target on higher revenues</li><li>Supporting domestic aggregate demand will remain key in in 2H23 and going into 2024</li><li>El Nino's return threatens the current disinflation trend, with rice and CPO prices being significant risks</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.

Gear UpDespite fiscal expansion in 2H, the government has a lower fiscal deficit target on higher revenuesSupporting domestic aggregate demand will remain key in in 2H23 and going into 2024El Nino's return threatens the current disinflation trend, with rice and CPO prices being significant risksContent 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.

<ul><li>Telcos headed to Lebaran at steady pace as our survey suggests.</li><li>Amid fragile consumer power, TSEL run several optimizations and made significant product expansion with ORBIT supporting TSEL’s FMC aspirations</li><li>IOH made corrective adjustments for its naked data plans, while the appointment of new IOH directors promises a more diverse and richer product portfolio by IOH in the future</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.

Telcos headed to Lebaran at steady pace as our survey suggests.Amid fragile consumer power, TSEL run several optimizations and made significant product expansion with ORBIT supporting TSEL’s FMC aspirationsIOH made corrective adjustments for its naked data plans, while the appointment of new IOH directors promises a more diverse and richer product portfolio by IOH in the futureContent 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

Telkom Indonesia is a multinational telecommunications conglomerate that provides information and communications technology, and telecommunications network services globally. The company offers a diverse range of services including mobile communications, consumer fixed broadband, corporate ICT solutions, digital infrastructure, and global wholesale connectivity. Telkom Indonesia's corporate headquarters are in Bandung, with operational headquarters in Jakarta, Indonesia, and the company traces its history back to 1856.

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Telkom Indonesia (TLKM IJ)

Telco: 3Q23 Preview

We see a different EBITDA margin narrative for each player but foresee a positive trajectory for the sector overall in 3Q23.

BRI Danareksa Research

Telco - Sector evolution intact

IOH’s Hutch3 raised prices on the back of secular network improvements, and thus IOH expansion to more areas has little sector downside risk

BRI Danareksa Research

Telco - Economies of scale through technology

2Q23 offers a springboard for telcos to get inline in fulfilling consensus/our forecast 2023F estimates. Sector Overweight with a pecking order of...

BRI Danareksa Research

Macro and Flows Tracker - Gear Up

Gear UpDespite fiscal expansion in 2H, the government has a lower fiscal deficit target on higher revenues. Supporting domestic aggregate demand...

BRI Danareksa Research

Telco - Steady market repair

Telcos headed to Lebaran at steady pace as our survey suggests Amid fragile consumer power, TSEL run several optimizations and made significant...

BRI Danareksa Research

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