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

<ul><li>GOTO delivered 4Q24 strong adj. EBITDA of Rp399bn (+193%qoq, +348%yoy) with all 3 pillars (ODS, GTF, Ecommerce) well in positive territory.</li><li>This is on the back of better Group core GTV, improved for both ODS and Fintech GTV.</li><li>ODS GTV grew by +2.7%qoq, +18.7% yoy driven by user growth and increased no. of orders. </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 delivered 4Q24 strong adj. EBITDA of Rp399bn (+193%qoq, +348%yoy) with all 3 pillars (ODS, GTF, Ecommerce) well in positive territory.This is on the back of better Group core GTV, improved for both ODS and Fintech GTV.ODS GTV grew by +2.7%qoq, +18.7% yoy driven by user growth and increased no. of orders. 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.

<ul><li>TSEL navigated 4Q24 with stable mobile subs and higher ARPU, showing ability to defend market share with the help of second-tier brands.</li><li>TSEL is gearing up for a major push with single billing features that will make users stickier ringfencing mobile/fixed traffic in its networks.</li><li>We trimmed FY25-26 est. by -4.0%/-3.8% and arrive at lower TP of Rp3,680; maintain Buy rating on TLKM as the best LT play for FMC.</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.

TSEL navigated 4Q24 with stable mobile subs and higher ARPU, showing ability to defend market share with the help of second-tier brands.TSEL is gearing up for a major push with single billing features that will make users stickier ringfencing mobile/fixed traffic in its networks.We trimmed FY25-26 est. by -4.0%/-3.8% and arrive at lower TP of Rp3,680; maintain Buy rating on TLKM as the best LT play for FMC.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.

Telkom Indonesia (TLKM.IJ) Well-Positioned as LT FMC Play

<ul><li>We see stabilized spending and government policies, along with easing sector bottlenecks to aid momentum in TSEL’s revenue growth in FY25.</li><li>Telkom aims to reduce its capex/sales ratio to 17-19% as it completes its 5 Bold Moves (incl. single billing in FMC slated for YE-2024) to boost FCF.</li><li>We trimmed FY24/25F EPS est. by 3.1/1.4% but rolled forward valuation, keeping our TP at Rp4,250; maintain Buy on visible growth catalysts.</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 see stabilized spending and government policies, along with easing sector bottlenecks to aid momentum in TSEL’s revenue growth in FY25.Telkom aims to reduce its capex/sales ratio to 17-19% as it completes its 5 Bold Moves (incl. single billing in FMC slated for YE-2024) to boost FCF.We trimmed FY24/25F EPS est. by 3.1/1.4% but rolled forward valuation, keeping our TP at Rp4,250; maintain Buy on visible growth catalysts.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.

Telkom Indonesia - Strong and Visible Catalysts to Boost FY25 Growth

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.

<ul><li>TLKM booked a revenue of IDR75.3trillion in 1H24 (+2.5% YoY), translating into IDR37.9trillion in 2Q24 (+1.2% QoQ/+1.3% YoY).</li><li>This performance fell slightly below our target, meeting only 47.9%/48.7% of MNCS/Consensus estimates.</li><li>The growth driver was the Data, Internet, &amp; IT Service segment which saw a +9.2% YoY hike to IDR45.5trillion in 1H24 (+5.2% QoQ/ +7.2% YoY in 2Q24), contributing 60.4% to total revenue. 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.</li></ul>

TLKM booked a revenue of IDR75.3trillion in 1H24 (+2.5% YoY), translating into IDR37.9trillion in 2Q24 (+1.2% QoQ/+1.3% YoY).This performance fell slightly below our target, meeting only 47.9%/48.7% of MNCS/Consensus estimates.The growth driver was the Data, Internet, &amp; IT Service segment which saw a +9.2% YoY hike to IDR45.5trillion in 1H24 (+5.2% QoQ/ +7.2% YoY in 2Q24), contributing 60.4% to total revenue. 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.

Tlkm Ij - Mid-Year Review: Challenges Persist, Target Updated

<ul><li>TLKM booked a revenue of IDR75.3trillion in 1H24 (+2.5% YoY), translating into IDR37.9trillion in 2Q24 (+1.2% QoQ/+1.3% YoY).</li><li>This performance fell slightly below our target, meeting only 47.9%/48.7% of MNCS/Consensus estimates.</li><li>The growth driver was the Data, Internet, &amp; IT Service segment which saw a +9.2% YoY hike to IDR45.5trillion in 1H24 (+5.2% QoQ/ +7.2% YoY in 2Q24), contributing 60.4% to total revenue. </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.

TLKM booked a revenue of IDR75.3trillion in 1H24 (+2.5% YoY), translating into IDR37.9trillion in 2Q24 (+1.2% QoQ/+1.3% YoY).This performance fell slightly below our target, meeting only 47.9%/48.7% of MNCS/Consensus estimates.The growth driver was the Data, Internet, &amp; IT Service segment which saw a +9.2% YoY hike to IDR45.5trillion in 1H24 (+5.2% QoQ/ +7.2% YoY in 2Q24), contributing 60.4% to total revenue. 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.

PT Telkom Indonesia Tbk (TLKM IJ) - Mid-Year Review: Challenges Persist, Target Updated

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)

BRIDS TMT News - Thursday, March 13 2025

GOTO delivered 4Q24 strong adj. EBITDA of Rp399bn (+193%qoq, +348%yoy) with all 3 pillars (ODS, GTF, Ecommerce) well in positive territory.

BRI Danareksa Research