External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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.

Macroeconomics

<ul><li>Liquidity shows early signs of improvement as SRBI yields fall and IndONIA drops; fiscal disbursement expected to lead recovery further.</li><li>BI is likely to maintain its dovish stance and have time to assess before proceeding with further rate cuts, given current liquidity conditions.</li><li>US tariff shift could shield Indonesia’s exports, but cheap imports threaten domestic market requiring policies intervention.</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.

Liquidity shows early signs of improvement as SRBI yields fall and IndONIA drops; fiscal disbursement expected to lead recovery further.BI is likely to maintain its dovish stance and have time to assess before proceeding with further rate cuts, given current liquidity conditions.US tariff shift could shield Indonesia’s exports, but cheap imports threaten domestic market requiring policies intervention.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: The Tailwinds and Trade-Off

<ul><li>Market review: Following 3 weeks of negative performances, JCI staged a rebound of +2.7% w-w, outperforming majority of the EM peers.</li><li>The index’s performance was driven by the large-cap sectors: Banks (+3.1% w-w), Telco (+2.7% w-w) as well as laggard sectors namely Poultry (+7.7% w-w), Cement (+4.5%), and Tower (+4.1%), indicating likelihood of technical rebound amid still limited catalysts.</li><li>Foreign investors remain net sellers in the market with -US$115mn of outflow. </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.

Market review: Following 3 weeks of negative performances, JCI staged a rebound of +2.7% w-w, outperforming majority of the EM peers.The index’s performance was driven by the large-cap sectors: Banks (+3.1% w-w), Telco (+2.7% w-w) as well as laggard sectors namely Poultry (+7.7% w-w), Cement (+4.5%), and Tower (+4.1%), indicating likelihood of technical rebound amid still limited catalysts.Foreign investors remain net sellers in the market with -US$115mn of outflow. 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, LQ45, and IDX80 YTD Performance

<ul><li>IM3 narrows the download speed gap at 24.2 Mbps, closing in on XL and TSEL; progressively asserting network leadership in non-core regions.</li><li>TLKM’s lower capex reflects network maturity; XL’s network growth moderates amid merger process.</li><li>Maintain Overweight; Competitive intensity rising, with ISAT wellpositioned through balanced data supply and network capacity.</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.

IM3 narrows the download speed gap at 24.2 Mbps, closing in on XL and TSEL; progressively asserting network leadership in non-core regions.TLKM’s lower capex reflects network maturity; XL’s network growth moderates amid merger process.Maintain Overweight; Competitive intensity rising, with ISAT wellpositioned through balanced data supply and network capacity.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: 1H25 OpenSignal Results: Two-Horse Race Intensifies, One Defends, One Advances

<ul><li>Our ground check shows starter pack rationalization remains unevenly absorbed in offline channels, posing delayed risk to yield recovery.</li><li>Assuming 2Q25 revenue contracts again qoq, 1H25 EBITDA may reach 45-47% of consensus FY25F, but this appears largely priced in.</li><li>We reiterate our Overweight rating on the sector, as we think current 4.0x EV/EBITDA (-2SD) already reflects pessimistic outlook.</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.

Our ground check shows starter pack rationalization remains unevenly absorbed in offline channels, posing delayed risk to yield recovery.Assuming 2Q25 revenue contracts again qoq, 1H25 EBITDA may reach 45-47% of consensus FY25F, but this appears largely priced in.We reiterate our Overweight rating on the sector, as we think current 4.0x EV/EBITDA (-2SD) already reflects pessimistic outlook.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: Few Risk Factors Ahead of 2Q25 Results, but Largely Priced In (OVERWEIGHT)

Indonesia

Telkom Indonesia is a state-owned enterprise providing comprehensive information and communication technology services and digital telecommunications across Indonesia. It offers mobile communications, consumer fixed broadband, corporate ICT solutions, digital infrastructure, and global wholesale connectivity through its extensive network. The company is headquartered in Bandung and Jakarta, Indonesia, and was officially established on July 6, 1965.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00