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>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)

<ul><li>We see TLKM with the greatest product simplification potential, EXCL with room to streamline, and ISAT well-positioned for price increases.</li><li>Simpati, IM3, and XL have room to improve ARPU by shifting away from high-volume, low-yield packages toward mid-range offerings.</li><li>We reiterate our OW rating on the sector amid momentum in price repair; ISAT remains our preferred pick.</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 TLKM with the greatest product simplification potential, EXCL with room to streamline, and ISAT well-positioned for price increases.Simpati, IM3, and XL have room to improve ARPU by shifting away from high-volume, low-yield packages toward mid-range offerings.We reiterate our OW rating on the sector amid momentum in price repair; ISAT remains our preferred pick.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: Tracking the Progress of Product Simplification Plan (OVERWEIGHT)

Macroeconomics

<ul><li>Market review: JCI ended the week up 0.7% w-w, outperforming majority of EM peers.</li><li>Amid negative performances from the big sectors (Banks +0.5%, Telco -2.5% Consumer Staples -1.8% w-w), JCI’s positive return for the week was driven by Oil &amp; Gas (+10.6% w-w), Cement (+7.8% w-w) and Industrial Estate (+4.6% w-w).</li><li>In line with the majority of EM peers, foreign investors flow into JCI was a net positive (US$80mn), with mixed flows into large-cap banks (except for BBRI), TLKM, and metals (ANTM and BRMS). </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: JCI ended the week up 0.7% w-w, outperforming majority of EM peers.Amid negative performances from the big sectors (Banks +0.5%, Telco -2.5% Consumer Staples -1.8% w-w), JCI’s positive return for the week was driven by Oil &amp; Gas (+10.6% w-w), Cement (+7.8% w-w) and Industrial Estate (+4.6% w-w).In line with the majority of EM peers, foreign investors flow into JCI was a net positive (US$80mn), with mixed flows into large-cap banks (except for BBRI), TLKM, and metals (ANTM and BRMS). 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 – Telco Sector 5-Year EV/EBITDA

Indonesia

PT Telkom Indonesia (Persero) Tbk. is a telecommunication company that provides a variety of domestic telecommunications services such as telephone, telex, telegram, satellite, and leased lines services. The Company also offers electronic mail, mobile communication, and cellular phone services.

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Telkom Indonesia (TLKM IJ)

BRIDS Market Pulse : Chart of the week – JCI, LQ45, and IDX80 YTD Performance

Market review: Following 3 weeks of negative performances, JCI staged a rebound of +2.7% w-w, outperforming majority of the EM peers.

BRI Danareksa Research

Telco: 1H25 OpenSignal Results: Two-Horse Race Intensifies, One Defends, One Advances

IM3 narrows the download speed gap at 24.2 Mbps, closing in on XL and TSEL; progressively asserting network leadership in non-core regions.

BRI Danareksa Research

Telco: Few Risk Factors Ahead of 2Q25 Results, but Largely Priced In (OVERWEIGHT)

Our ground check shows starter pack rationalization remains unevenly absorbed in offline channels, posing delayed risk to yield recovery.

BRI Danareksa Research

Telco: Tracking the Progress of Product Simplification Plan (OVERWEIGHT)

We see TLKM with the greatest product simplification potential, EXCL with room to streamline, and ISAT well-positioned for price increases.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – Telco Sector 5-Year EV/EBITDA

The week’s positive performance brought JCI to a 1.2% YTD increase, better than majority of ASEAN EM peers, while foreign investors were still at...

BRI Danareksa Research

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