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.

Macroeconomics

<ul><li>Market review: JCI performed in line with the regional markets, down - 0.5% w-w.</li><li>Amid underperformance by banks (-1.1% w-w), laggard sectors outperformed namely Healthcare (led by HEAL +6.6% w-w, SILO +4.8% ww) and Telco (TLKM +4.8% w-w on confirmation of 89% dividend payout).</li><li>JCI sustained positive flows from foreign investors with US$91mn during the week, despite outflows from the majority of ASEAN EM. </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 performed in line with the regional markets, down - 0.5% w-w.Amid underperformance by banks (-1.1% w-w), laggard sectors outperformed namely Healthcare (led by HEAL +6.6% w-w, SILO +4.8% ww) and Telco (TLKM +4.8% w-w on confirmation of 89% dividend payout).JCI sustained positive flows from foreign investors with US$91mn during the week, despite outflows from the majority of ASEAN EM. 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 Index, IDX80, and LQ45 12mos Performance

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.

Thematic (Sector/Industry)

<ul><li>In 1Q25, EXCL and ISAT outperformed TLKM, driven by network integration and marketing synergies, although data growth and ARPU slowed down</li><li>  With mobile penetration exceeding 110%, subscriber growth has stagnated, and ARPU remains low at IDR35k–45k/month</li><li>Regulatory costs are expected to rise to 11–12% of total revenue in FY25E due to various fees such as USO levy, spectrum costs, and licensing issues that slow down infrastructure expansion</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.

In 1Q25, EXCL and ISAT outperformed TLKM, driven by network integration and marketing synergies, although data growth and ARPU slowed down  With mobile penetration exceeding 110%, subscriber growth has stagnated, and ARPU remains low at IDR35k–45k/monthRegulatory costs are expected to rise to 11–12% of total revenue in FY25E due to various fees such as USO levy, spectrum costs, and licensing issues that slow down infrastructure expansionContent 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 May 21, 2025

<ul><li>MTEL has announced it will hold its AGMS / RUPST for the 2024 fiscal year on Wednesday, May 28, 2025.</li><li>Shareholders listed in the company's register as of May 5, 2025, are eligible to attend and vote.</li><li>Any shareholder proposals for meeting agenda items must be submitted in writing by April 29, 2025. (IDX)</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.

MTEL has announced it will hold its AGMS / RUPST for the 2024 fiscal year on Wednesday, May 28, 2025.Shareholders listed in the company's register as of May 5, 2025, are eligible to attend and vote.Any shareholder proposals for meeting agenda items must be submitted in writing by April 29, 2025. (IDX)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>On April 11, 2025, WIFI’s subsidiaries—PT Jaringan Infra Andalan (JIA) and PT Integrasi Jaringan Ekosistem (IJE)—signed key agreements with Nippon Telegraph and Telephone East Corporation (NTT East), including a Shareholders Agreement and Share Subscription Agreement. </li><li>NTT East has officially become a Strategic Shareholder in IJE by investing Rp4tr through a private placement, acquiring 49% ownership in IJE. </li><li>This strategic partnership is expected to strengthen WIFI Group’s internet business expansion and provide more affordable internet services to the Indonesian public, leveraging NTT East’s expertise as a leading Japanese telecom multinational.</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.

On April 11, 2025, WIFI’s subsidiaries—PT Jaringan Infra Andalan (JIA) and PT Integrasi Jaringan Ekosistem (IJE)—signed key agreements with Nippon Telegraph and Telephone East Corporation (NTT East), including a Shareholders Agreement and Share Subscription Agreement. NTT East has officially become a Strategic Shareholder in IJE by investing Rp4tr through a private placement, acquiring 49% ownership in IJE. This strategic partnership is expected to strengthen WIFI Group’s internet business expansion and provide more affordable internet services to the Indonesian public, leveraging NTT East’s expertise as a leading Japanese telecom multinational.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.

Equity Bottom-Up

<ul><li>At NVIDIA GTC 2025, IOH CEO Vikram Sinha made it clear: the company will not follow technology—it will shape it, sovereignly (fully independent) and strategically, from within Indonesia at the heart of SE Asia.</li><li>Indosat is evolving from a legacy telco into a sovereign, AI-native TechCo and a national enabler placing Indonesia firmly on the global map as not just an AI adopter, but an AI creator.</li><li>“Where others see data traffic,” Vikram notes, “we see 120 million dreams in motion.”</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.

At NVIDIA GTC 2025, IOH CEO Vikram Sinha made it clear: the company will not follow technology—it will shape it, sovereignly (fully independent) and strategically, from within Indonesia at the heart of SE Asia.Indosat is evolving from a legacy telco into a sovereign, AI-native TechCo and a national enabler placing Indonesia firmly on the global map as not just an AI adopter, but an AI creator.“Where others see data traffic,” Vikram notes, “we see 120 million dreams in motion.”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.

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 Index, IDX80, and LQ45 12mos Performance

We expect investors to be focusing on domestic-sector growth momentum, with potential catalysts from the boost in government’s fiscal stimulus to...

BRI Danareksa Research

Telco & Tower Sectoral Update May 21, 2025

In 1Q25, EXCL and ISAT outperformed TLKM, driven by network integration and marketing synergies, although data growth and ARPU slowed down

MNC Sekuritas

BRIDS TMT News - Tuesday, April 22, 2025

MTEL has announced it will hold its AGMS / RUPST for the 2024 fiscal year on Wednesday, May 28, 2025. Shareholders listed in the company's register...

BRI Danareksa Research

BRIDS TMT News - Monday, April 14, 2025

NTT East has officially become a Strategic Shareholder in IJE by investing Rp4tr through a private placement, acquiring 49% ownership in IJE.

BRI Danareksa Research

BRIDS TMT News - Thursday, March 27 2025

At NVIDIA GTC 2025, IOH CEO Vikram Sinha made it clear: the company will not follow technology—it will shape it, sovereignly (fully independent)...

BRI Danareksa Research

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