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>Indonesia's GDP in 2Q23 exceeded expectations with strong growth of 5.17% y-y, with Household Consumption ticking strongly upward by 5.23% mainly underpinned by a combination of the festive season, long holidays and the disbursement of religious holiday allowances (THR), which contributed to increased purchasing power.</li><li>We revise up our Q3 &amp; FY GDP growth forecasts.</li><li>The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.</li></ul><p><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.</em></p>

Indonesia's GDP in 2Q23 exceeded expectations with strong growth of 5.17% y-y, with Household Consumption ticking strongly upward by 5.23% mainly underpinned by a combination of the festive season, long holidays and the disbursement of religious holiday allowances (THR), which contributed to increased purchasing power.We revise up our Q3 &amp; FY GDP growth forecasts.The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.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>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><p><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.</em></p>

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><p><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.</em></p>

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>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><p><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.</em></p>

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.

Cross Asset Strategy

<ul><li>We maintain our OVERWEIGHT call on the banking sector with inline 2M23 monthly results at the bank only level (15.8% of our FY23F).</li><li>ADB Projects Indonesia's Economic Growth at 4.8% in 2023</li><li>US Job Openings Fell by 632,000 in February 2023</li></ul><div><div><div id="ember4187"><div><div><div><div><div><div id="ember2532"><div><div><p><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.</em></p></div></div></div></div></div></div></div></div></div></div></div>

We maintain our OVERWEIGHT call on the banking sector with inline 2M23 monthly results at the bank only level (15.8% of our FY23F).ADB Projects Indonesia's Economic Growth at 4.8% in 2023US Job Openings Fell by 632,000 in February 2023Content 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

XLSMART Telecom Sejahtera Tbk is an Indonesian mobile telecommunications services operator. The company provides a comprehensive suite of telecommunications services, including mobile communication, 4G LTE and 5G connectivity, fixed broadband via fiber optic, internet telephony, cloud and data center solutions, and Internet of Things (IoT) services. It operates under the core consumer brands XL, Axis, and Smartfren. Headquartered in Jakarta, Indonesia, the company was founded in 1989 and officially established as XLSMART in April 2025 following a merger.

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XLSMART Telecom Sejahtera (EXCL IJ)

Strategy - Sustaining Growth

The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.

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

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

Equity Snapshot: April 05, 2023

We maintain our OVERWEIGHT call on the banking sector with inline 2M23 monthly results at the bank only level (15.8% of our FY23F).

BRI Danareksa Research

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