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>FBB penetration could reach ~41% in FY26, underpinned by 1.4GHz FWA, challenger-led price disruption, and open-access FiberCos.</li><li>Rising competition and open-access fiber pose downside risk to MNO FBB ARPU, while mobile momentum continues to anchor core earnings.</li><li>WIFI and INET offer growth exposure at 12.4x/18.9x 26F EV/EBITDA, underpinned by strong cons. EBITDA growth of ~2.2x/~12.0x in 2026F.</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.

FBB penetration could reach ~41% in FY26, underpinned by 1.4GHz FWA, challenger-led price disruption, and open-access FiberCos.Rising competition and open-access fiber pose downside risk to MNO FBB ARPU, while mobile momentum continues to anchor core earnings.WIFI and INET offer growth exposure at 12.4x/18.9x 26F EV/EBITDA, underpinned by strong cons. EBITDA growth of ~2.2x/~12.0x in 2026F.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: Fixed Broadband Race Kicks Off; Challenger ISPs Pursue Aggressive Growth (OVERWEIGHT)

<ul><li>We forecast FY26 sector revenue/ EBITDA growth of 5.8%/7.1% yoy, led by mobile amid continued price-repair execution by MNOs.</li><li>We see fiber asset restructuring as an additional catalyst, aimed at improving FCF, enhancing asset utilization, and unlocking value.</li><li>We maintain an Overweight on the sector, supported by resilient mobile momentum and selective catalysts from ongoing fiber transformation.</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 forecast FY26 sector revenue/ EBITDA growth of 5.8%/7.1% yoy, led by mobile amid continued price-repair execution by MNOs.We see fiber asset restructuring as an additional catalyst, aimed at improving FCF, enhancing asset utilization, and unlocking value.We maintain an Overweight on the sector, supported by resilient mobile momentum and selective catalysts from ongoing fiber transformation.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: FY26 Outlook: Sustained Mobile Momentum and Upside from Fiber Transformation

<ul><li>The 1.4 GHz spectrum opening for 5G FWA may disrupt mobile economics, with an estimated effective cost per GB ~14× below mobile.</li><li>Recent media reports suggest the 1.4 GHz spectrum fee may come in lower, easing cost pressures and enabling low-priced FWA plans.</li><li>Mobile faces risk, but open access could be a game changer; Maintain OW on 2H25 recovery from price repair and industry consolidation.</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.

The 1.4 GHz spectrum opening for 5G FWA may disrupt mobile economics, with an estimated effective cost per GB ~14× below mobile.Recent media reports suggest the 1.4 GHz spectrum fee may come in lower, easing cost pressures and enabling low-priced FWA plans.Mobile faces risk, but open access could be a game changer; Maintain OW on 2H25 recovery from price repair and industry consolidation.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: 1.4 GHz Spectrum Auction Nears; 5G FWA Could Reshape Industry Dynamics (OVERWEIGHT)

<ul><li>Our Sep25 price tracker indicates that Tsel and IOH offered lower yields in their promotional packages, which are typically limited-time offers.</li><li>Tsel leadsin product simplification with a reduction in sachet plans; IOH has started introducing 5G plans while XL has shifted to shorter validity.</li><li>We maintain OW on the sector; although yield pressure poses a ST risk, it is concentrated in Hot Sale packages, hence, seems more tactical.</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 Sep25 price tracker indicates that Tsel and IOH offered lower yields in their promotional packages, which are typically limited-time offers.Tsel leadsin product simplification with a reduction in sachet plans; IOH has started introducing 5G plans while XL has shifted to shorter validity.We maintain OW on the sector; although yield pressure poses a ST risk, it is concentrated in Hot Sale packages, hence, seems more tactical.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: Sep25 Price Tracker: Promotional ST Drag on Yields (OVERWEIGHT)

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>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

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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