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>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)

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>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>BUKA Injects Rp656bn into Subsidiaries to Strengthen Ecosystem Operations</li><li>On April 22, 2025, Bukalapak injected a total of Rp656.65bn into 9 of its subsidiaries through affiliated capital increases to strengthen internal operations across its Mitra, supply chain, and digital commerce ecosystem.</li><li>All entities are directly or indirectly owned by Bukalapak by over 99%, qualifying the transactions as affiliated under POJK 42/2020. (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.

BUKA Injects Rp656bn into Subsidiaries to Strengthen Ecosystem OperationsOn April 22, 2025, Bukalapak injected a total of Rp656.65bn into 9 of its subsidiaries through affiliated capital increases to strengthen internal operations across its Mitra, supply chain, and digital commerce ecosystem.All entities are directly or indirectly owned by Bukalapak by over 99%, qualifying the transactions as affiliated under POJK 42/2020. (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.

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)

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

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 - Friday, April 25, 2025

On April 22, 2025, Bukalapak injected a total of Rp656.65bn into 9 of its subsidiaries through affiliated capital increases to strengthen internal...

BRI Danareksa Research

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