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>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.

<ul><li>EXCL reported a 21% increase in data service traffic during the period of March 28–April 6, 2025, compared to regular days before Ramadan.</li><li>During the Ramadan and Eid period, service traffic was primarily driven by streaming, which rose by 17%, followed by file access with a 16% increase, web browsing up 12%, and gaming soaring by 46%.</li><li>The highest data traffic surge was recorded in Central Java, which saw a 44% rise compared to regular days. </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.

EXCL reported a 21% increase in data service traffic during the period of March 28–April 6, 2025, compared to regular days before Ramadan.During the Ramadan and Eid period, service traffic was primarily driven by streaming, which rose by 17%, followed by file access with a 16% increase, web browsing up 12%, and gaming soaring by 46%.The highest data traffic surge was recorded in Central Java, which saw a 44% rise compared to regular days. 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 TMT News - Thursday, April 10, 2025

<ul><li>Revenue Rp5.36tr, +28%yoy, above cons., driven by strong growth in Data Center &amp; Cloud Infra (+42%yoy).</li><li>Gross profit Rp964bn, +11%yoy, but GPM compressed to 18% (vs 21% in FY23) due to a higher portion of hardware.</li><li>Net profit Rp530bn, +18%yoy, in line with consensus 103%, with NPM steady at 11%, due to effective cost control.</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.

Revenue Rp5.36tr, +28%yoy, above cons., driven by strong growth in Data Center &amp; Cloud Infra (+42%yoy).Gross profit Rp964bn, +11%yoy, but GPM compressed to 18% (vs 21% in FY23) due to a higher portion of hardware.Net profit Rp530bn, +18%yoy, in line with consensus 103%, with NPM steady at 11%, due to effective cost control.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>Telcos hike SP prices to Rp35k/3GB, nudging SIM-rotating users toward reloads for better value, reinforcing sector discipline ahead of Eid.</li><li>Staggered SP rollout ensures a smooth transition, phasing out old inventory before Eid to support sector growth in 2025.</li><li>Maintain sector OW; prefer ISAT as a key contender benefiting from SP developments, a sturdier outlook, and attractive valuation.</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.

Telcos hike SP prices to Rp35k/3GB, nudging SIM-rotating users toward reloads for better value, reinforcing sector discipline ahead of Eid.Staggered SP rollout ensures a smooth transition, phasing out old inventory before Eid to support sector growth in 2025.Maintain sector OW; prefer ISAT as a key contender benefiting from SP developments, a sturdier outlook, and attractive valuation.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: Strong Market Repair Signal, Shift to Reloads (OVERWEIGHT)

<ul><li>Govt Mandates 20% Holiday Bonus for Online Drivers &amp; Couriers</li><li>The government officially introduced a Holiday Bonus (BHR) policy for ride-hailing and online courier drivers this year.</li><li>Ride-hailing platforms are required to provide a BHR equal to 20% of their drivers’ average monthly income, covering motorbike taxi (ojol) drivers, online couriers, and online taxi drivers. </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.

Govt Mandates 20% Holiday Bonus for Online Drivers &amp; CouriersThe government officially introduced a Holiday Bonus (BHR) policy for ride-hailing and online courier drivers this year.Ride-hailing platforms are required to provide a BHR equal to 20% of their drivers’ average monthly income, covering motorbike taxi (ojol) drivers, online couriers, and online taxi drivers. 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)

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, April 10, 2025

EXCL reported a 21% increase in data service traffic during the period of March 28–April 6, 2025, compared to regular days before Ramadan.

BRI Danareksa Research

BRIDS TMT News - Tuesday, March 25 2025

Revenue Rp5.36tr, +28%yoy, above cons., driven by strong growth in Data Center & Cloud Infra (+42%yoy). Gross profit Rp964bn, +11%yoy, but GPM...

BRI Danareksa Research

Telco: Strong Market Repair Signal, Shift to Reloads (OVERWEIGHT)

Telcos hike SP prices to Rp35k/3GB, nudging SIM-rotating users toward reloads for better value, reinforcing sector discipline ahead of Eid.

BRI Danareksa Research

BRIDS TMT News - Tuesday, March 18 2025

The government officially introduced a Holiday Bonus (BHR) policy for ride-hailing and online courier drivers this year.

BRI Danareksa Research

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