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>A combination of slight foreign funds outflow and local funds selling has driven a JCI correction of -0.8% wow.</li><li>Foreign funds flow returned to negative, albeit relatively lighter (at -US$169mn) compared to prior weeks.</li><li>The outflow was still dominated by the large-cap banks with coal stock AADI also among the top-5 stocks sold by foreign investors.</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.

A combination of slight foreign funds outflow and local funds selling has driven a JCI correction of -0.8% wow.Foreign funds flow returned to negative, albeit relatively lighter (at -US$169mn) compared to prior weeks.The outflow was still dominated by the large-cap banks with coal stock AADI also among the top-5 stocks sold by foreign investors.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 – China Coal Inventory at Port

Thematic (Sector/Industry)

<ul><li>IOH monetization tweaks will drive a 6–7% turnover increase in its tactical Hot Promo packs.</li><li>TSEL's data payload spike during elections and Smartfren price hikes confirm our expectations for positive momentum in 4Q24/1Q25. </li><li>We maintain sector OW rating as the imminent EXCL-FREN merger will improve competition and enhance confidence in fixed BB execution.</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.

IOH monetization tweaks will drive a 6–7% turnover increase in its tactical Hot Promo packs.TSEL's data payload spike during elections and Smartfren price hikes confirm our expectations for positive momentum in 4Q24/1Q25. We maintain sector OW rating as the imminent EXCL-FREN merger will improve competition and enhance confidence in fixed BB execution.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: Positive Dynamics in Mobile Pricing and M&A Catalysts to Enhance Execution in Fixed BB

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’s: Data Traffic and ARPU Trends Indonesia's economic growth is driven by investments in digital infrastructure, aiming for 79.5% penetration by 2024 and a USD1 trillion digital economy by 2030, aligning with the Golden Indonesia 2045 vision.</li><li>Meanwhile, competition among telco operators remains fierce. TLKM leads in data traffic and ARPU but faced an ARPU decline in Q3 2024, nearing 2021 levels, due to seasonal factors and a shift toward affordable packages like Telkomsel Lite, which increased data traffic.</li><li>XL and IOH demonstrated growth in both ARPU and data traffic, bolstered by successful price adjustments and confidence in user growth. </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’s: Data Traffic and ARPU Trends Indonesia's economic growth is driven by investments in digital infrastructure, aiming for 79.5% penetration by 2024 and a USD1 trillion digital economy by 2030, aligning with the Golden Indonesia 2045 vision.Meanwhile, competition among telco operators remains fierce. TLKM leads in data traffic and ARPU but faced an ARPU decline in Q3 2024, nearing 2021 levels, due to seasonal factors and a shift toward affordable packages like Telkomsel Lite, which increased data traffic.XL and IOH demonstrated growth in both ARPU and data traffic, bolstered by successful price adjustments and confidence in user growth. 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 November 25, 2024

<ul><li>TSEL stays aggressive with ByU to build a larger presence in the youth segment and lowers prices in Indihome to drive subscriber growth. </li><li>IOH returns to repair mode, campaigning for SIM-card Rp25k/4GB, while XL remains constructive for a second consecutive month. </li><li>We maintain an OW rating for the Telco, expecting 9M24 and FY24 growth in line with our ests, with 3Q24 softness likely to be short-lived.</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.

TSEL stays aggressive with ByU to build a larger presence in the youth segment and lowers prices in Indihome to drive subscriber growth. IOH returns to repair mode, campaigning for SIM-card Rp25k/4GB, while XL remains constructive for a second consecutive month. We maintain an OW rating for the Telco, expecting 9M24 and FY24 growth in line with our ests, with 3Q24 softness likely to be short-lived.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: Telco Operators’ Tactical Adjustments Amid 3Q24 Weakness, Poised for 4Q24 Rebound

<ul><li>TSEL moderates its TSEL Lite promotions and 30-day 6GB packs to avoid downtrading amid soft outlook, and in turn, soften the competition.</li><li>We continue to see pathways for ARPU upsides for IOH through online/ offline channels and for XL through its recent price increases.</li><li>We believe telcos are equipped to meet our FY24 and FY25-26 est. We maintain OW rating with top picks ISAT and TLKM.</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.

TSEL moderates its TSEL Lite promotions and 30-day 6GB packs to avoid downtrading amid soft outlook, and in turn, soften the competition.We continue to see pathways for ARPU upsides for IOH through online/ offline channels and for XL through its recent price increases.We believe telcos are equipped to meet our FY24 and FY25-26 est. We maintain OW rating with top picks ISAT and TLKM.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: Navigating the 3Q24 Soft Season Challenges and Capitalizing on 4Q24 Opportunities

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 Market Pulse: Chart of the Week – China Coal Inventory at Port

The outflow was still dominated by the large-cap banks with coal stock AADI also among the top-5 stocks sold by foreign investors.

BRI Danareksa Research

Telco: Positive Dynamics in Mobile Pricing and M&A Catalysts to Enhance Execution in Fixed BB

TSEL's data payload spike during elections and Smartfren price hikes confirm our expectations for positive momentum in 4Q24/1Q25.

BRI Danareksa Research

Telco & Tower Sectoral Update November 25, 2024

Data Traffic and ARPU Trends Indonesia's economic growth is driven by investments in digital infrastructure, aiming for 79.5% penetration by 2024...

MNC Sekuritas

Telco: Telco Operators’ Tactical Adjustments Amid 3Q24 Weakness, Poised for 4Q24 Rebound

TSEL stays aggressive with ByU to build a larger presence in the youth segment and lowers prices in Indihome to drive subscriber growth.

BRI Danareksa Research

Telco: Navigating the 3Q24 Soft Season Challenges and Capitalizing on 4Q24 Opportunities

TSEL moderates its TSEL Lite promotions and 30-day 6GB packs to avoid downtrading amid soft outlook, and in turn, soften the competition.

BRI Danareksa Research

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