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.

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<ul><li>XLSMart reiterated the merger benefits from a) scale and commercial presence b) network synergies, c) ecosystem support from the shareholders. </li><li>XLSmart emphasized a) the larger scale of the new XLSmart and how important it is amid technology advancements, b) the in country telco consolidation experience of Axiata shareholder, c) the deep knowledge of Sinar Mas conglomerate in the local economy d) 20years+ telco experience for each director in XLSmart</li><li>Categorizing the benefits into shareholders, industry, customers and employees. </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.

XLSMart reiterated the merger benefits from a) scale and commercial presence b) network synergies, c) ecosystem support from the shareholders. XLSmart emphasized a) the larger scale of the new XLSmart and how important it is amid technology advancements, b) the in country telco consolidation experience of Axiata shareholder, c) the deep knowledge of Sinar Mas conglomerate in the local economy d) 20years+ telco experience for each director in XLSmartCategorizing the benefits into shareholders, industry, customers and employees. 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>Kemenaker, together with ride-hailing platforms, is designing a THR scheme for ojol drivers in the form of incentives/bonuses.</li><li>The ministry is finalizing the formula, considering parameters such as transportation type, services, and working hours, which is why the process takes time.</li><li>Kemenaker aims to issue the circular letter today, ensuring THR is available by the weekend.</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.

Kemenaker, together with ride-hailing platforms, is designing a THR scheme for ojol drivers in the form of incentives/bonuses.The ministry is finalizing the formula, considering parameters such as transportation type, services, and working hours, which is why the process takes time.Kemenaker aims to issue the circular letter today, ensuring THR is available by the weekend.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>We see a significant untapped inventory in fixed BB despite the low user penetration, implying a large fragmentation in the supply chain.</li><li>Smaller infra ISPs may disrupt the market by offering more affordable prices of Rp100-Rp200k/month, owing to their leaner cost structures.</li><li>Maintain OW rating in infra/towers; lower prices may unlock the supply chain and improve segmentation; TOWR should be the key beneficiary.</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 a significant untapped inventory in fixed BB despite the low user penetration, implying a large fragmentation in the supply chain.Smaller infra ISPs may disrupt the market by offering more affordable prices of Rp100-Rp200k/month, owing to their leaner cost structures.Maintain OW rating in infra/towers; lower prices may unlock the supply chain and improve segmentation; TOWR should be the key beneficiary.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.

Towers: Building Retail Channels to Invigorate Supply and Demand for Fixed Broadband

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

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<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

Cross Asset Strategy

<ul>
<li>Following the release of the FY22 results, we revise our earnings estimates for SOE contractors under our coverage</li>
<li>State Budget Recorded Surplus of IDR 128.5 tn as of March 2023</li>
<li>BSDE (1Q23 Marketing Sales) – Resilient sales from residential and commercial</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.


Following the release of the FY22 results, we revise our earnings estimates for SOE contractors under our coverage
State Budget Recorded Surplus of IDR 128.5 tn as of March 2023
BSDE (1Q23 Marketing Sales) – Resilient sales from residential and commercial

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

PT Sarana Menara Nusantara Tbk is an Indonesian investment company that primarily invests in and operates telecommunication tower sites and fiber optic networks, leasing them to wireless communication companies. The company, through its main subsidiary Protelindo, owns and operates tens of thousands of telecommunication towers across Indonesia. It was established in 2008 and is headquartered in Kudus, Indonesia.

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Sarana Menara Nusantara (TOWR IJ)

BRIDS TMT News - Tuesday, March 11 2025

XLSMart reiterated the merger benefits from a) scale and commercial presence b) network synergies, c) ecosystem support from the shareholders.

BRI Danareksa Research

TMT News - Thursday, March 06 2025

The ministry is finalizing the formula, considering parameters such as transportation type, services, and working hours, which is why the process...

BRI Danareksa Research

Towers: Building Retail Channels to Invigorate Supply and Demand for Fixed Broadband

We see a significant untapped inventory in fixed BB despite the low user penetration, implying a large fragmentation in the supply chain.

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

Equity Snapshot: April 18, 2023

Following the release of the FY22 results, we revise our earnings estimates for SOE contractors under our coverage. State Budget Recorded Surplus...

BRI Danareksa Research

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