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.

Equity Bottom-Up

Sarana Menara Nusantara / Equity Bottom-Up

<ul><li>In line 4Q24 earnings; margin dipped on lower EBITDA, but resilient topline and support from other income.</li><li>Tower rev’s drag to extend into FY25 as XLSmart decommissions kick in; TOWR pivots toward fiber connectivity and ISP-driven B2B growth.</li><li>Maintain Buy on robust fiber outlook but lower TP on estimates cut and valuation adjustment.</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 line 4Q24 earnings; margin dipped on lower EBITDA, but resilient topline and support from other income.Tower rev’s drag to extend into FY25 as XLSmart decommissions kick in; TOWR pivots toward fiber connectivity and ISP-driven B2B growth.Maintain Buy on robust fiber outlook but lower TP on estimates cut and valuation adjustment.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.

Sarana Menara Nusantara (TOWR.IJ) - Tower Weakness to Persist, but Fiber Remains the Bright Spot

<ul><li>TOWR reported net profit of Rp888bn (+5.5%qoq, +7.3%yoy), supported by stable revenue and positive contributions from items below the EBITDA line.</li><li>Revenue was largely stable at Rp3.29tr (-0.3%qoq, +8.8%yoy), as robust non-tower revenue offset weaker tower revenue. Non-tower revenue contributed 33.8% of total revenue, increasing by 90 bps qoq.</li><li>EBITDA was Rp2.75tr (-2.1%qoq, +7.5%yoy), translating to an EBITDA margin of 83.8% (-150 bps qoq). This lower annualized EBITDA resulted in increased ND/EBITDA leverage.</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.

TOWR reported net profit of Rp888bn (+5.5%qoq, +7.3%yoy), supported by stable revenue and positive contributions from items below the EBITDA line.Revenue was largely stable at Rp3.29tr (-0.3%qoq, +8.8%yoy), as robust non-tower revenue offset weaker tower revenue. Non-tower revenue contributed 33.8% of total revenue, increasing by 90 bps qoq.EBITDA was Rp2.75tr (-2.1%qoq, +7.5%yoy), translating to an EBITDA margin of 83.8% (-150 bps qoq). This lower annualized EBITDA resulted in increased ND/EBITDA leverage.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 - Wednesday, March 26 2025

<ul><li>GOTO delivered 4Q24 strong adj. EBITDA of Rp399bn (+193%qoq, +348%yoy) with all 3 pillars (ODS, GTF, Ecommerce) well in positive territory.</li><li>This is on the back of better Group core GTV, improved for both ODS and Fintech GTV.</li><li>ODS GTV grew by +2.7%qoq, +18.7% yoy driven by user growth and increased no. of orders. </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.

GOTO delivered 4Q24 strong adj. EBITDA of Rp399bn (+193%qoq, +348%yoy) with all 3 pillars (ODS, GTF, Ecommerce) well in positive territory.This is on the back of better Group core GTV, improved for both ODS and Fintech GTV.ODS GTV grew by +2.7%qoq, +18.7% yoy driven by user growth and increased no. of orders. 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>9M24 earnings were broadly in line driven by strong non-tower revenue growth (+28.1% yoy) and high capex, leading to elevated D&amp;A and OPEX. </li><li>We expect the upcoming RI to improve the earnings outlook, while the stronger 3Q24 EBITDA improves headroom for more acquisitions.</li><li>Maintain Buy rating with an unchanged TP of Rp1,400 on TOWR’s strong positioning 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.

9M24 earnings were broadly in line driven by strong non-tower revenue growth (+28.1% yoy) and high capex, leading to elevated D&amp;A and OPEX. We expect the upcoming RI to improve the earnings outlook, while the stronger 3Q24 EBITDA improves headroom for more acquisitions.Maintain Buy rating with an unchanged TP of Rp1,400 on TOWR’s strong positioning 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.

Sarana Menara Nusantara -  Well-Positioned for Further Inorganic Growth...

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 1Q24, TOWR booked a revenue of IDR3.05trillion (+0.85% QoQ/+6.35% YoY), representing each 24.67%/24.69% of our target and consensus.</li><li>The tower segment grew flattish (-1.05% QoQ/+0.97% YoY) while the non-tower business improved well (+5.23% QoQ/+20.17% YoY).</li><li>Our estimations for the total revenue to grow by +5.20%/+7.07% YoY in FY24E/FY25F.</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 1Q24, TOWR booked a revenue of IDR3.05trillion (+0.85% QoQ/+6.35% YoY), representing each 24.67%/24.69% of our target and consensus.The tower segment grew flattish (-1.05% QoQ/+0.97% YoY) while the non-tower business improved well (+5.23% QoQ/+20.17% YoY).Our estimations for the total revenue to grow by +5.20%/+7.07% YoY in FY24E/FY25F.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.

TOWR IJ - Unpacking TOWR’s Performance Metrics and Strategic Acquisition

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)