External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<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

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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>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...

<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

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, through a subsidiary, builds telecommunications towers. The Company constructs, operates, and rents the towers to mobile telecommunications services providers.

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Sarana Menara Nusantara (TOWR IJ)

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

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

9M24 earnings were broadly in line driven by strong non-tower revenue growth (+28.1% yoy) and high capex, leading to elevated D&A and OPEX.

BRI Danareksa Research

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

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.

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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