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

Solusi Sinergi Digital Tbk PT / Equity Bottom-Up

<ul><li>WIFI booked 3Q25 net profit of Rp32bn (-77.6% qoq), impacted by initial rollout spending, despite strong homeconnect reaching 831k.</li><li>The company guides for 3mn FTTH homeconnect and 5mn 5G FWA subs by 26F, supported by partnership with local contractors and RT/RW Net.</li><li>WIFI currently trades at ~17.2x FY25F EV/EBITDA, implying a premium to global FiberCo peers at ~12x</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.

WIFI booked 3Q25 net profit of Rp32bn (-77.6% qoq), impacted by initial rollout spending, despite strong homeconnect reaching 831k.The company guides for 3mn FTTH homeconnect and 5mn 5G FWA subs by 26F, supported by partnership with local contractors and RT/RW Net.WIFI currently trades at ~17.2x FY25F EV/EBITDA, implying a premium to global FiberCo peers at ~12xContent 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.

Solusi Sinergi Digital (WIFI IJ) 3Q25 Earnings Weighed by Early-Stage Investment...

Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-Indonesia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on XL Axiata, Solusi Sinergi Digital, Aneka Tambang, Indah Kiat Pulp &amp; Paper, Telkom Indonesia, Bank Mandiri, Surya Esa Perkasa.</li>
</ul>


We analysed the earning revision of component stocks of MS-Indonesia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on XL Axiata, Solusi Sinergi Digital, Aneka Tambang, Indah Kiat Pulp &amp; Paper, Telkom Indonesia, Bank Mandiri, Surya Esa Perkasa.


MS-Indonesia Index Earning Revision (May): XL Axiata, Solusi Sinergi Digital, Aneka Tambang

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<ul>
<li>We analyse markets of South Korea, Vietnam, India, Indonesia, China, Europe, and the US to study extreme dispersion, extracting repeatable, factor-driven signals beyond macro growth narrative.
</li>
<li>Across these markets, returns were driven by earnings inflection, ROE improvement, and cash-flow recovery; stability, defensiveness, and high quality without momentum underperformed.</li>
<li>
Cyclicality and operating leverage outperformed, while revenue growth mattered only when converting into earnings and cash, reinforcing bottom-up capital allocation over GDP-led narratives.</li>
</ul>


We analyse markets of South Korea, Vietnam, India, Indonesia, China, Europe, and the US to study extreme dispersion, extracting repeatable, factor-driven signals beyond macro growth narrative.

Across these markets, returns were driven by earnings inflection, ROE improvement, and cash-flow recovery; stability, defensiveness, and high quality without momentum underperformed.

Cyclicality and operating leverage outperformed, while revenue growth mattered only when converting into earnings and cash, reinforcing bottom-up capital allocation over GDP-led narratives.


<ul>
<li>JCI closed slightly up (+0.3% w-w) despite correcting from all-time high level during the week.</li>
<li>In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental stocks underperformed (BBCA -3.6% w-w, TLKM -4.1%, BMRI -1.6%).</li>
<li>Within our coverage universe, the Metal sector has regained leadership (+9.5% w-w), following recovery in gold price, followed by Media (+6.2% w-w, led by SCMA) and Tech (+2.0% w-w, led by GOTO); Industrial Estate, Heavy Equipment and Cigarettes underperformed.</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.


JCI closed slightly up (+0.3% w-w) despite correcting from all-time high level during the week.
In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental stocks underperformed (BBCA -3.6% w-w, TLKM -4.1%, BMRI -1.6%).
Within our coverage universe, the Metal sector has regained leadership (+9.5% w-w), following recovery in gold price, followed by Media (+6.2% w-w, led by SCMA) and Tech (+2.0% w-w, led by GOTO); Industrial Estate, Heavy Equipment and Cigarettes underperformed.

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 – JCI vs. LQ45 Forward P/E Band

<ul><li>The Fed is likely to lean toward an easing bias as labor conditions weaken, though divisions among members remain.</li><li>Stable inflation, ample liquidity, and BI’s intervention framework support Bank Indonesia’s gradual 2026 rate cuts.</li><li>We expect 2026 INDOGB yields at 5.62%–6.14% (5.9% yr-end baseline), supported by expected rate cuts, stable IDR and foreign ownership.</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.

The Fed is likely to lean toward an easing bias as labor conditions weaken, though divisions among members remain.Stable inflation, ample liquidity, and BI’s intervention framework support Bank Indonesia’s gradual 2026 rate cuts.We expect 2026 INDOGB yields at 5.62%–6.14% (5.9% yr-end baseline), supported by expected rate cuts, stable IDR and foreign ownership.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.

Macro Strategy: 2026: Navigating the Rate and Yield Transition

Indonesia

PT Solusi Sinergi Digital Tbk provides information technology services. The Company offers network infrastructure, application and software development, out of home advertising media, and digital advertising solutions. Solusi Sinergi Digital serves customers worldwide.

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Solusi Sinergi Digital Tbk PT (WIFI IJ)

Solusi Sinergi Digital (WIFI IJ) 3Q25 Earnings Weighed by Early-Stage Investment...

The company guides for 3mn FTTH homeconnect and 5mn 5G FWA subs by 26F, supported by partnership with local contractors and RT/RW Net.

BRI Danareksa Research

MS-Indonesia Index Earning Revision (May): XL Axiata, Solusi Sinergi Digital, Aneka Tambang

We analyzed MS-Indonesia's consensus for May 2026 and highlighted changes of EPS in XL Axiata (EXCL IJ), Solusi Sinergi Digital (WIFI IJ), Aneka...

Ke Yan, CFA, FRM

2025 Learnings | Short the Stagnant

Analysis of across markets showed that earnings inflection, ROE improvement, and cash-flow recovery drove returns, highlighting the importance of...

Pranav Bhavsar

BRIDS Market Pulse: Chart of the week – JCI vs. LQ45 Forward P/E Band

In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental...

BRI Danareksa Research

Macro Strategy: 2026: Navigating the Rate and Yield Transition

We expect 2026 INDOGB yields at 5.62%–6.14% (5.9% yr-end baseline), supported by expected rate cuts, stable IDR and foreign ownership.

BRI Danareksa Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Solusi Sinergi Digital (WIFI IJ) 3Q25 Earnings Weighed by Early-Stage Investment...

The company guides for 3mn FTTH homeconnect and 5mn 5G FWA subs by 26F, supported by partnership with local contractors and RT/RW Net.

BRI Danareksa Research

MS-Indonesia Index Earning Revision (May): XL Axiata, Solusi Sinergi Digital, Aneka Tambang

We analyzed MS-Indonesia's consensus for May 2026 and highlighted changes of EPS in XL Axiata (EXCL IJ), Solusi Sinergi Digital (WIFI IJ), Aneka...

Ke Yan, CFA, FRM

2025 Learnings | Short the Stagnant

​Analysis of across markets showed that earnings inflection, ROE improvement, and cash-flow recovery drove returns, highlighting the importance of...

Pranav Bhavsar

BRIDS Market Pulse: Chart of the week – JCI vs. LQ45 Forward P/E Band

In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental...

BRI Danareksa Research

Macro Strategy: 2026: Navigating the Rate and Yield Transition

We expect 2026 INDOGB yields at 5.62%–6.14% (5.9% yr-end baseline), supported by expected rate cuts, stable IDR and foreign ownership.

BRI Danareksa Research

Analysis of across markets showed that earnings inflection, ROE improvement, and cash-flow recovery drove returns, highlighting the importance of...