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

<ul><li>3Q25 ARPU rose to Rp43.4k (+5.3% qoq), driven by a +11.2% qoq data yield improvement, reflecting ongoing price repair.</li><li>IndiHome faces continued ARPU pressure from the shift from 3P/2P to 1P packages and deeper entry-level penetration outside Java.</li><li>We maintain Buy with a higher TP of Rp4,000, implying a 5.6x 26F EV/EBITDA, reflecting improvement in yield and pricing 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.

3Q25 ARPU rose to Rp43.4k (+5.3% qoq), driven by a +11.2% qoq data yield improvement, reflecting ongoing price repair.IndiHome faces continued ARPU pressure from the shift from 3P/2P to 1P packages and deeper entry-level penetration outside Java.We maintain Buy with a higher TP of Rp4,000, implying a 5.6x 26F EV/EBITDA, reflecting improvement in yield and pricing 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.

Telkom Indonesia (TLKM.IJ) Price Repair on Track, Visible Re-Rating Potential Ahead

<ul><li>TLKM executed the spin-off of 56% of its fiber assets to TIF, valued at Rp35.7tr net book value, implying an 8.75x EV/EBITDA multiple.</li><li>Potential improvement in utilization shall offer a clear path for value unlocking and potential re-rating toward peer valuation levels.</li><li>Management guides for a 20-30% stake sale to a strategic partner, targeted after the completion of Phase 2 in mid-2026.</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.

TLKM executed the spin-off of 56% of its fiber assets to TIF, valued at Rp35.7tr net book value, implying an 8.75x EV/EBITDA multiple.Potential improvement in utilization shall offer a clear path for value unlocking and potential re-rating toward peer valuation levels.Management guides for a 20-30% stake sale to a strategic partner, targeted after the completion of Phase 2 in mid-2026.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.

Telkom Indonesia (TLKM.IJ) - Fiber Assets Spin-Off Paves the Way for Value Unlocking

<ul><li>We cut FY25-27F net profit est. by 11.2-12.5%, factoring in slowerthan-expected growth 1H25, but with expected 2H25 mobile recovery.</li><li>We expect easing mobile yield pressure amid ongoing price repair and product simplification; we see limited ARPU downside for Indihome.</li><li>Maintain TP at Rp3,500 as we raise EV/EBITDA target to mean (blended with DCF) amid better monetization prospects.</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 cut FY25-27F net profit est. by 11.2-12.5%, factoring in slowerthan-expected growth 1H25, but with expected 2H25 mobile recovery.We expect easing mobile yield pressure amid ongoing price repair and product simplification; we see limited ARPU downside for Indihome.Maintain TP at Rp3,500 as we raise EV/EBITDA target to mean (blended with DCF) amid better monetization prospects.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.

Telkom Indonesia (TLKM.IJ) -  Mobile and Fixed Broadband to Turn the Corner

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>Net income fell 4.0% YoY to IDR5.8tn (23.9%/23.3% of ours/cons), pressured by intense competition, macro headwinds, shifting product preferences, and higher costs.</li><li>EBIT declined 4.7% YoY to IDR10.5tn (23.8%/23.4% ours/cons), impacted by higher G&amp;A costs and interconnection costs, though O&amp;M was flat due to successfully improved cost efficiency.</li><li>Revenue declined 2.1% YoY to IDR36.6tn (24.2%/23.7% ours/cons), weighed by Data, Internet &amp; IT, and interconnection segments, amid weak Eid demand and shifting user preferences.</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.

Net income fell 4.0% YoY to IDR5.8tn (23.9%/23.3% of ours/cons), pressured by intense competition, macro headwinds, shifting product preferences, and higher costs.EBIT declined 4.7% YoY to IDR10.5tn (23.8%/23.4% ours/cons), impacted by higher G&amp;A costs and interconnection costs, though O&amp;M was flat due to successfully improved cost efficiency.Revenue declined 2.1% YoY to IDR36.6tn (24.2%/23.7% ours/cons), weighed by Data, Internet &amp; IT, and interconnection segments, amid weak Eid demand and shifting user preferences.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.

TLKM IJ - Resilient and Ready: TLKM’s Strategy Amid Economic Shifts

<ul><li>TSEL navigated 4Q24 with stable mobile subs and higher ARPU, showing ability to defend market share with the help of second-tier brands.</li><li>TSEL is gearing up for a major push with single billing features that will make users stickier ringfencing mobile/fixed traffic in its networks.</li><li>We trimmed FY25-26 est. by -4.0%/-3.8% and arrive at lower TP of Rp3,680; maintain Buy rating on TLKM as the best LT play for FMC.</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 navigated 4Q24 with stable mobile subs and higher ARPU, showing ability to defend market share with the help of second-tier brands.TSEL is gearing up for a major push with single billing features that will make users stickier ringfencing mobile/fixed traffic in its networks.We trimmed FY25-26 est. by -4.0%/-3.8% and arrive at lower TP of Rp3,680; maintain Buy rating on TLKM as the best LT play for FMC.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.

Telkom Indonesia (TLKM.IJ) Well-Positioned as LT FMC Play

Indonesia

PT Telekomunikasi Indonesia Persero Tbk is a telecommunication company that provides a variety of domestic telecommunications services such as telephone, telex, telegram, satellite, and leased lines services.  The Company also offers electronic mail, mobile communication, and cellular phone services.

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Telekomunikasi ADR (TLK US)

Telkom Indonesia (TLKM.IJ) Price Repair on Track, Visible Re-Rating Potential Ahead

We maintain Buy with a higher TP of Rp4,000, implying a 5.6x 26F EV/EBITDA, reflecting improvement in yield and pricing execution.

BRI Danareksa Research

Telkom Indonesia (TLKM.IJ) - Fiber Assets Spin-Off Paves the Way for Value Unlocking

TLKM executed the spin-off of 56% of its fiber assets to TIF, valued at Rp35.7tr net book value, implying an 8.75x EV/EBITDA multiple.

BRI Danareksa Research

Telkom Indonesia (TLKM.IJ) - Mobile and Fixed Broadband to Turn the Corner

We cut FY25-27F net profit est. by 11.2-12.5%, factoring in slowerthan-expected growth 1H25, but with expected 2H25 mobile recovery.

BRI Danareksa Research

TLKM IJ - Resilient and Ready: TLKM’s Strategy Amid Economic Shifts

Net income fell 4.0% YoY to IDR5.8tn (23.9%/23.3% of ours/cons), pressured by intense competition, macro headwinds, shifting product preferences,...

MNC Sekuritas

Telkom Indonesia (TLKM.IJ) Well-Positioned as LT FMC Play

TSEL navigated 4Q24 with stable mobile subs and higher ARPU, showing ability to defend market share with the help of second-tier brands.

BRI Danareksa Research

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