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.

Thematic (Sector/Industry)

<ul><li>TelcoJul26 Price Tracker: Repair Path Sustained; Rp50k ARPU Within Reach.</li><li>We think the next leg of the telco price-repair theme is a basket-size uptrade game, the key lever to push ARPU toward Rp50k.</li><li>EXCL is best positioned on uptrade to ARPU 50k followed by ISAT, while TLKM seems to have a heavier base on its current portfolio. </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.

TelcoJul26 Price Tracker: Repair Path Sustained; Rp50k ARPU Within Reach.We think the next leg of the telco price-repair theme is a basket-size uptrade game, the key lever to push ARPU toward Rp50k.EXCL is best positioned on uptrade to ARPU 50k followed by ISAT, while TLKM seems to have a heavier base on its current portfolio. 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: Jul26 Price Tracker: Repair Path Sustained; Rp50k ARPU Within Reach

<ul><li>TelcoSpectrum Cost Lower than Feared; Reiterate OW Komdigi announced the 700MHz and 2.6GHz auction results; Total upfront bids were Rp1.2tr (TLKM), Rp0.9tr (ISAT), &amp; Rp1.3tr (EXCL).</li><li>The results were lower than our estimation and translate into FY27F EBITDA impact of -1.5%/ -3%/ -3.3% for TLKM/ ISAT/ EXCL.</li><li>We maintain 3M Tactical OW on ISAT &amp; EXCL; lower-than-expected spectrum pricing enhances ISAT's special dividend optionality. </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.

TelcoSpectrum Cost Lower than Feared; Reiterate OW Komdigi announced the 700MHz and 2.6GHz auction results; Total upfront bids were Rp1.2tr (TLKM), Rp0.9tr (ISAT), &amp; Rp1.3tr (EXCL).The results were lower than our estimation and translate into FY27F EBITDA impact of -1.5%/ -3%/ -3.3% for TLKM/ ISAT/ EXCL.We maintain 3M Tactical OW on ISAT &amp; EXCL; lower-than-expected spectrum pricing enhances ISAT's special dividend optionality. 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: Spectrum Cost Lower than Feared; Reiterate OW (OVERWEIGHT)

<ul><li>TelcoJun26 Price Tracker: Limited but Positive Room to Sustain Price Repair.</li><li>Price repair has remained solid since Oct25, driven by monetization of low-to-mid-tier data packages and SKU rationalization.May-Jun26: TLKM tightened Hot Promo GB, ISAT reshuffled Hutch to larger baskets, EXCL repriced XL Regular while enhancing VIP.</li><li>We reiterate OW as MNO’s price-repair efforts remain constructive, with ISAT and EXCL as our preferred picks. </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.

TelcoJun26 Price Tracker: Limited but Positive Room to Sustain Price Repair.Price repair has remained solid since Oct25, driven by monetization of low-to-mid-tier data packages and SKU rationalization.May-Jun26: TLKM tightened Hot Promo GB, ISAT reshuffled Hutch to larger baskets, EXCL repriced XL Regular while enhancing VIP.We reiterate OW as MNO’s price-repair efforts remain constructive, with ISAT and EXCL as our preferred picks. 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: Jun26 Price Tracker: Limited but Positive Room to Sustain Price Repair (OVERWEIGHT)

<ul><li>Telco Entering the Real 5G Era: A Gradual Monetization Path.</li><li>Spectrum upfront cost and deployment capex should pressure MNO earnings; Monetization is unlikely to materialize immediately.</li><li>Earnings drag should be cushioned by 1x upfront payment, special-case pricing, and lower 5G deployment capex vs regional history. </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 Entering the Real 5G Era: A Gradual Monetization Path.Spectrum upfront cost and deployment capex should pressure MNO earnings; Monetization is unlikely to materialize immediately.Earnings drag should be cushioned by 1x upfront payment, special-case pricing, and lower 5G deployment capex vs regional history. 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: Entering the Real 5G Era: A Gradual Monetization Path (OVERWEIGHT)

<ul><li>Equity Strategy Repricing the Risk; Potential Tactical Reliefs to Emerge.</li><li>JCI’s risk premium has reset higher on fiscal pressure, policy noise, negative sovereign outlooks, and MSCI deletions/ down-weight.</li><li>We see three ST potential tactical reliefs: foreign flow exhaustion, easing seasonal Rupiah pressure and the oil/war narrative peak. </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.

Equity Strategy Repricing the Risk; Potential Tactical Reliefs to Emerge.JCI’s risk premium has reset higher on fiscal pressure, policy noise, negative sovereign outlooks, and MSCI deletions/ down-weight.We see three ST potential tactical reliefs: foreign flow exhaustion, easing seasonal Rupiah pressure and the oil/war narrative peak. 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.

Equity Strategy: Repricing the Risk; Potential Tactical Reliefs to Emerge

Indonesia

Telkom Indonesia is a multinational telecommunications conglomerate that provides information and communications technology, and telecommunications network services globally. The company offers a diverse range of services including mobile communications, consumer fixed broadband, corporate ICT solutions, digital infrastructure, and global wholesale connectivity. Telkom Indonesia's corporate headquarters are in Bandung, with operational headquarters in Jakarta, Indonesia, and the company traces its history back to 1856.

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Telkom Indonesia (TLKM IJ)

Telco: Jul26 Price Tracker: Repair Path Sustained; Rp50k ARPU Within Reach

We think the next leg of the telco price-repair theme is a basket-size uptrade game, the key lever to push ARPU toward Rp50k. XCL is best...

BRI Danareksa Research

Telco: Spectrum Cost Lower than Feared; Reiterate OW (OVERWEIGHT)

TelcoSpectrum Cost Lower than Feared; Reiterate OW Komdigi announced the 700MHz and 2.6GHz auction results; Total upfront bids were Rp1.2tr (TLKM),...

BRI Danareksa Research

Telco: Jun26 Price Tracker: Limited but Positive Room to Sustain Price Repair (OVERWEIGHT)

Price repair has remained solid since Oct25, driven by monetization of low-to-mid-tier data packages and SKU rationalization...

BRI Danareksa Research

Telco: Entering the Real 5G Era: A Gradual Monetization Path (OVERWEIGHT)

Spectrum upfront cost and deployment capex should pressure MNO earnings; Monetization is unlikely to materialize immediately.

BRI Danareksa Research

Equity Strategy: Repricing the Risk; Potential Tactical Reliefs to Emerge

We see JCI earnings-yield-to-bond spread of 242bps to have priced in a bear scenario. We revise FY26 JCI target to 7,200. Repricing the risk.

BRI Danareksa Research

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