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>We met with a CEO, CMO and 2 CFOs from the 3 leading telcos who share some common objectives in driving usage, the payload and increasing ARPU.</li><li>Telkomsel has the upper hand by furnishing abundant data supply to users.</li><li>The common theme for IOH and EXCL to play is the sale-lease back of fiber and some RAN equipment potentially lightening their balance sheets. </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 met with a CEO, CMO and 2 CFOs from the 3 leading telcos who share some common objectives in driving usage, the payload and increasing ARPU.Telkomsel has the upper hand by furnishing abundant data supply to users.The common theme for IOH and EXCL to play is the sale-lease back of fiber and some RAN equipment potentially lightening their balance sheets. 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: Positive Industry Outlook from Asset-Light Model and Revenue Momentum

<ul><li>Telco3Q23 preview: expect positive qoq revenues growth, with foundations for more growth to come.</li><li>Our 3Q23 preview suggests that idle capacity from new capex spent during the quarter shall drive an increase in subs and/or bump existing subs onto higher quota packs in a seasonally low traffic period (3Q)</li><li>We expect this to result in sector revenues growth of 1.0-1.5%qoq</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.

Telco3Q23 preview: expect positive qoq revenues growth, with foundations for more growth to come.Our 3Q23 preview suggests that idle capacity from new capex spent during the quarter shall drive an increase in subs and/or bump existing subs onto higher quota packs in a seasonally low traffic period (3Q)We expect this to result in sector revenues growth of 1.0-1.5%qoqContent 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>Sector evolution intactThe sector has a clear pathway to tangible sources of growth and profitability</li><li>Our observations suggest that the market landscape remains constructive with directed efforts for FMC penetration</li><li>IOH’s Hutch3 raised prices on the back of secular network improvements, and thus IOH expansion to more areas has little sector downside risk</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.

Sector evolution intactThe sector has a clear pathway to tangible sources of growth and profitabilityOur observations suggest that the market landscape remains constructive with directed efforts for FMC penetrationIOH’s Hutch3 raised prices on the back of secular network improvements, and thus IOH expansion to more areas has little sector downside riskContent 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>We analyze the latest Opensignal results confirming the network benefits in the mobile sector from phasing out 3G, with companies positioning according to their strengths, weaknesses (IOH mostly) and strategic direction into FMC (TSEL, XL).</li><li>2Q23 offers a springboard for telcos to get inline in fulfilling consensus/our forecast 2023F estimates.</li><li>Sector Overweight with a pecking order of TLKM, EXCL and ISAT.</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 analyze the latest Opensignal results confirming the network benefits in the mobile sector from phasing out 3G, with companies positioning according to their strengths, weaknesses (IOH mostly) and strategic direction into FMC (TSEL, XL).2Q23 offers a springboard for telcos to get inline in fulfilling consensus/our forecast 2023F estimates.Sector Overweight with a pecking order of TLKM, EXCL and ISAT.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 - Economies of scale through technology

<ul><li>Gear UpDespite fiscal expansion in 2H, the government has a lower fiscal deficit target on higher revenues</li><li>Supporting domestic aggregate demand will remain key in in 2H23 and going into 2024</li><li>El Nino's return threatens the current disinflation trend, with rice and CPO prices being significant risks</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.

Gear UpDespite fiscal expansion in 2H, the government has a lower fiscal deficit target on higher revenuesSupporting domestic aggregate demand will remain key in in 2H23 and going into 2024El Nino's return threatens the current disinflation trend, with rice and CPO prices being significant risksContent 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 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 Indonesia (TLKM IJ)

Telco: Positive Industry Outlook from Asset-Light Model and Revenue Momentum

We met with a CEO, CMO and 2 CFOs from the 3 leading telcos who share some common objectives in driving usage, the payload and increasing ARPU.

BRI Danareksa Research

Telco: 3Q23 Preview

We see a different EBITDA margin narrative for each player but foresee a positive trajectory for the sector overall in 3Q23.

BRI Danareksa Research

Telco - Sector evolution intact

IOH’s Hutch3 raised prices on the back of secular network improvements, and thus IOH expansion to more areas has little sector downside risk

BRI Danareksa Research

Telco - Economies of scale through technology

2Q23 offers a springboard for telcos to get inline in fulfilling consensus/our forecast 2023F estimates. Sector Overweight with a pecking order of...

BRI Danareksa Research

Macro and Flows Tracker - Gear Up

Gear UpDespite fiscal expansion in 2H, the government has a lower fiscal deficit target on higher revenues. Supporting domestic aggregate demand...

BRI Danareksa Research

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