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

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%qoq.We see a different EBITDA margin narrative for each player, but foresee a positive trajectory for the sector overall in 3Q23. 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: 3Q23 Preview: Expect Positive Qoq Revenues Growth

Equity Bottom-Up

XLSMART Telecom Sejahtera / Equity Bottom-Up

<ul><li>While rolling forward our DCF, we revised our projections expecting now XL to book 2-digit growth in 2023.</li><li>XL has opportunities to extend its momentum for the next 18 months and beyond with steady data traffic growth on a monumental time period Dec. 23 and Lebaran ‘24, new spectrum available mainly for 4G and FMC rollout.</li><li>Reiterate BUY. Great recovery in 2Q23. XL outperformed sector in data traffic and revenue growth in last 2 quarters, largely thanks to its network performance - data consumption directed at 4G, and disciplined pricing we believe. </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.

While rolling forward our DCF, we revised our projections expecting now XL to book 2-digit growth in 2023.XL has opportunities to extend its momentum for the next 18 months and beyond with steady data traffic growth on a monumental time period Dec. 23 and Lebaran ‘24, new spectrum available mainly for 4G and FMC rollout.Reiterate BUY. Great recovery in 2Q23. XL outperformed sector in data traffic and revenue growth in last 2 quarters, largely thanks to its network performance - data consumption directed at 4G, and disciplined pricing we believe. 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.

XL Axiata (EXCL IJ) - Well Placed to Extend Momentum

<ul><li>Yield volatility and heightened China risk factor has led to recent market volatility resulting in outflow from both Equity and Fixed Income.</li><li>The recession narrative appears abating as seen in more steepening yield curve as the 10 years UST yield rise.</li><li>BI continue to intervene the market to manage IDR stability. </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.

Yield volatility and heightened China risk factor has led to recent market volatility resulting in outflow from both Equity and Fixed Income.The recession narrative appears abating as seen in more steepening yield curve as the 10 years UST yield rise.BI continue to intervene the market to manage IDR stability. 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 and Flows Tracker - Rising External Risks

<ul><li>Indonesia's GDP in 2Q23 exceeded expectations with strong growth of 5.17% y-y, with Household Consumption ticking strongly upward by 5.23% mainly underpinned by a combination of the festive season, long holidays and the disbursement of religious holiday allowances (THR), which contributed to increased purchasing power.</li><li>We revise up our Q3 &amp; FY GDP growth forecasts.</li><li>The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.</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.

Indonesia's GDP in 2Q23 exceeded expectations with strong growth of 5.17% y-y, with Household Consumption ticking strongly upward by 5.23% mainly underpinned by a combination of the festive season, long holidays and the disbursement of religious holiday allowances (THR), which contributed to increased purchasing power.We revise up our Q3 &amp; FY GDP growth forecasts.The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.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.

<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.

Indonesia

XLSMART Telecom Sejahtera Tbk PT provides a wide range of mobile telecommunications services in Indonesia.

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XLSMART Telecom Sejahtera (EXCL IJ)

Telco: 3Q23 Preview: Expect Positive Qoq Revenues Growth

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...

BRI Danareksa Research

XL Axiata (EXCL IJ) - Well Placed to Extend Momentum

XL has opportunities to extend its momentum for the next 18 months and beyond with steady data traffic growth on a monumental time period Dec. 23...

BRI Danareksa Research

Macro and Flows Tracker - Rising External Risks

Yield volatility and heightened China risk factor has led to recent market volatility resulting in outflow from both Equity and Fixed Income.

BRI Danareksa Research

Strategy - Sustaining Growth

The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.

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

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