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>BUKA Injects Rp656bn into Subsidiaries to Strengthen Ecosystem Operations</li><li>On April 22, 2025, Bukalapak injected a total of Rp656.65bn into 9 of its subsidiaries through affiliated capital increases to strengthen internal operations across its Mitra, supply chain, and digital commerce ecosystem.</li><li>All entities are directly or indirectly owned by Bukalapak by over 99%, qualifying the transactions as affiliated under POJK 42/2020. (IDX)</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.

BUKA Injects Rp656bn into Subsidiaries to Strengthen Ecosystem OperationsOn April 22, 2025, Bukalapak injected a total of Rp656.65bn into 9 of its subsidiaries through affiliated capital increases to strengthen internal operations across its Mitra, supply chain, and digital commerce ecosystem.All entities are directly or indirectly owned by Bukalapak by over 99%, qualifying the transactions as affiliated under POJK 42/2020. (IDX)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>On April 11, 2025, WIFI’s subsidiaries—PT Jaringan Infra Andalan (JIA) and PT Integrasi Jaringan Ekosistem (IJE)—signed key agreements with Nippon Telegraph and Telephone East Corporation (NTT East), including a Shareholders Agreement and Share Subscription Agreement. </li><li>NTT East has officially become a Strategic Shareholder in IJE by investing Rp4tr through a private placement, acquiring 49% ownership in IJE. </li><li>This strategic partnership is expected to strengthen WIFI Group’s internet business expansion and provide more affordable internet services to the Indonesian public, leveraging NTT East’s expertise as a leading Japanese telecom multinational.</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.

On April 11, 2025, WIFI’s subsidiaries—PT Jaringan Infra Andalan (JIA) and PT Integrasi Jaringan Ekosistem (IJE)—signed key agreements with Nippon Telegraph and Telephone East Corporation (NTT East), including a Shareholders Agreement and Share Subscription Agreement. NTT East has officially become a Strategic Shareholder in IJE by investing Rp4tr through a private placement, acquiring 49% ownership in IJE. This strategic partnership is expected to strengthen WIFI Group’s internet business expansion and provide more affordable internet services to the Indonesian public, leveraging NTT East’s expertise as a leading Japanese telecom multinational.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>EXCL reported a 21% increase in data service traffic during the period of March 28–April 6, 2025, compared to regular days before Ramadan.</li><li>During the Ramadan and Eid period, service traffic was primarily driven by streaming, which rose by 17%, followed by file access with a 16% increase, web browsing up 12%, and gaming soaring by 46%.</li><li>The highest data traffic surge was recorded in Central Java, which saw a 44% rise compared to regular days. </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.

EXCL reported a 21% increase in data service traffic during the period of March 28–April 6, 2025, compared to regular days before Ramadan.During the Ramadan and Eid period, service traffic was primarily driven by streaming, which rose by 17%, followed by file access with a 16% increase, web browsing up 12%, and gaming soaring by 46%.The highest data traffic surge was recorded in Central Java, which saw a 44% rise compared to regular days. 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 TMT News - Thursday, April 10, 2025

Equity Bottom-Up

<ul><li>At NVIDIA GTC 2025, IOH CEO Vikram Sinha made it clear: the company will not follow technology—it will shape it, sovereignly (fully independent) and strategically, from within Indonesia at the heart of SE Asia.</li><li>Indosat is evolving from a legacy telco into a sovereign, AI-native TechCo and a national enabler placing Indonesia firmly on the global map as not just an AI adopter, but an AI creator.</li><li>“Where others see data traffic,” Vikram notes, “we see 120 million dreams in motion.”</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.

At NVIDIA GTC 2025, IOH CEO Vikram Sinha made it clear: the company will not follow technology—it will shape it, sovereignly (fully independent) and strategically, from within Indonesia at the heart of SE Asia.Indosat is evolving from a legacy telco into a sovereign, AI-native TechCo and a national enabler placing Indonesia firmly on the global map as not just an AI adopter, but an AI creator.“Where others see data traffic,” Vikram notes, “we see 120 million dreams in motion.”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.

Sarana Menara Nusantara / Equity Bottom-Up

<ul><li>TOWR reported net profit of Rp888bn (+5.5%qoq, +7.3%yoy), supported by stable revenue and positive contributions from items below the EBITDA line.</li><li>Revenue was largely stable at Rp3.29tr (-0.3%qoq, +8.8%yoy), as robust non-tower revenue offset weaker tower revenue. Non-tower revenue contributed 33.8% of total revenue, increasing by 90 bps qoq.</li><li>EBITDA was Rp2.75tr (-2.1%qoq, +7.5%yoy), translating to an EBITDA margin of 83.8% (-150 bps qoq). This lower annualized EBITDA resulted in increased ND/EBITDA leverage.</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.

TOWR reported net profit of Rp888bn (+5.5%qoq, +7.3%yoy), supported by stable revenue and positive contributions from items below the EBITDA line.Revenue was largely stable at Rp3.29tr (-0.3%qoq, +8.8%yoy), as robust non-tower revenue offset weaker tower revenue. Non-tower revenue contributed 33.8% of total revenue, increasing by 90 bps qoq.EBITDA was Rp2.75tr (-2.1%qoq, +7.5%yoy), translating to an EBITDA margin of 83.8% (-150 bps qoq). This lower annualized EBITDA resulted in increased ND/EBITDA leverage.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 TMT News - Wednesday, March 26 2025

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)

BRIDS TMT News - Friday, April 25, 2025

On April 22, 2025, Bukalapak injected a total of Rp656.65bn into 9 of its subsidiaries through affiliated capital increases to strengthen internal...

BRI Danareksa Research

BRIDS TMT News - Monday, April 14, 2025

NTT East has officially become a Strategic Shareholder in IJE by investing Rp4tr through a private placement, acquiring 49% ownership in IJE.

BRI Danareksa Research

BRIDS TMT News - Thursday, April 10, 2025

EXCL reported a 21% increase in data service traffic during the period of March 28–April 6, 2025, compared to regular days before Ramadan.

BRI Danareksa Research

BRIDS TMT News - Thursday, March 27 2025

At NVIDIA GTC 2025, IOH CEO Vikram Sinha made it clear: the company will not follow technology—it will shape it, sovereignly (fully independent)...

BRI Danareksa Research

BRIDS TMT News - Wednesday, March 26 2025

TOWR reported net profit of Rp888bn (+5.5%qoq, +7.3%yoy), supported by stable revenue and positive contributions from items below the EBITDA line.

BRI Danareksa Research

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