External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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. 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.

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>We cut FY25–27F EBITDA by 2.6–7.1%, although the +4.5% qoq data revenue uplift in 3Q25 indicates early mobile momentum returning.</li><li>3Q25 ARPU hit Rp40k (+3.9% qoq / +7.5% yoy), supported by SIM consolidation and AI-driven personalization that lifted usage.</li><li>We maintain our TP of Rp2,600 as we rolled forward DCF to FY26F; we expect mobile momentum to continue in a more rational market.</li></ul><p><em>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.</em></p>

We cut FY25–27F EBITDA by 2.6–7.1%, although the +4.5% qoq data revenue uplift in 3Q25 indicates early mobile momentum returning.3Q25 ARPU hit Rp40k (+3.9% qoq / +7.5% yoy), supported by SIM consolidation and AI-driven personalization that lifted usage.We maintain our TP of Rp2,600 as we rolled forward DCF to FY26F; we expect mobile momentum to continue in a more rational market.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.

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