ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

In Equity Sales and Research for more than 25 years covering Asian markets. Possesses in-depth knowledge of a wide range of companies, economies, and markets in Asia. Over his career, he has specialised in HK/China and ASEAN markets at various different Investment Banks, most recently heading equities in Indonesia for Bank of America Merrill Lynch in Jakarta for more than three years. Whilst in Jakarta, he produced a well-read daily and weekly product on the Indonesian market, which included company visits, as well as political, economic and sector commentary. A former racing skier, who enjoys ultra-marathons and surfing in his spare time.

ASEAN Insight Provider

Link Net (LINK IJ) - On the Cusp of a Game Change

The Week That Was in ASEAN@Smartkarma - Link Net, Jardine Matheson, and WeLab

Link Net (LINK IJ) - Multiple Catalysts in Place

Link Net (LINK IJ) - Ahead on Poles and Subscribers

Link Net (LINK IJ) - Moving into Pole Position

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a> released its IH2021 results with revenue growth of +11.7% YoY and with EBITDA growth of +17.1% YoY.  Revenue in 2Q2021 saw an increase of +11.9% YoY, whilst EBITDA  increased +13.3% YoY.
The company's Average Revenue Per User (ARPU) remained stable at IDR351,000 per subscriber per month.
The enterprise business continued its recovery, with +26% YoY growth in 2Q2021, with ongoing success in targeting those customers least affected by the pandemic.
At end of 3Q2021, the company's total network reached 2.8m home passes and <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a> added a total of 21,000 new net subscribers for 9M2021 but 2Q and 3Q were low, partially due to higher churn.
<a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a> had, as of the end of September, completed close to 50% of its pole migration project and is on target to be finished by May 2022.
<a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a> continues its discussions to acquire a controlling stake in <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ),</a> with the potential sellers being CVC and <a href="https://www.smartkarma.com/entities/first-media-tbk-pt" target="_blank" data-smartkarma-citation="entities:11826:1" rel="noopener">First Media (KBLV IJ)</a> (Lippo Group) but the parties have yet to agree on a price.
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<a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a> remains attractive as a proxy for the low penetration rates for high-speed fixed broadband and its position as the best quality provider in terms of network quality and its content offering. Valuations look attractive with the company trading at a significant discount to regional peers.
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Link Net (LINK IJ) released its IH2021 results with revenue growth of +11.7% YoY and with EBITDA growth of +17.1% YoY.  Revenue in 2Q2021 saw an increase of +11.9% YoY, whilst EBITDA  increased +13.3% YoY.
The company's Average Revenue Per User (ARPU) remained stable at IDR351,000 per subscriber per month.
The enterprise business continued its recovery, with +26% YoY growth in 2Q2021, with ongoing success in targeting those customers least affected by the pandemic.
At end of 3Q2021, the company's total network reached 2.8m home passes and Link Net (LINK IJ) added a total of 21,000 new net subscribers for 9M2021 but 2Q and 3Q were low, partially due to higher churn.
Link Net (LINK IJ) had, as of the end of September, completed close to 50% of its pole migration project and is on target to be finished by May 2022.
XL Axiata (EXCL IJ) continues its discussions to acquire a controlling stake in Link Net (LINK IJ), with the potential sellers being CVC and First Media (KBLV IJ) (Lippo Group) but the parties have yet to agree on a price.

Link Net (LINK IJ) remains attractive as a proxy for the low penetration rates for high-speed fixed broadband and its position as the best quality provider in terms of network quality and its content offering. Valuations look attractive with the company trading at a significant discount to regional peers.


Link Net (LINK IJ) - Profitability Intact but Shy on Subscribers