External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. 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)

Thematic (Sector/Industry)

Indonesia Communication services / Thematic (Sector/Industry)

<ul><li>Telco companies are projected to increase capex ~15% YoY in FY25E to strengthen network modernization and expand 5G infrastructure.</li><li>Although 5G penetration currently stands at ~4.4%, it’s expected to grow significantly, driven by more affordable 5G devices, the readiness of low-latency service ecosystems, and regulatory support through the spectrum auction scheduled for July/August 2025.</li><li>The government plans to auction the 1.4 GHz frequency spectrum, which is expected to increase network capacity by ~70% and accelerate equitable adoption of the national 5G network. </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>

Telco companies are projected to increase capex ~15% YoY in FY25E to strengthen network modernization and expand 5G infrastructure.Although 5G penetration currently stands at ~4.4%, it’s expected to grow significantly, driven by more affordable 5G devices, the readiness of low-latency service ecosystems, and regulatory support through the spectrum auction scheduled for July/August 2025.The government plans to auction the 1.4 GHz frequency spectrum, which is expected to increase network capacity by ~70% and accelerate equitable adoption of the national 5G network. 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 & Tower Sectoral Update July 23, 2025