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.

Equity Bottom-Up

<ul><li>IOH’s solid 1H24 net profit of Rp2.73tr (+43% yoy) was in line, driven by 2Q24 margin expansion due to revenue growth and leveragesrealization.</li><li>We expect rural area expansion and core network adjustments to unlock EBITDA margin expansion by &lt;200bps in the next two quarters.</li><li>We keep our forecast and TP of Rp13,300 unchanged and reaffirm our Buy rating on intact robust earnings growth.</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.

IOH’s solid 1H24 net profit of Rp2.73tr (+43% yoy) was in line, driven by 2Q24 margin expansion due to revenue growth and leveragesrealization.We expect rural area expansion and core network adjustments to unlock EBITDA margin expansion by &lt;200bps in the next two quarters.We keep our forecast and TP of Rp13,300 unchanged and reaffirm our Buy rating on intact robust earnings growth.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.

Indosat Ooredoo Hutchison - Solid 1H24 Earnings (Inline)

<ul><li>IOH aims to grow inline with its spectrum holdings and sees new merger to result in more efficiencies; Starlink will complement market.</li><li>IOH key priority is the investments in distribution while it aims to improve profitability at the micro level amid its expansion in ex-Java.</li><li>Maintain Buy rating with TP Rp13,300. IOH adds more growth layers with higher contribution from B2B investing in GPUs and 5G.</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.

IOH aims to grow inline with its spectrum holdings and sees new merger to result in more efficiencies; Starlink will complement market.IOH key priority is the investments in distribution while it aims to improve profitability at the micro level amid its expansion in ex-Java.Maintain Buy rating with TP Rp13,300. IOH adds more growth layers with higher contribution from B2B investing in GPUs and 5G.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.

Indosat Ooredoo Hutchison - KTAs from Meeting with CFO

<ul><li>IOH fully absorbed its FY23 capex budget in 4Q23 signaling its growth commitments, hence its guidance for further outperformance in FY24F. </li><li>IOH subs offer significant ARPU upside to over Rp40k in FY24F and onwards, hence the 50% EBITDA margin guidance should be attainable. </li><li>We include the Home BB Internet take-up, raise our FY24-25F earnings by 23%/19%, raise our TP to Rp13,300 (implying 6.1x EV/EBITDA); reiterate Buy rating on strong fundamentals and the growth outlook. </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.

IOH fully absorbed its FY23 capex budget in 4Q23 signaling its growth commitments, hence its guidance for further outperformance in FY24F. IOH subs offer significant ARPU upside to over Rp40k in FY24F and onwards, hence the 50% EBITDA margin guidance should be attainable. We include the Home BB Internet take-up, raise our FY24-25F earnings by 23%/19%, raise our TP to Rp13,300 (implying 6.1x EV/EBITDA); reiterate Buy rating on strong fundamentals and the growth outlook. 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.

ISAT IJ - Earnings Beat Offers a Credible Prospect of Further Growth Outperformance in FY24

<ul><li>The IOH roadmap has become clearcut with the management providing guidance for network capacity and coverage expansion by frontloading in exJava areas.</li><li>IOH now has better network performance especially for Hutch3 subscribers.</li><li>Right off the bat, Hutch3 prices increased post Lebaran leveraging on this network experience upgrade. </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.

The IOH roadmap has become clearcut with the management providing guidance for network capacity and coverage expansion by frontloading in exJava areas.IOH now has better network performance especially for Hutch3 subscribers.Right off the bat, Hutch3 prices increased post Lebaran leveraging on this network experience upgrade. 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.

Indosat Ooredoo Hutchison (ISAT IJ) - Bigger Fish to Fry – Significant Upside

Thematic (Sector/Industry)

<ul><li>Our survey reveals that TSEL’s launch of TSEL Lite and non-Lite packs is targeted toward select segments; hence a marginal impact on IOH/XL.</li><li>We expect Starlink to play a complementary role in Indonesia’s remote areas, but shall offer inferior overall value to residential customers.</li><li>We maintain OW as the sector’s outlook remains constructive; ISAT is our top pick on the strongest earnings potential in 2Q24.</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 survey reveals that TSEL’s launch of TSEL Lite and non-Lite packs is targeted toward select segments; hence a marginal impact on IOH/XL.We expect Starlink to play a complementary role in Indonesia’s remote areas, but shall offer inferior overall value to residential customers.We maintain OW as the sector’s outlook remains constructive; ISAT is our top pick on the strongest earnings potential in 2Q24.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: Selective Competition and Limited Starlink Threat Imply a Constructive Outlook

Indonesia

PT Indosat Tbk is a telecommunication and information service provider in Indonesia that provides cellular services (prepaid and postpaid), fixed data services or MIDI (Multimedia, Internet & Data Communication) and fixed voice services including fixed wireless access services.

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Indosat Tbk PT (ISAT IJ)

Indosat Ooredoo Hutchison - Solid 1H24 Earnings (Inline)

IOH’s solid 1H24 net profit of Rp2.73tr (+43% yoy) was in line, driven by 2Q24 margin expansion due to revenue growth and leveragesrealization.

BRI Danareksa Research

Indosat Ooredoo Hutchison - KTAs from Meeting with CFO

IOH aims to grow inline with its spectrum holdings and sees new merger to result in more efficiencies; Starlink will complement market.

BRI Danareksa Research

ISAT IJ - Earnings Beat Offers a Credible Prospect of Further Growth Outperformance in FY24

We include the Home BB Internet take-up, raise our FY24-25F earnings by 23%/19%, raise our TP to Rp13,300 (implying 6.1x EV/EBITDA)

BRI Danareksa Research

Indosat Ooredoo Hutchison (ISAT IJ) - Bigger Fish to Fry – Significant Upside

The IOH roadmap has become clearcut with the management providing guidance for network capacity and coverage expansion by frontloading in exJava...

BRI Danareksa Research

Telco: Selective Competition and Limited Starlink Threat Imply a Constructive Outlook

Our survey reveals that TSEL’s launch of TSEL Lite and non-Lite packs is targeted toward select segments; hence a marginal impact on IOH/XL.

BRI Danareksa Research

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