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 establishes another distribution layer with Indosat retailers to transition away from low ARPU to high ARPU potential users in ex-Java.</li><li>IOH implements 5-9% price hikesto maintain revenue resilience in 2H24 while it anticipates the sector to recover by 1Q25.</li><li>We maintain our BUY rating on IOH (TP: Rp13,300), implying premium valuation driven by growth from IOH's expanding distribution.</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 establishes another distribution layer with Indosat retailers to transition away from low ARPU to high ARPU potential users in ex-Java.IOH implements 5-9% price hikesto maintain revenue resilience in 2H24 while it anticipates the sector to recover by 1Q25.We maintain our BUY rating on IOH (TP: Rp13,300), implying premium valuation driven by growth from IOH's expanding distribution.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 -  Aggressive Distribution Fuels Future Growth...

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

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

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<a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat (ISAT IJ)</a> remains optimistic about the outlook for its core mobile business as it expands into rural areas and simultaneously increases ARPUs, with the growing use of AI tools. </li>
<li>The company also seeks to become an AI Native Telco whilst also pursuing a separate AI business through its tie-up with <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA</a>, and building a data centre edge through BDx.</li>
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<a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat Tbk PT (ISAT IJ)</a> is also optimistic about its home broadband business projecting 2m subscribers by 2028. Valuations remain attractive relative to peers, especially given ISAT's growth outlook. </li>
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Indosat (ISAT IJ) remains optimistic about the outlook for its core mobile business as it expands into rural areas and simultaneously increases ARPUs, with the growing use of AI tools. 
The company also seeks to become an AI Native Telco whilst also pursuing a separate AI business through its tie-up with NVIDIA, and building a data centre edge through BDx.

Indosat Tbk PT (ISAT IJ) is also optimistic about its home broadband business projecting 2m subscribers by 2028. Valuations remain attractive relative to peers, especially given ISAT's growth outlook. 


Indosat (ISAT IJ) - Streaming Ahead with AI

<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

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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ISAT IJ - Aggressive Distribution Fuels Future Growth...

IOH establishes another distribution layer with Indosat retailers to transition away from low ARPU to high ARPU potential users in ex-Java.

BRI Danareksa Research

Indosat (ISAT IJ) - Streaming Ahead with AI

Indosat remains optimistic about the outlook for its core mobile business as it expands into rural areas and simultaneously increases ARPUs, with...

Angus Mackintosh

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