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...

<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

Thematic (Sector/Industry)

<ul><li>TSEL stays aggressive with ByU to build a larger presence in the youth segment and lowers prices in Indihome to drive subscriber growth. </li><li>IOH returns to repair mode, campaigning for SIM-card Rp25k/4GB, while XL remains constructive for a second consecutive month. </li><li>We maintain an OW rating for the Telco, expecting 9M24 and FY24 growth in line with our ests, with 3Q24 softness likely to be short-lived.</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.

TSEL stays aggressive with ByU to build a larger presence in the youth segment and lowers prices in Indihome to drive subscriber growth. IOH returns to repair mode, campaigning for SIM-card Rp25k/4GB, while XL remains constructive for a second consecutive month. We maintain an OW rating for the Telco, expecting 9M24 and FY24 growth in line with our ests, with 3Q24 softness likely to be short-lived.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: Telco Operators’ Tactical Adjustments Amid 3Q24 Weakness, Poised for 4Q24 Rebound

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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