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 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

<ul><li>Semiconductors enable telcos / AI startups to position in the ML and AI market and downstream computing power to their clients.</li><li>This will support SE Asia/Indonesia DCs significant growth in load capacity, favoring those that are tied with telcos with captive clientele. </li><li>Indonesian Telcos may benefit from connectivity and AIaas offerings, while TLKM benefits the most as it owns key DC infra; maintain OW</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.

Semiconductors enable telcos / AI startups to position in the ML and AI market and downstream computing power to their clients.This will support SE Asia/Indonesia DCs significant growth in load capacity, favoring those that are tied with telcos with captive clientele. Indonesian Telcos may benefit from connectivity and AIaas offerings, while TLKM benefits the most as it owns key DC infra; maintain OWContent 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: Poised to Reap Potential Upside from AI Proliferation (OVERWEIGHT)

Indonesia

PT Tower Bersama Infrastructure Tbk provides telecommunication infrastructure services to Indonesian wireless carriers. The Company develops and operates telecommunication supporting infrastructure including tower and in-building systems across Indonesia.

PT Sarana Menara Nusantara Tbk, through a subsidiary, builds telecommunications towers. The Company constructs, operates, and rents the towers to mobile telecommunications services providers.

PT XL Axiata Tbk provides a wide range of mobile telecommunications services in Indonesia.

PT Smartfren Telecom Tbk provides telecommunication services and general trading.

PT Bakrie Telecom Tbk offers wireless telephone services in Indonesia.

PT Inti Bangun Sejahtera Tbk is is an independent tower company.  The Company engages in leasing space and other broadcast equipment for wireless signal transmission at tower sites under long-term lease agreement with mobile operators and wireless cable television providers.

PT Link Net Tbk provides internet services. The Company offers high-speed internet connection through fiber optic lines. Link Net caters to retail and corporate customers throughout Indonesia.

PT Bali Towerindo Sentra Tbk operates in the tower leasing industry. The Company leases  antenna space on self-owned multi-tenant Base Transceiver Station towers primarily to mobile cellular operators.

PT MNC Vision Networks Tbk. provides broadcasting services. The Company offers distribution of subscription television shows. MNC Vision Networks serves customers in Indonesia.

PT Telekomunikasi Indonesia Persero Tbk is a telecommunication company that provides a variety of domestic telecommunications services such as telephone, telex, telegram, satellite, and leased lines services.  The Company also offers electronic mail, mobile communication, and cellular phone services.

Axiata Group Berhad is a telecommunication company.  The Company's main activities is the establishment, maintenance, and provision of telecommunications and related services.

Maxis Berhad operates as a mobile and fixed communication service provider. The Company, through mobile and fiber telecommunications along with IT infrastructure services, offers mobile and fixed data products, voice and SMS services, mobile payment solutions, remote health monitoring, Cloud solutions, and a business directory to businesses and individuals in Malaysia.

PLDT Inc. is a telecommunications and digital services provider. The company offers fixed line, wireless, and fiber optic communication technology services in The Philippines.

Philippine Long Distance Telephone (Adr) (PHI US)

Globe Telecom, Inc. provides wireless application protocol services and digital wireless communication services via GSM network. The Company also offers service which allows users access to a wide range of information and services via a user-friendly menu. In addition, Globe  provides wire line voice and data services.

Airtel Africa PLC provides telecommunication services. The Company offers postpaid and prepaid plans, transfer of credit, conference call, mobile Internet, messaging, voicemail, and roaming facilities. Airtel Africa serves customers worldwide.

Intouch Holdings Public Company Limited is a holding company that invests in diversified telecommunication and media and advertising businesses.  The Company, through its subsidiaries, provides television broadcasting, cellular phone and wireless services.

United States Cellular Corporation provides wireless telecommunications services. The Company offers its customers various national plans with voice, messaging, and data usage options, along with an array of smartphones, tablets, and other wireless devices. United States Cellular caters to customers throughout the United States.

Tele2 AB is a telecommunications company.  The Company offers mobile services, fixed broadband and telephony, data network services and content services. Tele2 operates throughout Europe and EuroAsia.

Safaricom PLC provides telecommunication services. The Company offers wireless solutions. Safaricom serves customers in Kenya.

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 - 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

Telco: Poised to Reap Potential Upside from AI Proliferation (OVERWEIGHT)

Semiconductors enable telcos / AI startups to position in the ML and AI market and downstream computing power to their clients.

BRI Danareksa Research

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