External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>MTEL booked a revenue of IDR4.45 tn in 1H24 (+7.75% YoY), reflecting to 47.84%/47.91% of our/consensus estimates.</li><li>This performance was primarily driven by the tower leasing segment (+7.27% YoY), tower-related business (+7.80% YoY), and the fiber optic segment (+103.49% YoY).</li><li>Meanwhile, the revenue from reseller dropped by -13.59% YoY, aligning with management’s plan to gradually reduce this segment.</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.

MTEL booked a revenue of IDR4.45 tn in 1H24 (+7.75% YoY), reflecting to 47.84%/47.91% of our/consensus estimates.This performance was primarily driven by the tower leasing segment (+7.27% YoY), tower-related business (+7.80% YoY), and the fiber optic segment (+103.49% YoY).Meanwhile, the revenue from reseller dropped by -13.59% YoY, aligning with management’s plan to gradually reduce this segment.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.

MTEL IJ - Vibrant Growth and Innovation – What to Expect Next

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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.

<ul><li>We project +7% yoy FY24 revenue growth, with a positive medium-term outlook, demonstrating resilience amid ongoing telco consolidation.</li><li>MTEL pioneering solutions can be critical for MNOs cost-efficient RAN deployment, enhancing the appeal for MTEL’s 20,000 sites in ex-Java.</li><li>We maintain our Buy rating. We fine-tuned our FY24-26F estimates, but our DCF-based TP of Rp960 is unchanged.</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.

We project +7% yoy FY24 revenue growth, with a positive medium-term outlook, demonstrating resilience amid ongoing telco consolidation.MTEL pioneering solutions can be critical for MNOs cost-efficient RAN deployment, enhancing the appeal for MTEL’s 20,000 sites in ex-Java.We maintain our Buy rating. We fine-tuned our FY24-26F estimates, but our DCF-based TP of Rp960 is unchanged.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.

Mitratel - Resilient Growth and Strategic Advantages Amid Telco Consolidation

India

MT Educare Limited is an education support and coaching services provider. The Company serves students in the secondary and higher secondary school and for students pursuing graduation degree in commerce, preparing for various competitive examinations and undertaking chartered accountancy examinations.

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Mt Educare Ltd (MTEL IN)

MTEL IJ - Vibrant Growth and Innovation – What to Expect Next

This performance was primarily driven by the tower leasing segment (+7.27% YoY), tower-related business (+7.80% YoY), and the fiber optic segment...

MNC Sekuritas

Mitratel - Resilient Growth and Strategic Advantages Amid Telco Consolidation

We project +7% yoy FY24 revenue growth, with a positive medium-term outlook, demonstrating resilience amid ongoing telco consolidation.

BRI Danareksa Research

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