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

Telekomunikasi Indonesia / Equity Bottom-Up

<ul><li>TLKM booked a revenue of IDR75.3trillion in 1H24 (+2.5% YoY), translating into IDR37.9trillion in 2Q24 (+1.2% QoQ/+1.3% YoY).</li><li>This performance fell slightly below our target, meeting only 47.9%/48.7% of MNCS/Consensus estimates.</li><li>The growth driver was the Data, Internet, &amp; IT Service segment which saw a +9.2% YoY hike to IDR45.5trillion in 1H24 (+5.2% QoQ/ +7.2% YoY in 2Q24), contributing 60.4% to total revenue. 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.</li></ul>

TLKM booked a revenue of IDR75.3trillion in 1H24 (+2.5% YoY), translating into IDR37.9trillion in 2Q24 (+1.2% QoQ/+1.3% YoY).This performance fell slightly below our target, meeting only 47.9%/48.7% of MNCS/Consensus estimates.The growth driver was the Data, Internet, &amp; IT Service segment which saw a +9.2% YoY hike to IDR45.5trillion in 1H24 (+5.2% QoQ/ +7.2% YoY in 2Q24), contributing 60.4% to total revenue. 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.

Tlkm Ij - Mid-Year Review: Challenges Persist, Target Updated

<ul><li>TLKM booked a revenue of IDR75.3trillion in 1H24 (+2.5% YoY), translating into IDR37.9trillion in 2Q24 (+1.2% QoQ/+1.3% YoY).</li><li>This performance fell slightly below our target, meeting only 47.9%/48.7% of MNCS/Consensus estimates.</li><li>The growth driver was the Data, Internet, &amp; IT Service segment which saw a +9.2% YoY hike to IDR45.5trillion in 1H24 (+5.2% QoQ/ +7.2% YoY in 2Q24), contributing 60.4% to total revenue. </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.

TLKM booked a revenue of IDR75.3trillion in 1H24 (+2.5% YoY), translating into IDR37.9trillion in 2Q24 (+1.2% QoQ/+1.3% YoY).This performance fell slightly below our target, meeting only 47.9%/48.7% of MNCS/Consensus estimates.The growth driver was the Data, Internet, &amp; IT Service segment which saw a +9.2% YoY hike to IDR45.5trillion in 1H24 (+5.2% QoQ/ +7.2% YoY in 2Q24), contributing 60.4% to total revenue. 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.

PT Telkom Indonesia Tbk (TLKM IJ) - Mid-Year Review: Challenges Persist, Target Updated

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 reiterate our view of ARPU stabilization in 2Q24 reflecting CVM efforts and robust traffic growth thanks to TSEL’slatest product strategy.</li><li>We see growth upside as TLKM leverages its fiber, DCs, towers and satellites portfolio, while WIB investments drive its strategic position.</li><li>We maintain our Buy rating with an unchanged TP of Rp4,400 as we view that the pessimistic growth expectations are priced in.</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 reiterate our view of ARPU stabilization in 2Q24 reflecting CVM efforts and robust traffic growth thanks to TSEL’slatest product strategy.We see growth upside as TLKM leverages its fiber, DCs, towers and satellites portfolio, while WIB investments drive its strategic position.We maintain our Buy rating with an unchanged TP of Rp4,400 as we view that the pessimistic growth expectations are priced in.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.

Telkom Indonesia - Robust Traffic Growth on the Cards for 2Q24

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Amman Mineral Internasional / Event-Driven

<ul>
<li>There is 1 constituent change for the LQ45 Index and 2 constituent changes for the IDX80 Index at the rebalance to be implemented at the close on 31 July.</li>
<li>The largest passive inflows are expected in <a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (AMMN)</a>, <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI)</a>, <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA)</a>, <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri Persero (BMRI)</a> and <a href="https://www.smartkarma.com/entities/jasa-marga-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:12747:1" rel="noopener">Jasa Marga (Persero) (JSMR)</a>. </li>
<li>The adds have moved higher over the recent past and are near their highs while the deletes have dropped over the last few years and are trading near their lows.</li>
</ul>


There is 1 constituent change for the LQ45 Index and 2 constituent changes for the IDX80 Index at the rebalance to be implemented at the close on 31 July.
The largest passive inflows are expected in Amman Mineral Internasional (AMMN), Bank Rakyat Indonesia (BBRI), Bank Central Asia (BBCA), Bank Mandiri Persero (BMRI) and Jasa Marga (Persero) (JSMR). 
The adds have moved higher over the recent past and are near their highs while the deletes have dropped over the last few years and are trading near their lows.


IDX30/​​LQ45/IDX80 Index Rebalance: Constituent, Float & Capping Changes

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/telekomunikasi-indonesia" target="_blank" data-smartkarma-citation="entities:1051:1" rel="noopener">Telkom Indonesia (TLKM IJ)</a>'s 1H2023 results looked solid but drilling down 2Q2023 looked a lot more encouraging in terms of growth and higher ARPUs for Telkomsel.  </li>
<li>Ongoing digital initiatives are yielding positive results and Indihome continues to register positive results, with its merger with Telkomsel underlining convergence strategy. Data centre consolidation looks like a future spin-off. </li>
<li>Telkom continues to enrich its digital ecosystem with services and make it more accessible to less affluent subscribers. Valuations remain attractive at less than 5.0x forward EV/EBITDA</li>
</ul>



Telkom Indonesia (TLKM IJ)'s 1H2023 results looked solid but drilling down 2Q2023 looked a lot more encouraging in terms of growth and higher ARPUs for Telkomsel.  
Ongoing digital initiatives are yielding positive results and Indihome continues to register positive results, with its merger with Telkomsel underlining convergence strategy. Data centre consolidation looks like a future spin-off. 
Telkom continues to enrich its digital ecosystem with services and make it more accessible to less affluent subscribers. Valuations remain attractive at less than 5.0x forward EV/EBITDA


Telkom Indonesia (TLKM IJ) - Ring My Digital Bell

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.

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Telekomunikasi ADR (TLK US)

Tlkm Ij - Mid-Year Review: Challenges Persist, Target Updated

TLKM booked a revenue of IDR75.3trillion in 1H24 (+2.5% YoY), translating into IDR37.9trillion in 2Q24 (+1.2% QoQ/+1.3% YoY).

MNC Sekuritas

PT Telkom Indonesia Tbk (TLKM IJ) - Mid-Year Review: Challenges Persist, Target Updated

TLKM booked a revenue of IDR75.3trillion in 1H24 (+2.5% YoY), translating into IDR37.9trillion in 2Q24 (+1.2% QoQ/+1.3% YoY).

MNC Sekuritas

Telkom Indonesia - Robust Traffic Growth on the Cards for 2Q24

We reiterate our view of ARPU stabilization in 2Q24 reflecting CVM efforts and robust traffic growth thanks to TSEL’slatest product strategy.

BRI Danareksa Research

IDX30/LQ45/IDX80 Index Rebalance: Constituent, Float & Capping Changes

There is 1 change for the LQ45 index and 2 changes for the IDX80 index. Plus there are float and capping changes. The adds have traded higher while...

Brian Freitas

Telkom Indonesia (TLKM IJ) - Ring My Digital Bell

Telkom Indonesia continues to enrich its digital ecosystem with services and make it more accessible to less affluent subscribers. Valuations...

Angus Mackintosh

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52-week Range

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Tlkm Ij - Mid-Year Review: Challenges Persist, Target Updated

TLKM booked a revenue of IDR75.3trillion in 1H24 (+2.5% YoY), translating into IDR37.9trillion in 2Q24 (+1.2% QoQ/+1.3% YoY).

MNC Sekuritas

PT Telkom Indonesia Tbk (TLKM IJ) - Mid-Year Review: Challenges Persist, Target Updated

TLKM booked a revenue of IDR75.3trillion in 1H24 (+2.5% YoY), translating into IDR37.9trillion in 2Q24 (+1.2% QoQ/+1.3% YoY).

MNC Sekuritas

Telkom Indonesia - Robust Traffic Growth on the Cards for 2Q24

We reiterate our view of ARPU stabilization in 2Q24 reflecting CVM efforts and robust traffic growth thanks to TSEL’slatest product strategy.

BRI Danareksa Research

IDX30/​​LQ45/IDX80 Index Rebalance: Constituent, Float & Capping Changes

There is 1 change for the LQ45 index and 2 changes for the IDX80 index. Plus there are float and capping changes. The adds have traded higher while...

Brian Freitas

Telkom Indonesia (TLKM IJ) - Ring My Digital Bell

Telkom Indonesia continues to enrich its digital ecosystem with services and make it more accessible to less affluent subscribers. Valuations...

Angus Mackintosh

IDX30/LQ45/IDX80 Index Rebalance: Constituent, Float & Capping Changes