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

Thematic (Sector/Industry)

<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)

<ul><li>We project a softer FY24 EPS growth outlook of +3% yoy (vs. +5% prev.) amid slowing growth in 2Q24, but see limited further downside risk.</li><li>JCI’s current 1.8x PBV (22% disc. to 10-year mean) seems unwarranted as we forecast FY24 ROE to fall only slightly to 9.5% (vs. 10y avg of 10%).</li><li>We lower our FY24-end JCI target slightly to 7,670 (vs. 7,830 prev.); our stock picks favor defensive and quality names.</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 a softer FY24 EPS growth outlook of +3% yoy (vs. +5% prev.) amid slowing growth in 2Q24, but see limited further downside risk.JCI’s current 1.8x PBV (22% disc. to 10-year mean) seems unwarranted as we forecast FY24 ROE to fall only slightly to 9.5% (vs. 10y avg of 10%).We lower our FY24-end JCI target slightly to 7,670 (vs. 7,830 prev.); our stock picks favor defensive and quality names.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.

Growth Headwinds Priced In, but We Prefer Defensive and ‘quality’ Amid Lingering Uncertainties

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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