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

Tower Bersama Infrastructure / Equity Bottom-Up

<ul><li>Revising TBIG future earnings, we see the conditions are fitting to TBIGs strengths, building new sites for telcos and laying the groundwork for future growth on sound fundamentals.</li><li>We feel TBIG is an ideal partner to build digital infrastructure with new fiber revenue depicting encouraging traction.</li><li>We roll-forward our valuation, and reiterate BUY call with new TP: IDR2,500. Key takeaways from 2Q23. TBIG 2Q23 revenue grew to Rp1.66tn (+2.7%qoq) with non-tower revenue making impact. </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.

Revising TBIG future earnings, we see the conditions are fitting to TBIGs strengths, building new sites for telcos and laying the groundwork for future growth on sound fundamentals.We feel TBIG is an ideal partner to build digital infrastructure with new fiber revenue depicting encouraging traction.We roll-forward our valuation, and reiterate BUY call with new TP: IDR2,500. Key takeaways from 2Q23. TBIG 2Q23 revenue grew to Rp1.66tn (+2.7%qoq) with non-tower revenue making impact. 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.

Tower Bersama Infrastructure(TBIG IJ) - Leveraging Core Strengths

<ul><li>Revising TBIG future earnings, we see the conditions are fitting to TBIGs strengths, building new sites for telcos and laying the groundwork for future growth on sound fundamentals.</li><li>We feel TBIG is an ideal partner to build digital infrastructure with new fiber revenue depicting encouraging traction.</li><li>We roll-forward our valuation, and reiterate BUY call with new TP: IDR2,500.</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.

Revising TBIG future earnings, we see the conditions are fitting to TBIGs strengths, building new sites for telcos and laying the groundwork for future growth on sound fundamentals.We feel TBIG is an ideal partner to build digital infrastructure with new fiber revenue depicting encouraging traction.We roll-forward our valuation, and reiterate BUY call with new TP: IDR2,500.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.

Tower Bersama Infrastructure (TBIG IJ) - Leveraging Core Strengths

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.

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Tower Bersama Infrastructure (TBIG IJ)