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.

Thematic (Sector/Industry)

<ul><li>Telco3Q23 preview: expect positive qoq revenues growth, with foundations for more growth to come.</li><li>Our 3Q23 preview suggests that idle capacity from new capex spent during the quarter shall drive an increase in subs and/or bump existing subs onto higher quota packs in a seasonally low traffic period (3Q)</li><li>We expect this to result in sector revenues growth of 1.0-1.5%qoq</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.

Telco3Q23 preview: expect positive qoq revenues growth, with foundations for more growth to come.Our 3Q23 preview suggests that idle capacity from new capex spent during the quarter shall drive an increase in subs and/or bump existing subs onto higher quota packs in a seasonally low traffic period (3Q)We expect this to result in sector revenues growth of 1.0-1.5%qoqContent 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.

<ul><li>Our 3Q23 preview suggests that idle capacity from new capex spent during the quarter shall drive an increase in subs and/or bump existing subs onto higher quota packs in a seasonally low traffic period (3Q).</li><li>We expect this to result in sector revenues growth of 1.0-1.5%qoq.</li><li>We see a different EBITDA margin narrative for each player, but foresee a positive trajectory for the sector overall in 3Q23. </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 3Q23 preview suggests that idle capacity from new capex spent during the quarter shall drive an increase in subs and/or bump existing subs onto higher quota packs in a seasonally low traffic period (3Q).We expect this to result in sector revenues growth of 1.0-1.5%qoq.We see a different EBITDA margin narrative for each player, but foresee a positive trajectory for the sector overall in 3Q23. 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: 3Q23 Preview: Expect Positive Qoq Revenues Growth

<ul><li>Yield volatility and heightened China risk factor has led to recent market volatility resulting in outflow from both Equity and Fixed Income.</li><li>The recession narrative appears abating as seen in more steepening yield curve as the 10 years UST yield rise.</li><li>BI continue to intervene the market to manage IDR stability. </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.

Yield volatility and heightened China risk factor has led to recent market volatility resulting in outflow from both Equity and Fixed Income.The recession narrative appears abating as seen in more steepening yield curve as the 10 years UST yield rise.BI continue to intervene the market to manage IDR stability. 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.

Macro and Flows Tracker - Rising External Risks

<ul><li>Indonesia's GDP in 2Q23 exceeded expectations with strong growth of 5.17% y-y, with Household Consumption ticking strongly upward by 5.23% mainly underpinned by a combination of the festive season, long holidays and the disbursement of religious holiday allowances (THR), which contributed to increased purchasing power.</li><li>We revise up our Q3 &amp; FY GDP growth forecasts.</li><li>The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.</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.

Indonesia's GDP in 2Q23 exceeded expectations with strong growth of 5.17% y-y, with Household Consumption ticking strongly upward by 5.23% mainly underpinned by a combination of the festive season, long holidays and the disbursement of religious holiday allowances (THR), which contributed to increased purchasing power.We revise up our Q3 &amp; FY GDP growth forecasts.The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.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.

<ul><li>Sector evolution intactThe sector has a clear pathway to tangible sources of growth and profitability</li><li>Our observations suggest that the market landscape remains constructive with directed efforts for FMC penetration</li><li>IOH’s Hutch3 raised prices on the back of secular network improvements, and thus IOH expansion to more areas has little sector downside risk</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.

Sector evolution intactThe sector has a clear pathway to tangible sources of growth and profitabilityOur observations suggest that the market landscape remains constructive with directed efforts for FMC penetrationIOH’s Hutch3 raised prices on the back of secular network improvements, and thus IOH expansion to more areas has little sector downside riskContent 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.

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 Smartfren Telecom Tbk provides telecommunication services and general trading.

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 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 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.

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 Mahaka Radio Integra Tbk is a radio broadcasting company. The Company operates FM radio stations that primarily broadcast across Jakarta and Surabaya.

StarHub Ltd. is a fully-integrated info-communication company offering a full range of information, communications, and entertainment services for both consumer and corporate markets in Singapore. The Company provides mobile network and multi-channel cable TV services, including high definition and on-demand services, as well as high-speed residential broadband services.

OKINAWA CELLULAR TELEPHONE COMPANY provides cellular and car phone services in Okinawa Prefecture.  The Company also sells cellular phones and accessories.

Tata Teleservices Maharashtra Ltd has been licensed by the Government of India to create and maintain telephone services in the states of Maharashtra and Goa. The Group utilizes broadband wired and wireless systems to supply broadband, data and Internet services, which encompass interactive video and multimedia feeds, and web based applications.

Tata Teleservices (Maharashtra) (TTLS IN)

Sistema PJSC FC is a publicly-listed investment company incorporated in Russia. The Company owns a diverse set of public and private companies which it holds in two distinct portfolios: Core assets and Developing assets.

Shenandoah Telecommunications Company provides telecommunications services through its subsidiaries.  The Company offers integrated, full service telecommunications products and services in the Northern Shenandoah Valley and surrounding areas.  Shenandoah Telecommunications also holds paging and other radio telecommunications licenses.

Shenandoah Telecommunications Company (SHEN US)

Telephone and Data Systems, Inc. is a diversified telecommunications company. The Company operates primarily in the cellular, local telephone, and personal communications services markets.  Telephone and Data Systems provides telecommunications services throughout the United States.

Orange Belgium offers mobile telephone services in Belgium through a GSM network, as well as fixed-line services for international calls. The Company offers services such as pre-paid calling cards, text messaging, mobile office access for business customers, and games.

Sonaecom, SGPS, S.A. offers telecommunications services.  The Company offers mobile and fixed-line telephone and Internet access services.  Sonaecom also offers systems integration and consulting services.

Cellcom Israel Ltd. engages in the provision of cellular communications services. It operates through two segments: Cellcom and Netvision. The Cellcom segment includes Cellcom Israel Ltd. and its subsidiaries. The Netvision segment includes Netvision Ltd. and its subsidiaries. The company offers cellular and landline telephony; roaming, internet, and fax services; text and multimedia messaging services; cellular content and data services; technical support; account information; and direct-to-the-door parcel delivery. It also operates service and sale centers; dedicated centers for hearing impaired; and retail stores. Cellcom Israel was founded in 1994 and is headquartered in Netanya, Israel.

Partner Communications Company Ltd. is a global systems for mobile communications (GSM) mobile telephone network operator in Israel.  The Company, offers voice mail, voice messaging, information services, and data and fax transmission services.

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

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XL Axiata (EXCL IJ)

Telco: 3Q23 Preview

We see a different EBITDA margin narrative for each player but foresee a positive trajectory for the sector overall in 3Q23.

BRI Danareksa Research

Telco: 3Q23 Preview: Expect Positive Qoq Revenues Growth

Our 3Q23 preview suggests that idle capacity from new capex spent during the quarter shall drive an increase in subs and/or bump existing subs onto...

BRI Danareksa Research

Macro and Flows Tracker - Rising External Risks

Yield volatility and heightened China risk factor has led to recent market volatility resulting in outflow from both Equity and Fixed Income.

BRI Danareksa Research

Strategy - Sustaining Growth

The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.

BRI Danareksa Research

Telco - Sector evolution intact

IOH’s Hutch3 raised prices on the back of secular network improvements, and thus IOH expansion to more areas has little sector downside risk

BRI Danareksa Research

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