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>We analyze the latest Opensignal results confirming the network benefits in the mobile sector from phasing out 3G, with companies positioning according to their strengths, weaknesses (IOH mostly) and strategic direction into FMC (TSEL, XL).</li><li>2Q23 offers a springboard for telcos to get inline in fulfilling consensus/our forecast 2023F estimates.</li><li>Sector Overweight with a pecking order of TLKM, EXCL and ISAT.</li></ul><p><em>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.</em></p>

We analyze the latest Opensignal results confirming the network benefits in the mobile sector from phasing out 3G, with companies positioning according to their strengths, weaknesses (IOH mostly) and strategic direction into FMC (TSEL, XL).2Q23 offers a springboard for telcos to get inline in fulfilling consensus/our forecast 2023F estimates.Sector Overweight with a pecking order of TLKM, EXCL and ISAT.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 - Economies of scale through technology

<ul><li>Telcos headed to Lebaran at steady pace as our survey suggests.</li><li>Amid fragile consumer power, TSEL run several optimizations and made significant product expansion with ORBIT supporting TSEL’s FMC aspirations</li><li>IOH made corrective adjustments for its naked data plans, while the appointment of new IOH directors promises a more diverse and richer product portfolio by IOH in the future</li></ul><p><em>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.</em></p>

Telcos headed to Lebaran at steady pace as our survey suggests.Amid fragile consumer power, TSEL run several optimizations and made significant product expansion with ORBIT supporting TSEL’s FMC aspirationsIOH made corrective adjustments for its naked data plans, while the appointment of new IOH directors promises a more diverse and richer product portfolio by IOH in the futureContent 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.

Cross Asset Strategy

<ul><li>We maintain our OVERWEIGHT call on the banking sector with inline 2M23 monthly results at the bank only level (15.8% of our FY23F).</li><li>ADB Projects Indonesia's Economic Growth at 4.8% in 2023</li><li>US Job Openings Fell by 632,000 in February 2023</li></ul><div><div><div id="ember4187"><div><div><div><div><div><div id="ember2532"><div><div><p><em>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.</em></p></div></div></div></div></div></div></div></div></div></div></div>

We maintain our OVERWEIGHT call on the banking sector with inline 2M23 monthly results at the bank only level (15.8% of our FY23F).ADB Projects Indonesia's Economic Growth at 4.8% in 2023US Job Openings Fell by 632,000 in February 2023Content 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 - Economies of scale through technology

2Q23 offers a springboard for telcos to get inline in fulfilling consensus/our forecast 2023F estimates. Sector Overweight with a pecking order of...

BRI Danareksa Research

Telco - Steady market repair

Telcos headed to Lebaran at steady pace as our survey suggests Amid fragile consumer power, TSEL run several optimizations and made significant...

BRI Danareksa Research

Equity Snapshot: April 05, 2023

We maintain our OVERWEIGHT call on the banking sector with inline 2M23 monthly results at the bank only level (15.8% of our FY23F).

BRI Danareksa Research

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