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 met with the Telecommunications Ministry (Kemkominfo), coming away with positive takeaways for the operators, as the ministry: a) fully supports another merger, b) will supply operators with more frequency spectrum soon, and c) is considering whether to allow operators to charge sharing fees to OTT players using their networks.</li><li>Reiterate our Overweight rating on the sector.</li><li>The ministry fully supports another merger under certain conditions.</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 met with the Telecommunications Ministry (Kemkominfo), coming away with positive takeaways for the operators, as the ministry: a) fully supports another merger, b) will supply operators with more frequency spectrum soon, and c) is considering whether to allow operators to charge sharing fees to OTT players using their networks.Reiterate our Overweight rating on the sector.The ministry fully supports another merger under certain conditions.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: Positive KTAs from Our Meeting with Kemkominfo ( OVERWEIGHT)

<ul><li>We met with a CEO, CMO and 2 CFOs from the 3 leading telcos who share some common objectives in driving usage, the payload and increasing ARPU.</li><li>Telkomsel has the upper hand by furnishing abundant data supply to users.</li><li>The common theme for IOH and EXCL to play is the sale-lease back of fiber and some RAN equipment potentially lightening their balance sheets. </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 met with a CEO, CMO and 2 CFOs from the 3 leading telcos who share some common objectives in driving usage, the payload and increasing ARPU.Telkomsel has the upper hand by furnishing abundant data supply to users.The common theme for IOH and EXCL to play is the sale-lease back of fiber and some RAN equipment potentially lightening their balance sheets. 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: Positive Industry Outlook from Asset-Light Model and Revenue Momentum

<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

Equity Bottom-Up

<ul><li>While rolling forward our DCF, we revised our projections expecting now XL to book 2-digit growth in 2023.</li><li>XL has opportunities to extend its momentum for the next 18 months and beyond with steady data traffic growth on a monumental time period Dec. 23 and Lebaran ‘24, new spectrum available mainly for 4G and FMC rollout.</li><li>Reiterate BUY. Great recovery in 2Q23. XL outperformed sector in data traffic and revenue growth in last 2 quarters, largely thanks to its network performance - data consumption directed at 4G, and disciplined pricing we believe. </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.

While rolling forward our DCF, we revised our projections expecting now XL to book 2-digit growth in 2023.XL has opportunities to extend its momentum for the next 18 months and beyond with steady data traffic growth on a monumental time period Dec. 23 and Lebaran ‘24, new spectrum available mainly for 4G and FMC rollout.Reiterate BUY. Great recovery in 2Q23. XL outperformed sector in data traffic and revenue growth in last 2 quarters, largely thanks to its network performance - data consumption directed at 4G, and disciplined pricing we believe. 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.

XL Axiata (EXCL IJ) - Well Placed to Extend Momentum

Indonesia

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

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XL Axiata (EXCL IJ)

Telco: Positive KTAs from Our Meeting with Kemkominfo ( OVERWEIGHT)

We met with the Telecommunications Ministry (Kemkominfo), coming away with positive takeaways for the operators, as the ministry: a) fully supports...

BRI Danareksa Research

Telco: Positive Industry Outlook from Asset-Light Model and Revenue Momentum

We met with a CEO, CMO and 2 CFOs from the 3 leading telcos who share some common objectives in driving usage, the payload and increasing ARPU.

BRI Danareksa Research

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

XL Axiata (EXCL IJ) - Well Placed to Extend Momentum

XL has opportunities to extend its momentum for the next 18 months and beyond with steady data traffic growth on a monumental time period Dec. 23...

BRI Danareksa Research

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