Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

Research from SooChow CSSD Capital Markets (Asia)

SooChow CSSD Capital Markets (Asia)

Equity Bottom-Up

Solusi Sinergi Digital Tbk PT / Equity Bottom-Up

<ul><li>4Q21 performance lifted by year-end sales festivities: <span style="font-size: var(--content-font-size);">4Q21 revenue grew 5.9% QoQ to IDR98.1bn, primarily due to a 7.2x QoQ surge in advertising revenue as eCommerce platforms spent big on OOH media during year-end sales promotions.</span></li></ul><div><div><div><div><ul><li>FO deployment delayed but sales traction grows: As at Dec’21, WIFI’s balance sheet indicates that FO completion is currently at 51% (Sep’21: 30%).</li></ul><div><div><div><div><ul><li>Adjusting projections lower for FY22E with stronger numbers further afield: With stronger-than-expected sales traction, we believe that management could hike ASPs for its managed capacity segment in Jun’22 after the current auction is completed.</li></ul></div></div></div></div></div></div></div></div>

4Q21 performance lifted by year-end sales festivities: 4Q21 revenue grew 5.9% QoQ to IDR98.1bn, primarily due to a 7.2x QoQ surge in advertising revenue as eCommerce platforms spent big on OOH media during year-end sales promotions.FO deployment delayed but sales traction grows: As at Dec’21, WIFI’s balance sheet indicates that FO completion is currently at 51% (Sep’21: 30%).Adjusting projections lower for FY22E with stronger numbers further afield: With stronger-than-expected sales traction, we believe that management could hike ASPs for its managed capacity segment in Jun’22 after the current auction is completed.

PT Solusi Sinergi Digital Tbk - FO Delayed but Sales Traction Growing; Exciting FY22E