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

<div><div><div><div><ul><li>3Q21 afflicted by Covid-19 lockdowns - 3Q21 revenue declined 16.3% QoQ to IDR92.6bn, primarily due to weakness in revenue from advertising (-85% QoQ), partially mitigated by maiden contributions from its 30%-completed (as at Sep’21) fiber optics network of IDR0.5bn.</li></ul><div><div><div><ul><li>FO deployment delayed - Mgmt. highlighted that the deployment of its fiber optic network has been delayed due to lockdowns across Java Island in early 3Q21 as well as delays in completing field surveys to kick off construction.</li></ul><div><div><div><div><ul><li>Adjusting projections lower for FY21E with stronger numbers further afield</li></ul></div></div></div></div></div></div></div></div></div></div></div>

3Q21 afflicted by Covid-19 lockdowns - 3Q21 revenue declined 16.3% QoQ to IDR92.6bn, primarily due to weakness in revenue from advertising (-85% QoQ), partially mitigated by maiden contributions from its 30%-completed (as at Sep’21) fiber optics network of IDR0.5bn.FO deployment delayed - Mgmt. highlighted that the deployment of its fiber optic network has been delayed due to lockdowns across Java Island in early 3Q21 as well as delays in completing field surveys to kick off construction.Adjusting projections lower for FY21E with stronger numbers further afield

PT Solusi Sinergi Digital (WIFI IJ) - Down but Not Out