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)

Equity Bottom-Up

Solusi Sinergi Digital Tbk PT / Equity Bottom-Up

<h2>No Stop Signs, Nor Speed Limit; On The FO Highway</h2><p><br>Solusi Sinergi Digital (WIFI) is a digital ecosystem company, providing a fiber optic (FO) infrastructure network service alongside ~2,740km of rail tracks across Java Island. WIFI’s two other business pillars, OOH digital advertising and app development, is set to recover from the pandemic effect and cross-benefit from the FO network synergistically. We believe WIFI is able to tap on the latent demand for fixed broadband bandwidth as Indonesia targets to digitalize both urban and rural areas. We forecast EPS to grow by 195% CAGR from FY20-24E; Initiate coverage with a BUY rating and TP of IDR1,930/share.</p>

No Stop Signs, Nor Speed Limit; On The FO Highway Solusi Sinergi Digital (WIFI) is a digital ecosystem company, providing a fiber optic (FO) infrastructure network service alongside ~2,740km of rail tracks across Java Island. WIFI’s two other business pillars, OOH digital advertising and app development, is set to recover from the pandemic effect and cross-benefit from the FO network synergistically. We believe WIFI is able to tap on the latent demand for fixed broadband bandwidth as Indonesia targets to digitalize both urban and rural areas. We forecast EPS to grow by 195% CAGR from FY20-24E; Initiate coverage with a BUY rating and TP of IDR1,930/share.

SCCM | Solusi Sinergi Digital (WIFI IJ; Initiate with BUY)