New Street Research - Indosat (ISAT) ... Indonesian Telcos Q2 24 review: Continued margin expansion from XL and Indosat; trimmed target price for TLKM

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New Street Research

Chris Hoare

EUR 8957.00 For Business Accounts Only

Indonesian Telcos Q2 24 review: Continued margin expansion from XL and Indosat; trimmed target price for TLKM

Indonesian telcos returned to a more sustainable pace of revenue growth, with EBITDA ahead of topline for XL and Indosat again. As a result, Indosat recorded its highest ever EBITDA margin whilst XL’s margin remained well ahead of guidance. For Telkomsel, enterprise accelerated with strong Indihome net additions but was marred by continued mobile revenue share dilution (although easing) as peers grabbed shares in ex-Java.

02/09/2024 1 EN

Underlyings

Indosat

PT Indosat is an Indonesian telecommunications network and service provider. Co.'s principal products and services include Cellular services in which Co. provides Global System for Mobile Communications 900 and 1800 cellular services; Fixed telecommunications services in which Co. provides international long-distance services in Indonesia; and MIDI services in which Co. provides broadband and narrowband fixed data services, including frame relay services, Very Small Aperture Terminal services, leased circuits and Internet services, through Lintasarta, PT Indosat Mega Media to corporate and retail customers and wholesalers.

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ID1000097405 Indonesian Stock Exchange Indonesia

Reliance Industries

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XL Axiata (Excelcomindo)

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New Street Research

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Analysts

Chris Hoare

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Indonesian Telcos Q2 24 review: Continued margin expansion from XL and Indosat; trimmed target price for TLKM

EM Telcos Jio targeting doubling in size and 1m monthly adds for FWA in India. Both are significant for Indian telcos and the latter is significant for the development of FWA Globally

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NSR Policy: It’s the Election, Stupid (or Is It?): Comparing Harris and Trump on Leadership

Altice Pre-3Q24 Model Update

T-Mobile selling 3.45GHz portfolio

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