New Street Research - Indosat (ISAT) ... New Street: Indonesian Telcos Towers What to expect in 2022: Growth accelerating from consolidation Enterprise

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New Street Research

Chris Hoare

EUR 9289.00 For Business Accounts Only

New Street: Indonesian Telcos & Towers What to expect in 2022: Growth accelerating from consolidation & Enterprise

Indonesian telco growth trends improved in 2021 and we expect further acceleration in 2022.

06/01/2022 16 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

PROFESIONAL TELEKOMUNIKASI INDONESIA PT

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PT XL Axiata Tbk

PT XL Axiata Tbk is a cellular provider in Indonesia. Co. maintains its extensive network infrastructure and services around the country. Co. provides services for retail customers and offers business solutions to corporate customers. Co.'s cellular network runs on 'GSM 900/DCS 1800' and 'IMT-2000/3G' technologies. Co. also holds several licenses, including closed regular network (leased line), Internet service provider (ISP), Voice over Internet protocol (VoIP), and Internet interconnection services (NAP). Co. has obtained an e-Money (electronic money) license from Bank Indonesia, the country's central bank, which enables Co. to provide remittance services to subscribers.

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ID1000102502 Indonesian Stock Exchange Indonesia

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

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Analysts

Chris Hoare

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Indosat (ISAT IJ) - 1Q24: EBITDA Up 22% yoy With Stable EBITDA Margin vs 4Q23

ISAT reported 1Q24 EBITDA of Rp6.5t, up 22% yoy (+0.6% qoq), in line with our and consensus expectations, thanks to mobile data (+14% yoy) and multimedia, data communication, and internet revenue (+36% yoy). The cellular subscriber base slightly expanded 2.3% yoy (mostly from outer Java). ISAT’s ARPU jumped 14% yoy, but slightly declined 3% qoq due to seasonality. We conservatively expect modest EBITDA growth (+6% yoy) in 2024. Downgrade to HOLD. Target price: Rp11,400.

May 6, 2024 May 6, 2024 1 EN

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Bukalapak.com (BUKA IJ/BUY/Rp123/Target: Rp270): 1Q24: Records positive EBITDA for the first time in its history. GoTo GoJek Tokopedia (GOTO IJ/HOLD/Rp66/Target: Rp70): 1Q24: Loss improves by 77.7% − ahead of expectations. Indosat (ISAT IJ/HOLD/Rp10,625/Target: Rp11,400): 1Q24: EBITDA up 22% yoy with stable EBITDA margin vs 4Q23. Downgrade to HOLD. Jasa Marga (JSMR IJ/BUY/Rp5,025/Target: Rp7,300): 1Q24: NPAT rises 17.8% yoy on robust toll revenue growth. Results within expectations. TRADERS’ CORNER Bank Tabungan Negara (BBTN IJ): Technical BUY Summarecon Agung (SMRA IJ): Technical BUY

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Regional Morning Notes - Monday, May 06, 2024

GREATER CHINA Sector Consumer: Tourism and catering strong performances during the Labour Day holiday. INDONESIA Results Bukalapak.com (BUKA IJ/BUY/Rp123/Target: Rp270): 1Q24: Records positive EBITDA for the first time in its history. GoTo GoJek Tokopedia (GOTO IJ/HOLD/Rp66/Target: Rp70): 1Q24: Loss improves by 77.7% − ahead of expectations. Indosat (ISAT IJ/HOLD/Rp10,625/Target: Rp11,400): 1Q24: EBITDA up 22% yoy with stable EBITDA margin vs 4Q23. Downgrade to HOLD. Jasa Marga (JSMR IJ/BUY/Rp5,025/Target: Rp7,300): 1Q24: NPAT rises 17.8% yoy on robust toll revenue growth. Results within expe...

May 6, 2024 May 6, 2024 1 EN

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Bouygues Telecom Q1 24: Better SR growth - possibly supported by a consumer looking for deals

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Soomit Datta

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New Street: Indonesian Telcos & Towers What to expect in 2022: Growth accelerating from consolidation & Enterprise

Indosat (ISAT IJ) - 1Q24: EBITDA Up 22% yoy With Stable EBITDA Margin vs 4Q23

Indonesia Daily - Monday, May 6, 2024

Regional Morning Notes - Monday, May 06, 2024

TIMS3 (Buy, TP: BRL23, +24%) TIM Brasil - Solid Q1s, trending ahead of FY guide

Bouygues Telecom Q1 24: Better SR growth - possibly supported by a consumer looking for deals

KSPI US (Buy, TP: $175, +45%) # INITIATION OF COVERAGE # Kaspi (Buy). If you like MercadoLibre , you'll probably love this!

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