reports
- Andrew Agita Buntoro
- Willinoy Sitorus
Telecommunications - Implications Of Indonesia’s FWA Rollout With WIFI...
Sector Update | Telecommunications Indonesia’s fixed-broadband market is entering a transition phase as the 1.4GHz spectrum enables low-cost FWA rollout from 2026 onwards. WIFI is positioned to scale quickly through backbone ownership and potential LINK integration, while ecosystem synergies with INET, PADA, KETR, IRSX and DOOH support rapid expansion. Tower operators may gain tenancy upside, while fixed-broadband ARPU faces pressure. Ultimately, real impact remains dependent on rollout executio...
- Andrew Agita Buntoro
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Monday, December 1, 2025
Sector Update | Telecommunications Indonesia’s fixed-broadband market is entering a transition phase as the 1.4GHz spectrum enables low-cost FWA rollout from 2026 onwards. WIFI is positioned to scale quickly through backbone ownership and potential LINK integration, while ecosystem synergies with INET, PADA, KETR, IRSX and DOOH support rapid expansion. Tower operators may gain tenancy upside, while fixed-broadband ARPU faces pressure. Ultimately, real impact remains dependent on rollout executio...
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Ejann Hiew
- Jonathan Koh
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, December 01, 2025
Greater China Economics | PMI November PMI undershot expectations; manufacturing PMI was at 49.2 (+0.2pt mom) and non-manufacturing PMI slipped to 49.5 (-0.6pt mom), the first contraction in nearly three years. With the services industry index weakened to 49.5 (-0.7pt mom). PMI data confirms growth momentum is easing, so expect more supportive policies to be rolled out soon, but for economic confidence to return, we need a sustainable bottom in the real estate sector. Sector Update | Heal...
1023 CIMB GROUP HOLDINGS BHD
01093 CSPC PHARMACEUTICAL GROUP LIMITED
ISAT INDOSAT
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
TOWR PT SARANA MENARA NUSANTARA TBK
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
5347 TENAGA NASIONAL BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
TENAGA CDL HOSPITALITY TRUSTS
CDREIT MEITUAN CLASS B
03690 SUNTECH SA
SUN KEPPEL REIT
KREIT MAPLETREE LOGISTICS TRUST
MLT PARKWAYLIFE REAL ESTATE
PREIT MAPLETREE INDUSTRIAL TRUST
MINT CHINA SHINEWAY PHARMACEUTICA
2877 INNOVENT BIOLOGICS INC.
01801 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1833 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
300760 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603882 CSPC PHARMACEUTICAL GROUP LTD
1093 UNITED HAMPSHIRE US REIT
UHU SASSEUR REIT (S CHIP)
CRPU CAPITALAND INTEGRATED COMMERCIAL TRUST
CICT SCG PACKAGING PCL
SCGP LENDLEASE GLOBAL COMMERCIAL REIT
LREIT SP WUXI BIOLOGICS (CAYMAN) INC.
2269 PRIME US REIT
OXMU ASCOTT RESIDENCE TRUST
HMN CAPITALAND CHINA TRUST
CLCT KEPPEL PACIFIC OAK US REIT
KORE HANSOH PHARMACEUTICAL GROUP
3692 BEIGENE LTD.
06160 WUXI APPTEC CO. LTD. CLASS H
EXCL XL AXIATA (EXCELCOMINDO)
300765 CSPC INNOVATION PHARMACEUTICAL CO L
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
300244 DIAN DIAGNOSTICS GROUP CO
ONC@US@ XLSMART TELECOM SEJAHTERA
BEONE MEDICINE INC
- Chris Hoare
Sarana Menara Nusantara (Buy, IDR 780, +42%) Q3 25 Quick Take: Weaker...
Improved trends in Connectivity and FTTH were offset by Tower’s decline after lapping last year’s IBST acquisition. As a result, revenue came in flat while EBITDA slid lower. However, earnings growth improved to mid-single digits on lower D&A and non-operational costs. Our brief takeaway of the results below.
- Andrew Agita Buntoro
- Willinoy Sitorus
Telecommunications - Upcoming Spectrum Auctions
Highlights • FWA expansion. The 1.4 GHz auction this 13 October targets low-cost fixed wireless access with Telkom, DSSA, and WIFI competing. • Tower upside. The 1.4 GHz rollout provides clear incremental tenancy opportunities for tower operators, potentially improving tenancy ratios.
- Andrew Agita Buntoro
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Friday, October 10, 2025
Economics | Indonesian Consumer Activity: Assessing 3Q Slowdown And Path To 4Q Recovery Indonesian consumer activity weakened in Aug 25, with retail sales growth slowing to 3.5% yoy. This was driven by eroding purchasing power and low consumer confidence due to layoffs. The impact is evident in the pressured retail, automobile and banking sectors. Consequently, 3Q25 economic growth is projected to stagnate at 4.9-5.1%. A recovery to 5.2-5.5% is forecast for 4Q25, fuelled by accelerated governmen...
- Chris Hoare
Sarana Menara Nusantara (Buy, IDR 780, +18%) Q2 25 Quick Take: YTD pe...
TOWR saw a slower revenue trend in Q2 across all segments, except for Tower which maintained growth at just under 3%. This was aided by the consolidation of IBST in 3Q24. Although YTD performance is still aligned with the full year’s guidance, there is risk of further slowdown as it laps the IBST consolidation next quarter if the pace of non-Towers growth remains unchanged.
- Chris Hoare
Global EM Towers - A Consistent Approach to EFCF and Shareholder Remun...
Following a similar note we published on the EM Telco sector, we apply the same consistent approach to Equity FCF for Global EM Towers. We have preferred Telcos over Towers for some time, as the drivers of upside for the Telcos (consolidation and declining capital intensity) is a headwind for the Towers.
- Chris Hoare
EM Towers Q1 CY25 review: Steady as she goes
Tower revenue trends were slower across the board except for India’s Indus Tower as it benefited from VIL’s network catch up spend. However, EBITDA margins are improving except in Indonesia which faces the near-term pressure of the XL-Smartfren consolidation.
- Chris Hoare
Sarana Menara Nusantara (Buy, IDR 1,500, +165%) Q1 25 Quick Take: Slo...
TOWR reported on Friday evening. Tower revenue growth slowed and we expect this to continue over the near term as a result of consolidation. To some extent, this will be offset by growing contribution from FTTT and FTTH businesses as telcos expand into the home broadband and into rural Indonesia.
- Paula Ruth
Telecommunications – 1Q25: EBITDA Stable At -0.8% qoq
In 1Q25, the combined EBITDA of Indonesia’s big telcos dropped 6% yoy, but was stable qoq. Combined 1Q25 NPAT was also slightly lower (2% yoy). Among the big three telcos, ISAT and Telkomsel (majority owned by TLKM) gained market share in 1Q25 (based on EBITDA) vs 4Q24. We are monitoring TLKM’s upcoming AGM (27 May) as we expect a potential dividend yield of around 7% (assuming an 80% payout). Maintain MARKET WEIGHT on the telecommunications sector with ISAT as our top pick.
- Maskun Ramli
- Paula Ruth
- Paula Ruth
Telecommunications – 4Q24: NPAT Down Slightly By 2% yoy
Big Telcos’ 4Q24 EBITDA was roughly stable (-0.2%) qoq, but declined slightly by 4% yoy Meanwhile, combined 4Q24 net profit fell slightly by 2% yoy, but rose 11% qoq. During 4Q24, EXCL slightly increased its market share (based on EBITDA) among the top three telcos. We downgrade the telecommunications sector to MARKET WEIGHT from OVERWEIGHT as we expect TLKM, the parent company of Telkomsel (market leader), to book only a slightly moderate top-line growth of 2% yoy in 2025. Our top pick is ISAT.
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Ming San Soong
- Paula Ruth
- Posmarito Pakpahan
- Sunny Chen
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, April 25, 2025
GREATER CHINA Results Aier Eye Hospital Group (300015 CH/BUY/Rmb12.72/Target: Rmb17.80) 2024: Satisfactory results; expects strong recovery in 2025. Upgrade to BUY. Ningbo Tuopu Group Co (601689 CH/BUY/Rmb50.96/Target: Rmb83.00) 4Q24: Earnings up 38.5% yoy, in line. Maintain BUY with target price unchanged at Rmb83.00. TAL Educational Group (TAL US/BUY/US$9.36/Target: US$14.00) 4QFY25: Earnings miss amid ramped-up investments in AI-powered learning. INDONESIA Sector Telecommun...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
KKP KIATNAKIN BANK
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
ISAT INDOSAT
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
TOWR PT SARANA MENARA NUSANTARA TBK
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
BN4 KEPPEL CORPORATION LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
TCAP THANACHART CAPITAL PCL
MLT MAPLETREE LOGISTICS TRUST
MYEG MY EG SERVICES BHD
KTB KONTOOR BRANDS
EXCL XL AXIATA TBK PT
SCB SCB X PUBLIC COMPANY LIMITED
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
- Maskun Ramli
- Paula Ruth
- Posmarito Pakpahan
Indonesia Daily - Friday, April 25, 2025
Telecommunications: 4Q24: NPAT down slightly by 2% yoy. Downgrade to MARKET WEIGHT. Bank Central Asia (BBCA IJ/BUY/Rp8,475/Target: Rp10,500): 1Q25: Net profit grows 9.8% yoy on the back of NIM expansion. TRADERS’ CORNER Pertamina Geothermal Energy (PGEO IJ): Technical BUY Indosat (ISAT IJ): Technical BUY
- Chris Hoare
Sarana Menara Nusantara (Buy, IDR 1,500, +156%) Q4 24 Quick Take: Supp...
Numbers were decent off its higher growth adjacent businesses where non-Tower contribution now stands at 33% of sales. While near-term tower headwind is anticipated now that the merger between XL and Smartfren is approved, TOWR’s exposure to FTTT and FTTH should act as support as telcos expand into the home broadband and into rural Indonesia.
- Paula Ruth
Telecommunications – Average Data Traffic During Christmas/New Year 20...
EXCL’s holiday data traffic increased 19% vs normal days, higher than ISAT’s (more than 10% on 1 Jan 25). We maintain OVERWEIGHT on the telecommunications sector in view of factors such as: a) rising data traffic, b) relatively resilient demand for telco services, and c) potential industry consolidation which could support data monetisation in the long term. Our top picks are EXCL (BUY/Target: Rp3,200) and ISAT (BUY/Target: Rp3,100).
- Maskun Ramli
- Paula Ruth
- Chris Hoare
Protelindo (Buy, TP: IDR1,500, +88%) Q3 24 Quick Take: Faster topline ...
Protelindo saw revenue and EBITDA trends accelerate this quarter helped by the IBST consolidation. As a result, revenue YTD are now trending above the 4-6% guidance. There was some slowdown in FTTT this quarter but growth remained robust.
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Nurul Nazira Binti Abdullah
- Paula Ruth
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Monday, October 07, 2024
GREATER CHINA Sector Metals And Mining Gold: Rally takes a breather; downside cushioned by escalating geopolitical tensions. INDONESIA Update Sarana Menara Nusantara (TOWR IJ/HOLD/Rp850/Target: Rp930) 2Q24: Revenue from non-tower business jumps 30% yoy. Downgrade to HOLD. MALAYSIA Strategy Budget 2025 Preview: Building Sustainable Growth While Budget 2025 is seen as market-neutral, it is suppor...
1295 PUBLIC BANK BHD
TOWR PT SARANA MENARA NUSANTARA TBK
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
INRI INARI AMERTRON BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
RGB RGB INTERNATIONAL BHD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
TSVT 2SEVENTY BIO INC
123F 123FAHRSCHULE SE
IOIPG IOI PROPERTIES GROUP BHD
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1787 SHANDONG GOLD SMELTING CO LTD
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