Indonesia Telecom - Fragile equilibrium
EWAcross major telcos, we anticipate growing efforts to foster a healthier market environment.
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XL Axiata (EXCL IJ) (Buy) - EXCL x FREN: An update on the merger plan
EWEXCL and FREN (FREN IJ, Not rated) had in 2024 officially announced a definitive agreement for a proposed merg
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Indonesia Telecom - Telcos outlook 2025
EW2024 was a challenging year for the major telcos (as well as for the passive infrastructure companies such as
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Indosat (ISAT IJ) (Buy) - Soft 4Q24 results, as expected
EWISAT released expected 4Q24 results, with headline profit of IDR1.0tn (-10% q-q).
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XL Axiata (EXCL IJ) (Buy) - EXCL – Post FY24 results update
EWXL released its FY24 results which showed punchy performance.
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Telekomunikasi Indonesia Persero (TLKM IJ) (Buy) - Dividend play; cut TP to IDR 4,100
NS EWOver the past 18 years (i.e. since the start of intense cellular sector competition in Indonesia; 2007-2024),
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XL Axiata (EXCL IJ) (Buy) - Merger plan
NS EWEXCL and FREN (FREN IJ, Not rated) have officially announced a definitive agreement for a proposed merger,
Telecoms XL Axiata EXCL EXCL JK EXCL IJ Nicholas Santoso Erwin Wijaya
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XL Axiata (EXCL IJ) (Buy) - Soft 9M24 operating results
NS EWXL Axiata released soft 3Q24 operating results, with 3Q24 profit at IDR292bn (-40% q-q, -21% y-y).
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Indonesia Tower - 9M24 results review
NS EWIn this note, we look at 9M24 results from major Indonesia telecom towercos,
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Sarana Menara Nusantara (TOWR IJ) (Buy) - 3Q24 – IBST value accretive to performance
NS EWHeadline revenue reached IDR3.3tn (+12.0% y-y / +6.0% q-q), bringing 9M24 revenue to IDR9.4tn (+8.4% y-y)
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Telekomunikasi Indonesia Persero (TLKM IJ) (Buy) - In-line 9M24 results
NS EWTLKM has released its consolidated 9M24 results, with headline consolidated profit of IDR17.7tn (-9.4% y-y),
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Indosat (ISAT IJ) (Buy) - Soft 3Q24, as expected
NS EWISAT has released soft 3Q24 results, as expected, with headline profit of IDR1.1tn (-21% q-q / +30% y-y).
Telco Telecoms ISAT ISAT JK ISAT IJ Nicholas Santoso Erwin Wijaya
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Mitratel (MTEL IJ) (Buy) - 3Q24: EBITDA margin improvement
NS EWWe have become more positive on the Indonesia tower sector’s long-term outlook.
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Indosat ISAT IJ -Buy- More liquidity post stock split of 1-to-4 Erratum
NS EWISAT conducted a stock split in the ratio of 1-to-4 on 14 October 2024. Before the stock split, ISAT’s nominal
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Indonesia Telecoms - 3Q24F preview
NS EWIn this note, we assess major telcos’ upcoming 3Q24F results (to be released end of Oct 2024).