BEWARE OF FRAUDULENT SCHEMES CLAIMING TO REPRESENT PT VERDHANA SEKURITAS INDONESIA

• Please be cautious of any fraudulent schemes conducted by parties claiming to represent PT Verdhana Sekuritas Indonesia. These scams often use the name, logo, and identity of PT Verdhana Sekuritas Indonesia to pose as official company representatives.
  
• Identified scam methods include investment fraud, job offers, task assignments, or other programs that appear to offer monetary rewards or commissions. Please remain vigilant against other forms of fraud as well.
  
• These scams may be carried out through various media channels, including:
  1. Fake websites;
  2. Messaging apps such as WhatsApp, Telegram, SMS, etc.;
  3. Fake emails and letters;
  4. Fraudulent phone calls. 
• PT Verdhana Sekuritas Indonesia operates solely as a Securities Broker-Dealer and Underwriter. We are not an investment manager or an institution that offers investment programs, job offers, commission-based tasks, or other financial schemes directly to the public via social media, private messages, phone calls, or unofficial individual agents. We do not appoint any individual or third party to collect funds from the public. 
• We never request the public, prospective clients, or our clients to (1) conduct cash transactions or (2) transfer funds to any personal account of individuals claiming to be employees or representatives of PT Verdhana Sekuritas Indonesia.
  
• Official information from PT Verdhana Sekuritas Indonesia is communicated only through our official channels:
  Website: www.verdhana.id and www.verdhanaresearch.com 
  Email: info@verdhana.id
  Phone: (021) 5098 5799
  Address: Deutsche Bank Building, 18th Floor, Jl. Imam Bonjol No. 80, Jakarta 10310 
• If you receive any suspicious messages, offers, or solicitations conducted by parties claiming to represent PT Verdhana Sekuritas Indonesia, please do not respond and report them immediately to us via email at info@verdhana.id.

This announcement is hereby conveyed. Thank you for your attention and for placing your trust in PT Verdhana Sekuritas Indonesia.
Sincerely,

PT Verdhana Sekuritas Indonesia

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• Indonesia telecoms - Dual tailwinds

  EW

  We reiterate our positive outlook for the Indonesia telecom sector,

  TELECOMS Indonesia telecoms Erwin Wijaya

  2 days ago

• Telekomunikasi Indonesia Persero (TLKM IJ) (Buy) - Elevated payout can be afforded

  EW

  We recently had a discussion with Telkom management. Among the key...

  TELECOMS Telekomunikasi Indonesia Persero TLKM TLKM JK TLKM IJ Erwin Wijaya

  1 week ago

• Indonesia Telecom - Path to (better) profitability

  EW

  We believe that market repair efforts have been...

  TELECOMS Indonesia Telecom Erwin Wijaya

  2 weeks ago

• XLSMART Telecom (EXCL IJ) (Neutral) - Laying groundwork

  EW

  XLSmart’s recently released 9M25 earnings have shown large losses...

  TELECOMS EXCL EXCL JK EXCL IJ Erwin Wijaya

  2 weeks ago

• XLSMART Telecom (EXCL IJ) (Buy) - 9M25 results still pending merger synergies

  EW

  XLSmart’s 9M25 results came below our projections. However,

  TELECOMS XLSMART Telecom EXCL EXCL JK EXCL IJ Erwin Wijaya

  3 weeks ago

• Indonesia Tower - Mixed 9M25 results

  EW

  Indonesia’s tower companies – TOWR IJ, MTEL IJ and TBIG IJ...

  TELECOMS Indonesia Tower Erwin Wijaya

  1 month ago

• Telekomunikasi Indonesia Persero (TLKM IJ) (Buy) - 9M25 results in line

  EW

  TLKM released its 9M25 results, with headline...

  TELECOMS Telekomunikasi Indonesia Persero TLKM TLKM JK TLKM IJ Erwin Wijaya

  1 month ago

• Indosat (ISAT IJ) (Buy) - 9M25 in line with projections

  EW

  SAT’s 9M25 results came in line with our projections, with...

  TELECOMS Indosat ISAT ISAT JK ISAT IJ Erwin Wijaya

  1 month ago

• Telekomunikasi Indonesia Persero (TLKM IJ) (Buy) - Planned spin-off for asset monetization

  EW

  Telkom on 21 Oct 2025 announced the signing of a conditional spin-off agreement..

  TELECOMS TLKM TLKM JK TLKM IJ Erwin Wijaya

  1 month ago

• Indonesia Telecoms - Likely improving 3Q25F financials

  EW

  We believe efforts of market repairs might show...

  TELECOMS Indonesia Telecoms Erwin Wijaya

  2 months ago

• XLSMART Telecom (EXCL IJ) (Buy) - Post-merger earnings adjustments

  EW

  We revise our FY25-27F earnings projections for XLSMART by...

  TELECOMS XLSMART Telecom EXCL EXCL JK EXCL IJ Erwin Wijaya

  2 months ago

• Telekomunikasi Indonesia Persero (TLKM IJ) (Buy) - Lowering earnings estimates by 1.1-4.4%

  EW

  We lower FY25-27F EPS by 1.1-4.4% to reflect the challenging...

  TELECOMS Telekomunikasi Indonesia Persero TLKM TLKM JK TLKM IJ Erwin Wijaya

  2 months ago

• XL Axiata (EXCL IJ) (Buy) - EXCL - Soft 1H25 Results Pending Merger Synergies

  EW

  EXCL’s 1H25 results came in below our projections. However,...

  TELECOMS XL Axiata EXCL EXCL JK EXCL IJ Erwin Wijaya

  3 months ago

• Indonesia Telecoms - Towards better sustainability

  EW

  In Feb-25, we wrote about what it would take to improve sustainability in the cellular space...

  TELECOMS Indonesia Telecoms Erwin Wijaya

  3 months ago

• Telekomunikasi Indonesia Persero (TLKM IJ) (Buy) - Earnings cut by ~6.9-7.3% post 1H25 adjustments

  EW

  Post 1H25 results, we have reduced our consolidated profit projections on TLKM by...

  TELECOMS Telekomunikasi Indonesia Persero TLKM TLKM JK TLKM IJ Erwin Wijaya

  4 months ago