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Strength
+1.2% QoQ and +1.3% YoY 2Q24 top-line growth to IDR 37.9tn on higher data revenue (62% of sales) growth of +5.3% QoQ and +7.2% YoY helped by higher data traffic and mobile subs base
Opportunity
700Mhz spectrum auction in 2H24 may potentially increase blended ARPU (2Q23: IDR 45k), offering higher revenue growth (SSI FY24F ARPU: IDR 47.5k); substantial YTD underperformance may provide buying opportunities
Weakness
One-off from early retirement program that kicked in 2Q24 amounting to IDR 1.2tn dragged down EBITDA growth and margin to 48.7% (1Q23: 51.9%)
Threat
Intensifying competition and lower purchasing power may trigger another price war and prolonged down-trading; IDR depreciation may increase USD-based capex ahead
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
