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Strength
Solid double-digit EBITDA growth in 2024 (+11.0% YoY), driven by the declines in marketing (-22% YoY) and rental & service expenses (-21% YoY); positive growth in subscriber base bodes well for EXCL’s market presence despite smaller cellular share
Weakness
Lower 4Q24 ARPU at IDR 41K (4Q23: IDR 43K), mainly due to weaker purchasing power and intense competition, particularly from low-cost SIM cards; the substantial YoY growth in 4Q24 net profit was primarily driven by one-off large tax payment in 4Q23
Opportunity
EXCL-FREN merger could improve economies of scale, particularly in spectrum auctions, and help reduce price competition; additional subscribers of 750K from LINK may help boost revenue contribution from FFB in 2025 (previous: 250K)
Threat
Weaker purchasing power may lead to down-trading, triggering another price war; post-merger integration challenges may result in lower margins and negative bottom-line growth in the short term, resulting in share price performance reversal
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.
