■ YoY momentum-driven topline jump on strong ISP segment performance. INET booked IDR 23.6bn revenue in 3Q25 (+190.5% YoY), lifting 9M25 revenue to IDR 68.6bn, largely supported by its ISP segment (IDR 67bn, +188.4% YoY). Construction revenue reached IDR 1.4bn, likely tied to WIFI’s home-pass expansion amid rapid subscriber growth (Sep-25: 1.5mn vs Dec-24: 220k).

■ Stellar bottom-line on margin expansions backed by lower operating costs. INET posted a strong 3Q25 profitability rebound, with GPM jumping to 66.3% and EBITDA rising to IDR 18.0bn (+53% QoQ), supported by a better revenue mix and lower opex. Net profit surged to IDR 11.6bn (+86% QoQ), lifting 9M25 earnings to IDR 19.4bn (+819% YoY), already reaching ~85% of full-year estimates and implying upside to forecasts.

■ Rights and bond issuances to fund strategic expansions and acquisitions. INET plans to raise IDR 4.2tn (IDR 3.2tn rights issue, ~IDR 1.0tn bonds) to fund expansions in subsea cables, FTTH contracting, and node-based internet services, supporting margin gains to 52.0% in 2026F and 55.9% in 2027F. Earnings are set to jump to IDR 257bn in 2026F and IDR 736bn in 2027F, while planned acquisitions of PADA and THC should further strengthen contracting and managed-services capabilities.

■ Maintain Spec-BUY with higher TP of IDR 1,350 on raised earnings. We maintain Spec-BUY on INET and raise our TP to IDR 1,350 (74% upside) on higher earnings. INET remains one of Indonesia’s fastest-growing ISPs, though risks include expansion delays, softer subscriber additions, and weaker purchasing power.