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Strength
Positive YoY growth in 3Q24 top-line, driven by increased number of subscribers and higher data payload as more activities shift to digital platforms and online entertainment becomes more widespread; stable subscriber base with low single-digit churn rate.
Weakness
-39.9% QoQ decline in 3Q24 bottom-line, primarily due to share of loss from associates, particularly the underperforming Link Net (20% stake); weak purchasing power led to downtrading among subscribers, causing lower data payload in 3Q24.
Opportunity
750k new subscribers acquired from First Media may be converted into new mobile subscribers through EXCL’s Fixed Mobile Convergence (FMC) strategy; AI adoption is expected to benefit EXCL’s operations by enabling more efficient cost management, faster customer behavior analysis, and improved subscriber experience.
Threat
Narrowing gap between EXCL and TLKM’s mobile ARPU suggests that EXCL may need to consider lowering its prices to remain competitive; price war in fixed broadband (FBB) market could pressure the company to reduce its ARPU, potentially leading to further earnings downgrades.
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.
