Research & Stock Picks

Company Reports

13 February 2025

By

Indosat (ISAT): IDR 1,740 – BUY, SSI TP: IDR 2,000 (From: IDR 2,800); Cons. TP: IDR 2,977

Strength

In 4Q24, ISAT recorded strong data payload growth (10.9% YoY), reflecting higher network usage; ISAT’s 4Q24 ARPU reached all-time high of IDR 38.9K (+1.0% YoY, +4.6% QoQ)

Weakness

4Q24 bottom-line fell sharply (-39.9% YoY) due to higher maintenance costs, depreciation, and high-base effect from one-off asset-sale gain in 4Q23; exclusion of low-quality subscribers led to significant decline in subscriber base to 94.7mn

Opportunity

ISAT’s focus on B2B (cloud services, GPU-as-a-Service, etc.) could drive EBITDA growth; the company’s FBB traffic is expected to increase, thanks to affordable packages and strong network quality

Threat

Cheaper starter packages may intensify price wars, leading to market share volatility and slower industry growth; lower purchasing power could drive down-trading, further fuelling price competition; lower TP by 28% to cause continued underperformance

Share This:

Download PDF

Download PDF

ISAT One Pager 4Q24

Download PDF

ISAT One Pager 4Q24

More Related

Technical Stock Analysis

Mar 14, 2025

Morning Briefs

Mar 14, 2025

Economic Reports

Mar 13, 2025

Technical Stock Analysis

Mar 13, 2025