Menu
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
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.
