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Company Reports

05 November 2024

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ISAT: 3Q24 Results – BUY, SSI TP: IDR 3,125

Strength:

Impressive bottom-line growth in 3Q24 (+30.1% YoY) and 9M24 (+39.1% YoY), driven by lower G&A expenses, smaller forex losses, and reduced interest charges due to improved DER of 0.42x (vs. 0.52x in 9M23); YoY growth in data payload indicates solid demand prospects for data services

Weakness:

Weak QoQ performance, mainly due to the decline in subscriber base (-2.2mn to 98.7mn) following discontinuation of several promotions, along with the fell in ARPU (from 38.4k to 37.2k)

Opportunity:

The addition of 2k+ distribution points, especially in rural areas, may enhance customer loyalty; rapid AI adoption is expected to improve operational efficiency and accuracy; large ARPU gap with peers suggests room for further growth

Threat:

Weak consumer spending may pressure the company's data payload, while lack of incentives and regulatory charges including high frequency usage fee and universal service obligation create unfavorable outlook; uncertainty around spectrum auction could hinder ISAT's growth

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ISAT One Page 3Q24

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ISAT One Page 3Q24

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