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SSI SUMMARY – ISAT's current valuation is undemanding at 4.8x FY26F EV/EBITDA (industry: 8.0x), offering an attractive entry point. On the business side, we like ISAT for its asset-light approach, which is positive for its FCF and leaves ample liquidity for reinvestment as well as shareholder returns going forward. Healthy ARPU trajectory should steer the industry towards healthier competitive landscape, while Zankore, the AI-factory JV, and contracted NeoCloud revenues should boost earnings from FY27F and drive further re-rating.
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.
