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Strength:
+3.6% QoQ growth in 3Q24 net profit, primarily due to unrealized investment gains, particularly from GoTo, whose fair value increased to IDR 66/share (2Q24: IDR 50/share); higher data payload in 3Q24 (+4.4% QoQ, 13.8% YoY) indicated robust demand for data services
Weakness:
Weaker revenue in 3Q24 (-2.5 QoQ; -2.2 YoY), mainly due to seasonality and low consumer spending, which pressured ARPU and subscriber base; faster-than-anticipated decline in legacy segment (Voice & SMS) led to significant drop in Telkomsel’s 3Q24 top line of -26.3% YoY
Opportunity:
Recovery of consumer spending may help increase ARPU and data payload; given high demand for data storage, TLKM’s expansion to data center is expected to generate additional revenue boost; low penetration rate of fixed broadband in Indonesia (+-20%) provides solid foundation for future growth
Threat:
Slower-than-expected consumer spending recovery, regulatory charges (high frequency usage fee and universal service obligation), lack of incentives, and uncertainties regarding spectrum auction may soften TLKM’s growth; possible continued YTD market under-performance
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.
