Strength Solid 2Q24 revenue of IDR 8.6tn (+2.1% QoQ, +4.8% YoY) primarily driven by data revenue growth of +2.5% QoQ & +6.9% YoY on the back of higher traffic of +2.0% QoQ & +8.5% YoY despite flattish ARPU of IDR 44k (FY24F ARPU: IDR 47k) Opportunity Potential merger with FREN may increase mobile subscriber base to around 100mn users, boosting profitability going forward; Lowest EV/EBITDA in the sector provides further buying opportunities Weakness Higher 2Q24 finance costs of +3.1% QoQ and tax expenses of +32.1% QoQ dragged down net income to IDR 486bn (-9.7% QoQ) Threat IDR depreciation may lead to higher USD-based capex going forward; Prolonged downtrading effect may hurt ARPU in the future; YTD market outperformance may result in some profit taking The post EXCL: 2Q24 Results - BUY, SSI TP: IDR 2,900 appeared first on Samuel Sekuritas Indonesia.