MTEL's revenue surged by 7.33% YoY to IDR2.21 trillion, driven chiefly by the tower leasing segment's 5.40% YoY growth (+7.19% QoQ) to Rp1.84 trillion. The uptick in tower rental was propelled by a significant 16.56% YoY increase (+1.43% QoQ) in collocation, particularly fueled by non-Telkom customers during 1Q24.MTEL witnessed an 8.42% YoY rise in tenants during the same period. This robust performance translated into an EBITDA of Rp1.84 trillion, marking a substantial 39.99% YoY increase (+27.58% QoQ) and resulting in an EBITDA Margin of 83.5% in 1Q24 (vs. 81.5% in 1Q23), culminating in a net profit of Rp521 billion, reflecting a 3.98% YoY growth.MTEL, a leading presence in Southeast Asia with 38,135 towers in Indonesia, added 121 new towers in 1Q24, primarily outside Java, expecting a 7.15% CAGR (2024-2029) in tenant growth, supported by Rp5.6 trillion allocated for capex in 2024, signaling high single-digit revenue and EBITDA growth.We forecast FY24E revenue to IDR9.4 trillion in FY24, primarily fueled by the tower leasing segment's 11.49% CAGR (2024-2029) and the addition of 4k new tenants. Expansion by non-telecom companies will also boost growth in the collocation segment, despite increased depreciation costs.Using the Discounted Free Cash Flow method with a Required Return of 5.8% and Terminal Growth of 3% as terminal value. We assess that MTEL has an upside potential of 25.21% or IDR720 per share (Expected PE at 28x and EV/EBITDA at 10.16x in FY24F); thus, we give a Buy rating to MTEL. However, we need to consider the following risks: 1) Regulatory changes, 2) increased competition from telecommunication and tower operators, 3) economic downturn and rising interest rates may negatively affect MTEL's profitability and tower rental income and squeeze its profit margin.

BBRI recorded a net profit of IDR 15.89 trillion, growing 2.5% yoy in 3M24. This result grew in line with our FY24F estimate (25%).Interest Income grew 17.9% yoy, followed by Net Interest Income, which rose 9.7% yoy.BBRI revised its FY24F Cost of Credit (CoC) guidance, which was better than the 3M24 realization. BBRI recorded an increase in CoC in 3M24 in line with food inflation, which caused a rise in NPL in one of BBRI's most significant revenue contributors.The Allowance for Impairment Losses (CKPN) increase is still lower than in the last two years. CKPN increased 2% QoQ to IDR 79.84 trillion in 3M24.Current Account Savings Account (CASA) grew 7.8% yoy in 3M24. BBRI recorded total third-party funds of IDR 1,416 trillion (12.8% yoy) in 3M24.BBRI has consistently recorded credit growth in the last six years. In 3M24, BBRI credit grew 11% yoy to IDR 1.182 trillion.Using the Discounted Cash Flow method with a Required Return of 6.89% and Terminal Growth of 4.72%, we estimate BBRI's fair value at 6,165 (14.64x expected P/E FY24F).By PHINTRACO SEKURITAS | Research - Disclaimer On -

TLKM reported revenue growth of 3.71% YoY (1.45% QoQ) to IDR37.43 trillion in 1Q24, driven by an 11.3% YoY increase in the contribution of data, internet and IT services group to IDR22.15 trillion, despite ARPU declining 2.58% QoQ to IDR45.60k in 1Q24.The increase in revenue was followed by an increase in operating expenses by 5.30% YoY, mainly due to an increase in interconnection costs by 22.80% YoY, and employee costs which grew by 10.40% YoY due to the distribution of THR and marketing expenses increased by 4.10% YoY due to promotions ahead of Fasting and Lebaran.By 2024, Management expects revenue growth in the single-digit range while maintaining an EBITDA Margin of between 50-52% in 2024, supported by a surge in domestic connectivity demand.We forecast FY24E revenue to increase to IDR154.82 trillion, driven by revenue growth of 5%-10% and operating cost efficiency down 1%-5%, with net profit growing 8.02% YoY, ARPU stable in the range of ~Rp46-Rp47k.Using Discounted Free Cash Flow method with Required Return of 8.80% and Terminal Growth of 3.00% as terminal value. We assess that TLKM has an upside potential of 41.90% or IDR4,471 per share (Expected PBV at 2.5X and PE at 16.5x in FY24F), thus we give TLKM a BUY rating.By PHINTRACO SEKURITAS | Research - Disclaimer On -

In 4Q23, INCO achieved strong revenue growth of 5.5% QoQ to US$294mn, with FY23 revenue totaling US$1,232.3mn, up 4.5% YoY, driven by increased sales and production, despite a decline in Average Selling Price by -12.1% QoQ attributed to fluctuating LME nickel prices.INCO effectively controlled costs in 4Q23, reducing cash costs by 8.1% QoQ to US$8,929/tonne while achieving a significant ~16.7% YoY reduction in cash costs to US$17,329/tonne for FY23, driven by lower coal consumption and decreased Coal ASP.Short-term challenges from nickel prices are expected, but lower costs are poised to drive growth in FY24F, with steady production targets and anticipated decreases in cash costs primarily attributed to lower Fuels & Lubricants and Coal ASP.Adjusted forecasts for Nickel Matte ASP downwards reflect LME nickel price weaknesses, we anticipated 19.9% YoY decrease in revenue to US$170mn for FY24F, leading to a Net Profit Margin (NPM) of 17.28%.INCO anticipates limited near-term growth in FY24E, but remains positioned for strong future expansion driven by robust fundamentals, including the completion of key projects in 2026 focusing on Mixed Hydroxide Precipitate (MHP) and Ferronickel (FeNi), aimed at meeting Indonesia's growing nickel industry downstream projects.Using the Discounted Cash Flow method with a Required Return of 10.62% and Terminal Growth of 9.46%, we estimate INCO’s fair value at IDR4,548 (implying 16.9x / 1.05x expected P/E and P/BV). This outlook is fueled by INCO’s strong fundamentals, including its strong cost competitiveness and promising long-term growth projects in MHP and FeNi.By PHINTRACO SEKURITAS | Research - Disclaimer On -Contact Us : WA : 08119055611 IG : phintracosekuritas YT : Phintraco Sekuritas TELE : phintasofficial www.phintracosekuritas.com www.profits.co.id

BBTN recorded a net profit of IDR 3.5 trillion, growing 15% yoy in FY23. Interest Income rose 9.2% yoy, although this was followed by an increase in Interest Expense of 36.4% yoy in FY23.Loans & financing have been on an uptrend for the last five years. BBTN's loans & financing grew 11.09% yoy to IDR 334 trillion in FY23.BBTN became the first state-owned bank to sell significant assets using an asset exchange scheme. The transaction amounting to IDR 861 billion was completed in FY23, with a portion of 7.9% of the 2023 NPL.CASA grew 20.4% yoy in FY23. BBTN recorded total Third Party Funds of IDR 349.9 trillion (+8.7% yoy) in FY23.BBTN will continue to develop high-yield loans in FY24, where in FY23, Home Equity Loan (KAR), People's Business Loan (KUR), and Soft Loan (KRING) succeeded in leading growth with a loan yield of 8.12%Using the Discounted Cash Flow method with a Required Return of 9.98% and Terminal Growth of 8.43%, we estimate BBTN's fair value at 1,807 (6.29x expected P/E). Considering BBTN's reasonable price and its relative valuation, which is below 0.74x its 5-year average P/B, we give BBTN a buy rating with a potential upside of 16.23%.By PHINTRACO SEKURITAS | Research - Disclaimer On -

EXCL's FY23 revenue grew 11% YoY to IDR 32.32 bn, driven by digital transformation reducing costs, leading to 15% PAT growth.Anticipating a significant spike in data traffic in March-April 2024 due to election results and Lebaran, which could potentially double EXCL's daily average.EXCL's LinkNet acquisition in 2022 propels it as a key player in Indonesia's fixed broadband.The transition of XL Home to XL Satu, due to the use of fiber optics for wider coverage, enhances competitiveness. With convergence penetration at 75% YoY in FY23.EXCL's 2024 guidance targets revenue growth, maintaining an EBITDA margin of 50% and capital expenditure of Rp8 trillion.Using Discounted Free Cash Flow method with Required Return of 9.95% and Terminal Growth of 2.5% as terminal value.

Net profit grew 14.2% yoy to 20.91 trillion in FY23. This increase is in line with an increase in pre-provision operating profit (PPOP) of 1.6% yoy to 34.97 trillion.Total Loans reached IDR 695,085 billion in FY23, growing 7.6% yoy and 3.5% qoq. Corporate and Consumer Loans support this growth.Loan at Risk (LAR) decreasing trend. LAR was recorded at 12.9% ytd, down 31 bps yoy from 16% ytd in FY22 and 23.3% ytd in FY21.Maintain CASA ratio above 70% by encouraging transactional portfolio growth.BNI has the most Application Programming Interface (API) Services compared to its peers.New growth and future engine for BBNI. In 2Q23, BNI acquired 63.92% of Bank Mayora shares and rebranded it with Hibank. Hibank is the first digital bank to focus on MSMEs.Using the Discounted Cash Flow method with a Required Return of 10.76% and Terminal Growth of 4.58%, we estimate the fair value of BBNI at 6,800 (20.61x expected P/E). Considering BBNI's fair value, we give BBNI a buy rating with a potential upside of 15.74%.

BRIS's net profit grew 33.88% yoy to IDR 5.7 trillion in FY23. Net Margin Income of IDR 16.17 trillion grew (+3.89% yoy) in 2023.Pre Provision Operating Profit (PPOP) grew (+8.70% yoy) to IDR 10.21 trillion in the same period.BRIS recorded financing growth of (+15.70% yoy) to IDR 240.32 trillion in FY23.This growth was supported by growth in consumer financing (+15.66% yoy), which contributed 54.32% to total financing in FY23.Consistent record growth in Return on Equity (ROE) and Return on Assets (ROA) in the last three years.The potential for growth of sharia banking in Indonesia. Asia Pacific has a market share of around 20.7% in global Sharia banking. Indonesia contributed about 13% of this amount and was also the second highest contributing country after Malaysia (62.7%).BRIS targets the amount of fee based income to be equivalent to peers. As of December 2023, BRIS has a fee-based ratio of 15.80% vs. peers' 21.06%-24.21%.Using the Discounted Cash Flow method with a Required Return of 12.45% and Terminal Growth of 6.39%, we estimate the fair value of BRIS at 2,970 with a potential upside of 28.00%.By PHINTRACO SEKURITAS | Research - Disclaimer On -Contact Us : WA : 08119055611 IG : phintracosekuritas YT : Phintraco Sekuritas TELE : phintasofficial www.phintracosekuritas.com www.profits.co.id

Indonesia aims to be a net-zero carbon country by 2060. To support the plan, the government released Perpres No. 112/2022 to accelerate renewable energy.Indonesia is the second largest installed geothermal in the world, producing 2,356MW, consisting of 14.6% of global production.PGEO using IPO's fund for 85% as CAPEX to reach 1GW of its production by 2025PGEO has a policy to pay dividends below 50% of its net income.PGEO has a pricing policy anchoring CPI and PPI USA for the price.Using the Discounted Cash Flow method with a Required Return of 8.24% and Terminal Growth of 4.78%, we estimate PGEO's fair value at 1,657 (25x expected P/E). Based on PGEO's fair price and potential upside of 24.57%, we recommend a buy rating for PGEO.