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ISAT: Strong EBITDA, Sustainable Growth amidst Tight Competition - Phintraco Sekuritas

ISAT: Strong EBITDA, Sustainable Growth amidst Tight Competition

01 Nov 2024 Valdy

ISAT’s 3Q24 revenue reached IDR 13.84 trillion, marking an 8.20% YoY increase but a slight 2.16% decrease from the previous quarter.
The cumulative 9M24 revenue of IDR 41.82 trillion represents an 11.61% YoY increase, covering 78% of the full-year forecast. Net profit grew by 40.50% YoY in 3Q24 but saw a 22.23% quarterly decline

The Multimedia, Data Communication, and Internet (MIDI) segment grew significantly, with a 31.91% YoY increase. However, Cellular segment revenue, while up by 5.80% YoY, experienced a 2.60% QoQ decline.

ISAT’s 3Q24 EBITDA stood at IDR 6.59 trillion (up 8.29% YoY), with a marginal decline in EBITDA margin to 47.62%

ISAT added 3,000 BTS towers in 2024, improving reach to 2.1 million people and extending services to 370 new villages.
Enhanced distribution with 2,000 rural distribution points and 2,500 new service points, along with the launch of the Digital Intelligence Operations Center (DIOC) for real-time network monitoring

A stronger performance is expected in 4Q24, driven by anticipated data demand during the Pilkada, Christmas, and New Year seasons. An upcoming frequency auction could further enhance network capacity if ISAT secures additional frequencies

The company retains a “BUY” rating with a target price of IDR 3,000, anticipating an 18.80% upside. Potential risks include price competition, regulatory shifts, and high-interest rates.

By PHINTRACO SEKURITAS | Research
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