1H26 results better than expected Quick Note

研报英文原文证据摘录

1H26 results better than expected Quick Note

Nomura Securities Malaysia Sdn Bhd

Indosat ISAT.JK ISAT IJ 29 July 2026

EQUITY: TELECOMS

Rating1H26 results better than expected Remains Buy

Target price IDR 3,300 RemainsQuick Note

Closing priceISAT’s 1H26 results were well ahead of our expectations, with net profit surging 84.5% y-y 28 July 2026 IDR 1,950

to IDR4.3tn, equivalent to ~72.4% of our FY26F forecast. While headline earnings were

flattered by a one-off IDR1.04tn FiberCo asset-monetization gain booked in 2Q26,

normalized net profit reached IDR3.2tn (+49.2% y-y), still accounting for a robust ~54.5% Research Analysts

of our full-year forecast. The strong y-y earnings growth was driven by continued market Indonesia Research Teamrepair, including lower Starter Package (SP) sales, upward pricing adjustments, and

Heng Siong Kong - NSMinitiatives to migrate lower-value users toward higher-recurring segments, supporting hengsiong.kong@nomura.com

ARPU expansion. +603 2027 6894

2Q26 marked the third consecutive quarter of clear operational improvement, underpinned

Onshore expertby broad-based growth across mobile, MIDI, and fixed-line businesses. The recovery was

led by stronger monetization: blended ARPU increased to IDR46k in 2Q26, from IDR45k Erwin Wijaya (erwin.wijaya@verdhana.id)

in 1Q26 and IDR39k in 2Q25 (+2% q-q; +20% y-y). Meanwhile, the subscriber base

Theonshoreexperts,whoaredeclined 2.1% y-y to 93.4mn, reflecting ISAT’s deliberate value-over-volume strategy

employedbyPTVerdhanaSekuritasahead of the mandatory biometric SIM registration in July 2026. The registration

Indonesia(“Verdhana”)andarenotrequirement should further improve subscriber quality, reduce inactive or low-value users, licensedoutsideIndonesia,have