WIFI: Bangkit dari Koreksi! Rebound atau Dead Cat Bounce?
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Teknikal:
• Last: 1935
• Resist: 2170 : 2730
• Support: 1825 : 1550
• Cutloss: < 1550
Sales Note:
• WIFI through its brand Surge is a co providing internet connecticity through a fiber optic network along railroad tracks on Java island, partnering with local ISPs via revenue sharing system.
• Surge offers affordable (start from IDR100k/month), high quality and unlimited internet access to households located within 1-5km from KAI railroad – this has achieved so far an solid 90% take-up rate.
• WIFI owns 6,972km of fiber optic lines along railway tracks and highways in Java. As of 9M24, WIFI owner fixed assets in the form of project equipment worth IDR890bn and more than IDR800bn worth of fiber optic lines.
• In 9M24, Surged booked revenue growth of 46% y-y to IDR505bn. The company aims to roll out up to 40mn homepasses in 2025 – this coupled with a conservative 45% EBITDA margin, could translate to more than IDR250bn in profit.
• B/S is also manageable, with net gearing of 1.4x in 2024; with potentially increasing debt but reasonable given the exponential revenue growth.
• PT Investasi Sukses Bersama (ISB) owns 50.4% stake in WIFI, whereas around 45% of that is owned by PT Arsari Sentra Data (co owned by Hashim S Djojohadikusumo).
• The stock trades at 7x EV/EBITDA 2025E, which is lower than global telco, especially fiber optic names avg of 8x.
Anthony Yunus
Head of Sales
PT Samuel Sekuritas Indonesia
__
Jika Anda memiliki pertanyaan, jangan ragu untuk menuliskannya kepada kami di kolom komentar di bawah.
PT Samuel Sekuritas Indonesia berizin dan diawasi oleh Otoritas Jasa Keuangan
Teknikal:
• Last: 1935
• Resist: 2170 : 2730
• Support: 1825 : 1550
• Cutloss: < 1550
Sales Note:
• WIFI through its brand Surge is a co providing internet connecticity through a fiber optic network along railroad tracks on Java island, partnering with local ISPs via revenue sharing system.
• Surge offers affordable (start from IDR100k/month), high quality and unlimited internet access to households located within 1-5km from KAI railroad – this has achieved so far an solid 90% take-up rate.
• WIFI owns 6,972km of fiber optic lines along railway tracks and highways in Java. As of 9M24, WIFI owner fixed assets in the form of project equipment worth IDR890bn and more than IDR800bn worth of fiber optic lines.
• In 9M24, Surged booked revenue growth of 46% y-y to IDR505bn. The company aims to roll out up to 40mn homepasses in 2025 – this coupled with a conservative 45% EBITDA margin, could translate to more than IDR250bn in profit.
• B/S is also manageable, with net gearing of 1.4x in 2024; with potentially increasing debt but reasonable given the exponential revenue growth.
• PT Investasi Sukses Bersama (ISB) owns 50.4% stake in WIFI, whereas around 45% of that is owned by PT Arsari Sentra Data (co owned by Hashim S Djojohadikusumo).
• The stock trades at 7x EV/EBITDA 2025E, which is lower than global telco, especially fiber optic names avg of 8x.
Anthony Yunus
Head of Sales
PT Samuel Sekuritas Indonesia
__
Jika Anda memiliki pertanyaan, jangan ragu untuk menuliskannya kepada kami di kolom komentar di bawah.
PT Samuel Sekuritas Indonesia berizin dan diawasi oleh Otoritas Jasa Keuangan
Note
Target Price : Rp3,000
Bloomberg consensus: Rp2,500
Resistances : Rp2,170-Rp2,730
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.