Focusing on monetization, profitability & growth

WIFI’s monetization strategy rests on rapid network deployment coupled with creative marketing initiatives. Also, innovative cost-saving measures continue to protect operating margins. While competition is intensifying—particularly as MNOs expand into FWA services—and macroeconomic headwinds pose both risks and opportunities, WIFI remains well-positioned to drive growth. We maintain our BUY rating with TP of IDR 2,000/sh, implying 7.4x 2027F EV/EBITDA.

Speedy deployment, creative marketing and innovative cost-saving

3,100 FWA sites on air as of early Oct 2026. Through its subsidiary PT Telemedia Komunikasi Pratama (TKP), WIFI has activated over 3,100 FWA sites capable of reaching up to 3.1 million households across 94 cities and regencies in Java, Maluku, and Papua. The company aims to reach 5,500 active sites by the end of 2026.

Creative marketing and cost saving. Enpowering the local community, IRA offers unique collaboration opportunities:

ü Sahabat IRA – community-based sales partnership. For every new registered customer, the sales partner (Sahabat IRA) receive an incentive of IDR 35,000.

ü Rumah Sahabat IRA – for any property (home, shophouse) that meets the criteria to host an IRA radio unit on its rooftop, the company offers free internet for the contract duration, an IDR 6 mn/year rooftop space lease payment, and an IDR 35,000 incentive for every customer activated through that specific site.

Our view: The Sahabat IRA initiative should effectively accelerate new subscriber acquisition, while Rumah Sahabat IRA offers a significantly lower-cost alternative to traditional tower leasing. However, these upfront marketing incentives do not guarantee long-term customer stickiness. Furthermore, FWA antennas and radio units typically require a minimum elevation of >15 meters (roughly a four-story building), which may limit deployment scalability in certain residential areas.

Maintain BUY with target price of IDR 2,000/sh

WIFI capitalized on the 2026 FIFA World Cup to attract new subscribers by offering a generous promotional package: a three-month subscription for just IDR 100,000, which included full broadcast access to. While we expect this initiative to drive robust subscriber growth, it will likely result in lower revenue recognition in 3Q26. Furthermore, rising competition from MNOs and the risk of elevated churn rates once the promotional period ends could slow WIFI’s broader monetization trajectory. uch as higher inflation, weaker purchasing power, and elevated interest rates—act as a double-edged sword for the company. On one hand, WIFI's highly affordable pricing should attract price-sensitive consumers looking to "trade down" from more expensive broadband providers. On the other hand, prolonged economic hardship could severely constrain overall consumer spending and limit total market growth.

We revise our 2026F/2027F revenue forecast by -22.4%/-38.2% and net profit by +9.3%/+36%%. We maintain our BUY recommendation with lower target price of IDR 2,000/sh (7.4x EV/EBITDA 2027F); derived from DCF 5 years with assumption of 12.7% discount rate and 2 % terminal growth.

TPMA - Riding Out the Storm

TPMA - Riding Out the Storm

Hernanda Cahyo

PT Trans Power Marine Tbk

14 October 2026 - 04.24pm

TPMA - Riding Out the Storm

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