1、 Watchlist the stock on Insights Direct to receive prompt updates ed:BM/JS/sa:SS,PY,CS Data centre&cloud growth to complement telco yields Mobile revenue Mobile revenue to see some growth to see some growth in Indonesiain Indonesia&ThailandThailand led by focus on ARPU improvementled by focus on ARP

2、U improvement Data Data c centreentre (DC)(DC)&c cloud to loud to deliverdeliver 1010-2525%annual annual revenue growth over next revenue growth over next fewfew yearyears s;China UnicomChina Unicom,China TelecomChina Telecom,andand IndosatIndosat leadingleading Prefer Indosat&China Unicom for 6%yie

3、ldPrefer Indosat&China Unicom for 6%yield,9 9%earnings growthearnings growth;PT TelkomPT Telkom is is also also attractiveattractive for for 8 8%yield%yield amid a mobile sector recoveryamid a mobile sector recovery;NetlinkNetlink is is mostmost defensivedefensive business business with with 6%yield

4、6%yield;favour;favour SingtelSingtel toto StarHubStarHub for for superior superior growthgrowth Prefer Prefer telcos to pure telcos to pure DCDC players for their dividendplayers for their dividend yieldsyields.Among pure.Among pure DC playersDC players,we prefer,we prefer VNETVNET overover GDSGDS f

5、orfor purepure China exposure,China exposure,lower gearing&lower gearing&cheaper cheaper valuation valuation Mobile revenue under pressure in Singapore&China but growing in Indonesia&Thailand.Mobile average revenue per user(ARPU)declined 2%-8%in China in 2024,while Singapore saw a bigger 5%-12%decli

6、ne due to subscribers shifting to lower end plans.(Singtel,however,benefitted from rising ARPU and cost cuts in Australia)Mobile ARPU is set to improve gradually in In Indonesia supported by the XL-Smartfren merger and a sharp rise in starter pack pricing(5-6%of mobile revenue)in end-March 2025.Thai