Company Coverage
Solusi Sinergi Digital (WIFI IJ): Solid Underlying With Attractive Valuation
NOT RATED
Current price:
Target price:
Upside:
Rp1,400
n.a.
n.a.
Analyst
Analyst
Highlights
- Integrated broadband and infrastructure platform. WIFI operates FWA and FTTH businesses while managing an over 8,000km fibre backbone that can also be leased to third parties.
- Hashim remains economically exposed to WIFI. His effective interest is around 24.5%, while DOOH’s plans to acquire WIFI and INET could point to broader digital-infrastructure
consolidation.
- Strong financial growth supports expansion. 1H26 revenue rose 206% yoy and EBITDA increased 117% yoy, although three-month free periods could delay revenue contribution from recent subscribers into 2027.
Analysis
- WIFI combines a broadband ISP business with a fibre-infrastructure platform through two subsidiaries. Telemedia Komunikasi Pratama (TKP), 99.9%-owned by Solusi Sinergi Digital (WIFI), operates the 5G fixed wireless access (FWA) business, while Integrasi Jaringan Ekosistem (WEAVE), 51%-owned by WIFI and 49% by Nippon Telegraph and Telephone East, operates the fibre-to-the-home (FTTH) business. WEAVE also manages WIFI’s over 8,000km railway fibre backbone, which supports FTTH rollout and can be leased to third parties. As of 1H26, WIFI had 1.85m FTTH and 513,000 FWA subscribers. By end-26, it targets over 3m combined subscribers, 3.5m FTTH homes passed and 5,500 FWA sites. WIFI uses mini-towers installed above residential properties to accelerate FWA rollout, although deployment pace remains a key execution risk.
- Hashim’s resignation does not necessarily signal a break with WIFI. Market speculation has centred on a potential disagreement after Hashim Djojohadikusumo stepped down as WIFI’s President Commissioner only three months after his appointment, alongside the resignation of Director Henny Santoso. However, several developments suggest that the move could instead reflect a broader restructuring of Hashim’s investment interests. Hashim, through Arsari Sentra Data, owns 45% of Investasi Sukses Bersama, which controls 54.42% of WIFI, giving him an effective economic interest of around 24.5% in WIFI. WIFI has also stated that the resignations have no material impact on its operations, financial condition or business continuity. In addition, Era Media Sejahtera (DOOH) has indicated plans to acquire WIFI, while also pursuing an acquisition of INET, which could point to a broader consolidation of digital-infrastructure assets rather than a full exit by Hashim from the ecosystem.
Highlights
- Integrated broadband and infrastructure platform. WIFI operates FWA and FTTH businesses while managing an over 8,000km fibre backbone that can also be leased to third parties.
- Hashim remains economically exposed to WIFI. His effective interest is around 24.5%, while DOOH’s plans to acquire WIFI and INET could point to broader digital-infrastructure
consolidation.
- Strong financial growth supports expansion. 1H26 revenue rose 206% yoy and EBITDA increased 117% yoy, although three-month free periods could delay revenue contribution from recent subscribers into 2027.
Analysis
- WIFI combines a broadband ISP business with a fibre-infrastructure platform through two subsidiaries. Telemedia Komunikasi Pratama (TKP), 99.9%-owned by Solusi Sinergi Digital (WIFI), operates the 5G fixed wireless access (FWA) business, while Integrasi Jaringan Ekosistem (WEAVE), 51%-owned by WIFI and 49% by Nippon Telegraph and Telephone East, operates the fibre-to-the-home (FTTH) business. WEAVE also manages WIFI’s over 8,000km railway fibre backbone, which supports FTTH rollout and can be leased to third parties. As of 1H26, WIFI had 1.85m FTTH and 513,000 FWA subscribers. By end-26, it targets over 3m combined subscribers, 3.5m FTTH homes passed and 5,500 FWA sites. WIFI uses mini-towers installed above residential properties to accelerate FWA rollout, although deployment pace remains a key execution risk.
- Hashim’s resignation does not necessarily signal a break with WIFI. Market speculation has centred on a potential disagreement after Hashim Djojohadikusumo stepped down as WIFI’s President Commissioner only three months after his appointment, alongside the resignation of Director Henny Santoso. However, several developments suggest that the move could instead reflect a broader restructuring of Hashim’s investment interests. Hashim, through Arsari Sentra Data, owns 45% of Investasi Sukses Bersama, which controls 54.42% of WIFI, giving him an effective economic interest of around 24.5% in WIFI. WIFI has also stated that the resignations have no material impact on its operations, financial condition or business continuity. In addition, Era Media Sejahtera (DOOH) has indicated plans to acquire WIFI, while also pursuing an acquisition of INET, which could point to a broader consolidation of digital-infrastructure assets rather than a full exit by Hashim from the ecosystem.
NOT RATED
Current price:
Target price:
Upside:
Rp1,400
n.a.
n.a.
Analyst
Analyst
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