MORA - From Scale to Monetization

KBVS Update
Thursday, 1 October 2026

MORA - From Scale to Monetization
(Non-Rated)

Structural growth opportunity. Indonesia’s fixed-broadband penetration of 20.8%–22.0% in FY25 provides headroom, supported by MORA’s FTTH expansion & 1.4GHz spectrum for FWA.

Expanded scale. MORA now operates >183k km of fiber, 13.6mn homepasses & 2.9mn FTTH subscribers following the Moratelindo–MyRepublic merger.

Monetization is key. FY26F target of +5.0mn homepasses & +1.5mn subs; integration reaching 34% completion as of 1H26.

Premium valuation, limited liquidity. MORA trades at 182.8x TTM P/E & 70.7x EV/EBITDA, despite 4.7% ROE, with IDR3.3 bn 3-month ADTV & 95.65% IDX HSC ratio.

Regards,
Steven Gunawan - KBVS Research