Sinergi Inti Accelerates Digital Expansion as INET Shares Eye Higher Levels
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JAKARTA, Investortrust.id — PT Sinergi Inti Andalan Prima Tbk or INET signals an aggressive growth phase on Tuesday, Nov 18, 2025 in Jakarta as the company expands its digital infrastructure pipeline to strengthen performance across the second half of the year, a move expected to lift long term revenue visibility.
Kiwoom Sekuritas keeps a buy call on INET with a Rp 620 target price over the next twelve months and notes that the current valuation remains below peers.
INET initiated extensive digital network projects that supported expectations of a stronger earnings trajectory in the second half of the year. Analysts said the expansion strategy aimed to build scale across key connectivity corridors.
Kiwoom Sekuritas explained that its Rp 620 target price reflected a forward price to earnings ratio of 48 times and a price to book ratio of 3.65 times. At the recent Rp 515 close, INET traded at 39.8 times earnings and three times book value, lower than comparable operators.
The brokerage said the company prepared Rp 200 billion to Rp 300 billion for a Jakarta Batam Singapore submarine cable system with 20 Tbps capacity. Half of that capacity had been secured by PT Integrasi Jaringan Ekosistem (IJE), which strengthened revenue visibility and reduced INET's IP transit costs.
INET also developed a Bali Lombok fiber to the home network through PT Garuda Prima Internetindo as a Starlite partner with PT Solusi Sinergi Digital Tbk. The project targeted two million homepasses and offered Wi Fi 7 service with speeds up to 2 Gbps priced from Rp 299,000 per month.
Kiwoom said the Bali Lombok corridor combined high income demographics with low FTTH penetration below 25 percent, making it one of INET’s most important growth drivers. The analysts wrote that the rollout created a strong competitive position in a premium broadband market.
INET planned to raise Rp 3.2 trillion via a rights issue with a three for four ratio. Most proceeds would fund the Bali Lombok rollout, while the remainder would support submarine cable payments, Java FTTH development, and working capital needs.
The company also received support from the acquisitions of PT Personil Alihdaya Tbk and PT Trans Hybrid Communication. These transactions were designed to expand operational scale and create cost efficiency opportunities.
Analysts projected that several factors could lift INET's net profit to Rp 100 billion this year. They added that the two acquisitions would help expand revenue more than tenfold while opening room for margin gains through operational streamlining.
Kiwoom said these drivers supported its Rp 620 target price over twelve months. INET shares had surged more than 605 percent year to date to Rp 515, while the past month alone recorded gains above 86 percent.
The brokerage estimated that INET's net profit could reach Rp 280.8 billion in 2026 and rise to Rp 355.6 billion in 2027 as network rollout, customer scale, and efficiency programs advanced.