WIFI Poised to Disrupt Indonesia’s Internet Industry, Eyes Rp 7,800 Price Target
Key Takeaways
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JAKARTA, Investortrust.id — PT Solusi Sinergi Digital Tbk, or WIFI, has emerged as one of Indonesia’s most promising digital infrastructure players as two powerful catalysts—its planned acquisition of Link Net Tbk and its bid for the 1.4 GHz spectrum—are expected to reshape the country’s internet landscape.
Samuel Sekuritas has issued a buy recommendation on the company controlled by businessman Hashim Djojohadikusumo, setting a target price of Rp 7,800. Based on last week’s closing price of Rp 3,140, this implies an upside potential of more than 148%.
According to analyst Niko Pandowo of Samuel Sekuritas, these two strategic drivers could transform WIFI into a “major disruptor” comparable to India’s Jio Financial Services. “With competitive pricing, aggressive infrastructure rollout, an ecosystem-based approach, and strong execution and branding, WIFI is positioned to expand market share rapidly,” Pandowo wrote in a research note released last weekend.
WIFI is competing with Sinarmas Group to acquire Link Net, a broadband company with a strong fiber-to-the-home network and brand recognition through First Media. Link Net’s network spans Java and Bali, covering more than 2 million homes and serving 850,000 retail subscribers.
The planned acquisition, combined with a strategic partnership with OREX SAI—backed by Japan’s NTT Docomo and NEC—is expected to accelerate the launch of fixed wireless broadband in urban areas, expand market adoption, and improve profit margins. The company targets offering 250 Mbps connections for Rp 250,000 in major cities.
Pandowo added that the potential allocation of the 1.4 GHz band would allow WIFI to introduce fixed-wireless services delivering broadband-level speeds at lower development costs and greater flexibility.
These corporate moves prompted Samuel Sekuritas to project a compound annual growth rate of 61% for WIFI’s net profit over the next five years, assuming the company achieves one-fourth of its subscriber target. In the first half of 2025, WIFI reported EBIT and EBITDA margins of 60% and 75%, respectively—levels expected to improve further as the subscriber base expands and unit costs decline.
Return on invested capital (ROIC) is forecast to rise from 5% in 2025 to 22% by 2030, signaling a rare growth trajectory in Indonesia’s saturated telecommunications market.
Samuel Sekuritas maintained its buy recommendation for WIFI with a target price of Rp 7,800 per share, reflecting the company’s potential to become a disruptive force in the internet sector. The valuation also assumes an increase in WIFI’s user base from around 400,000 to 40 million within five years.
Currently, WIFI trades at a 12-month forward price-to-earnings ratio of 55 times. Samuel Sekuritas estimates the share price could theoretically reach Rp 34,400 by 2030, implying a 65% CAGR from current levels.