Sinergi Inti (INET) Rebounds After Trading Suspension as Analysts Lift Price Target
Key Takeaways
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JAKARTA, Investortrust.id — Shares of PT Sinergi Inti Andalan Prima Tbk (INET) resumed trading on Wednesday after nearly a week of suspension, following a sharp price rally triggered by accelerating earnings momentum and aggressive expansion plans. Analysts now see further upside in the digital infrastructure company.
Samuel Sekuritas analysts Jason Sebastian and Jonathan Guyadi raised their price target for INET to Rp 1,350, reiterating a speculative buy call. The valuation is based on 25x EV/EBITDA 2027F, reflecting upgraded profit forecasts amid stronger-than-expected performance this year.
The bullish revision follows INET’s robust third-quarter results, which exceeded analyst expectations. Revenue in 3Q25 surged 190.5% year-on-year to Rp 23.6 billion, bringing January–September revenue to Rp 68.6 billion. The company’s internet service provider (ISP) segment contributed Rp 67 billion, growing 188.4% YoY as demand for connectivity and managed services accelerated.
INET also delivered a sharp improvement in profitability. Gross margin in 3Q25 jumped to 66.3%, up from 35.3% in the previous quarter. EBITDA soared 728.8% YoY to Rp 18 billion, translating into a margin of 76.4%—a reflection of both revenue scale-up and tightening cost controls.
Employee expenses fell to 5.6% of revenue, compared with 18.4% in the same period last year, while total operating expenses dropped to 10.4% of revenue, from 31% previously. As a result, net profit reached Rp 11.6 billion in 3Q25, up 960% YoY, with year-to-date net income at Rp 19.4 billion, or 86% of analysts’ full-year estimate.
Expansion Strategy: Subsea Cables, FTTH, and Managed Services
Analysts argue that INET’s rally may have further room to run as the company prepares a large-scale expansion funded by Rp 4.2 trillion in new capital. The plan includes: a Rp 3.2 trillion rights issue, expected to be completed by end-2025, and a Rp 1 trillion bond issuance scheduled for 2026
The funds are earmarked for subsea cable development, FTTH contracting, and strengthening node-based internet services, positioning INET as a key digital infrastructure player.
Samuel Sekuritas projects INET’s EBITDA margin to reach 52% in 2026 and 55.9% in 2027, driven by scale and network asset deployment. Net profit is forecast to rise sharply to Rp 257 billion in 2026 and Rp 736 billion in 2027, supported by inorganic expansion plans.
INET is also preparing to acquire PT Personel Alih Daya Tbk (PADA) and PT Trans Hybrid Communication (THC), moves expected to bolster its FTTH contracting capability and managed-service portfolio.
With the trading suspension lifted and momentum building behind its growth strategy, analysts say INET’s rerating cycle may continue as long as the company delivers on execution and capital deployment.