Today, thank you for standing by. Welcome to Telkom Indonesia corporate presentation for first quarter of 2023 results conference call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you need to press star one one on your telephone. Please be advised that today's conference is being recorded. I'll now like to hand the conference over to your first speaker today, Pak Edwin Sabaya, VP Investor Relations. Please go ahead, Pak. Thank you, Pak Desmond. Ladies and gentlemen, welcome to PT Telkom Indonesia conference call for the unaudited results for our first quarter year 2023. There will be an overview from our CEO and followed by the Q&A after the session. Before we start, let me remind you that today's call and the responses to question may contain forward-looking statements within meaning of safe harbor. Actual results could differ materially from projections or estimation and may involve risks and uncertainty that may cause actual results to be different from what we discuss today. Ladies and gentlemen, it is my pleasure now to introduce Telkom Board Director who are joining us today. First, Mr. Ririek Adriansyah as President Director and CEO, Mr. Heri Supriadi as Finance and Risk Management Director, Mr. Herlan Wijanarko as Network and IT Solution Director, Mr. Bogi Witjaksono as Wholesale & International Service Director. Venusiana as Consumer Business Director and Enterprise & Business Service Director, Mr. Budi Setyawan Wijaya as Strategic Portfolio Director, Mr. Muhamad Fajrin Rasyid as Digital Business Director, Mr. Afriwandi as Human Capital Management Director. Also present are the Board of Director of Telkomsel, Mr. Mohamad Ramzy as Finance and Risk Management Director, Mr. Derrick Heng as Marketing Director, Mr. Adiwinahyu Basuki Sigit as Sales Director. I now hand over the call to our CEO, Mr. Ririek Adriansyah, for his overview. Of 2023 results. We appreciate your participation in this call. Entering the year of 2023, Telkom Group is very convinced that more prospective telecommunication business opportunities looming ahead. With the Five Bold Moves as our main strategy, we could continuously improve our competitive advantages in all aspect of the business. Business repositioning to B2B and B2C telco markets gives the chance to Telkom Group to concentrate on capturing more growth, both in market share and revenue in digital connectivity, digital platform, and digital business. We are aware that in connectivity business, Telkom is the dominant player with two strong product in mobile, fixed wide access and fixed broadband. That is why on the connectivity, which most of the revenue come from B2C segment, Telkom Group rely on Telkomsel to compete with other B2C telco players. Market synergy, CapEx, and OPEX efficiency within the margin business are the key success factor within the competition in B2C. In B2B business, namely the digital platform and digital business, Telkom therefore will concentrate all resources and capabilities to capture more market share in high growth and profitability in this segment. However, Telkom still has to improve its internal capability and capacity to become one of the greatest player in data center, cloud, B2B ID services, and digital companies in Indonesia. Just recently, on the first week of April 2023, Telkom has signed Conditional Spin-off Agreement or CSA with Telkomsel that marks the significant progress toward the implementation of Fixed Mobile Convergence or FMC initiative under Telkomsel. Our grand strategy, Five Bold Moves, will continuously be in effect to create sustainable long-term business growth. During the first quarter of 2023, Telkomsel maintained growth in revenue and reported net income with an increase of 2.5% year-over-year and 5.2% year-over-year respectively. EBITDA, however, decreased by 2% due to significant amount of spectrum cost allocation to keep our mobile business competitive advantages as part of the longer-term investment strategy. The biggest revenue contribution was still dominated by mobile and fixed broadband segment due to more favorable competition in mobile business and continuous growth of our new customers in fixed broadband. Data, internet, and ID services grew by 5.1% year-over-year, while IndiHome contribute 5% year-over-year. Supported by healthy combat in mobile segment competition, Telkomsel still experience a healthy growth in revenue of 1.1% year-on-year, with EBITDA margin maintained at 55.7%. Digital business remain the engine growth supported by the focus on maintaining dominance in network supply. The segment recorded positive performance 7.1% year-on-year growth to IDR 18.15 billion, and increase its contribution to total revenue at 84.4% from 79.7% on the same period last year. Ladies and gentlemen, in fixed broadband business, the competition is about to pick up and become more intense, especially the high income household segment that has been served by, you know, other competitors' product. IndiHome has become the market leader as main portion of the customer is on high-income customers. To maintain the sustainable growth, we are aiming the other income segment also within offer our better service deliveries for IndiHome customers. IndiHome recorded positive growth in revenue and maintain its dominancy. 40% to the total concentrated Telkom revenue has been steadily increased to IDR 7.2 trillion or growing at 5% year-on-year. As of first quarter of 2023, the blended ARPU of IndiHome was diluted to IDR 264,000. The additional new customers grew at 7% year-on-year, adding up its subscriber to 9.4 million customers. Along with the economic recovery Indonesia, enterprise business segment also grew in positive correlation. As of first quarter of 2023, enterprise segment successfully grew by 7.8% year-on-year revenue to IDR 4.5 trillion due to growing enterprise connectivity business, digital solution, and satellite business. This achievement mark the successful strategic alignment of enterprise segment business and hope to be in positive territory throughout the year. The wholesale and international business segment, it's also experienced positive growth in the first quarter of 2023 by contributing IDR 4 trillion in revenue, or increase by 4.0% year-on-year. The driver of the wholesale business revenue growth was driven by our growing international wholesale voice business and our digital infrastructure business. Our strategy of Five Bold Moves continue to take effect towards positive development. Among the positive movement was the signing of CSA in FMC initiative, intensifying activities toward the deployment of InfraCo, and consolidating the current international data center business to Telkom Data Ekosistem. Some other highlights implementation is our strategy as follow. On the 6th of April, 2023, Telkom and Telkomsel already signed the Conditional Spin-off Agreement or CSA, in which Telkom agreed to transfer its IndiHome business to its controlled subsidiary, namely Telkomsel. As a consequence of this transaction, as a party who transfer its business to Telkomsel holding position increased from 65% to 69.9%, whereby Singtel as the minority shareholders diluted its share in Telkomsel from 35% to 30.1%. FMC initiative execution is very strategic to maintain the competitiveness of and advantage of the company in facing business competition in the Indonesian telecommunication sector and to improve the quality of service provided to the customers. In addition, the spin-off of IndiHome business segment to Telkomsel is also expected to accelerate the process of providing broadband services to the public throughout all region of Indonesia. As part of the commitment to enhance our good corporate governance, Telkom put serious attention to the minority shareholders interest for every significant corporate action. Before FMC's final step toward the spin-off agreement, Telkom already proposed independent general shareholders meeting to seek the approval of its corporate action. Post spin-off agreement signing, Telkomsel will fully control the implement of FMC initiative by preparing human resources management, such as organization, human capital, and working culture, as well as business and commercial aspects such as the product differentiation, sales strategy, and synergy value. Following the FMC initiative, Telkom will continue InfraCo project to explore the potential of unlocking its asset through infra sharing, either within the group or sell to other telco for the any ideal capacities, data B2B arrangement. By implementing the InfraCo initiative, Telkom could position InfraCo as a solution to telco industry, which currently face industry headwinds, such as growth or saturation and declining profit, as well as CapEx pressure. In the near future, we will deploy our business plan and carve-out scenario established in a new entity to manage the business and align fiber-related business portfolio within our Telkom Group. Data center and cloud remain as one of the area that become our focus, as the demand is growing significantly with the rising activities in digital business player. Our NeutraDC at Cikarang has secured several anchor tenant as the first campus building has completed. In addition to our growing data center business, TDE expects to add 21 MW this year coming from the consolidation of DC Tuas in Singapore around 70 MW and Cikarang HDC 4 MW. Within the year of 2023, TDE also managed to fully consolidate offices data center in Singapore and Hong Kong with time so that DC offices will become part of TDE ownership. Following the acquisition of 997 towers from IOH, we expect that Mitratel could strengthen its position as the largest tower provider in Southeast Asia in term of total tower ownership of 36,000 and 4,413 towers. Mitratel also expanding to the fiber to the tower business as part of its strategy to strengthen its product portfolio to become the digital infrastructure company. Mitratel also expanded its portfolio in the fiber optic sector to strengthen its business ecosystem. That is the ending of my remarks, thank you for the kind attention. Thank you, Pak Riri. We will now begin the Q&A session. When raising your question, please speak clearly and state your name and your company. Operator, may I have the first question, please? Thank you. As a reminder, to ask a question, you will need to press star one one on your telephone. Please stand by while we compile the Q&A roster. One moment for the first question. I'll now invite the first question from the line of Hussaini Saifee from UBS. Please go ahead. Hi, good afternoon, thanks for the opportunity. Several questions from me. First is on the mobile side. We see that there had been a high level of competitive rationality and price increases in the market. Despite that, we are seeing that the revenue growth remain relatively low or relatively subdued. My question is what is needed for the industry price increases and competitive and price increases and competitive rationality to better flow through into revenues? Do you think that the weak macroeconomy is weighing on the growth side? That's question number one. Second question is on the fixed broadband competition, and in the earlier remarks it was alluded that it is likely intensifying. My question is, can you please provide more color, like, is the competition mainly concentrated in big cities? Have you seen the churn level increasing on that side? Where do you think that the new ARPU levels in the fixed broadband is settling down? Just a housekeeping question, why general and administrative and interconnect costs, rose sharply in quarter one? Thank you very much. There you go. Okay. I will take on the first question about the impact of the macro as well as the potential growth in term of the mobile. On the growth side, actually, our growth for the first year, 1.1% compared to last year, is contributed by two key items. First, the declining of legacy, which currently contributes about 16% of total revenue. It's still declining by 22% year-on-year basis. In term of the mobile broadband as well as digital services, we see the strong growth supported by our payload growth by 11%, and it also contributes to the growth of the revenue of about 7%, 7.1%. In term of the, in term of the macro side, we very aware of that impact, mostly in the increasing of the inflation as the current quarter inflation is about almost 5% compared to the previous one in around 3.75%. In term of the offering to the customer, we look and crafted the right offering to the customer by also seeing the competitiveness in each of our clusters. I think we still look at the right track in term of the improve of the total industry healthiness. By doing so, I think in the, in the ground level, we see that the other operator also is doing so. Hope that can have the feedback for your question, Saifee. Thank you. Bu, Venus, on the fixed broadband competition, especially in the big cities? Yeah. Yeah. Actually, we're facing the very high competition in the big cities. There are many local competition or competitor coming, and we fight with other, and there are many new customer with some. As go to efficiency, they downgrade to 1P, only internet on only. The growth of revenue is decreased. Some level increase because of the high competition, operator offer the very attractive pricing with a very cheap price, with the high speed. There are some customer moves to the competition, competitor. We offer our customer to maintain the, to retain the customer by offering downgrade with only internet because some of customers, they don't want to continue with the 3P even though the 2P, because they don't want to go to the 3P with the TV and legacy for the fixed phone. They only want to go with the internet only. That is for the ARPU level. They downgrade because of this. On the, your housekeeping question on why the D&A costs increased quite significantly, mostly, this is related to the first quarter seasonality, in which we quite about conservative in recognizing the revenue along with the allocate the some allowance for the bad debt. This is along the time, the growth of the term of allowance for bad debt going to be like the growth of the revenue itself. This is, it mean, the number of growth going to be moderating along the time. The second growth also coming for the first quarter of this year, coming from the professional fees. Related to the cost of doing this corporate action. We do a lot of corporate action in the first quarter this year, along with all the professional support that we need. This is also over the time going to be becoming quite, I think, smooth growth as most of the activities going to happen in the first half of this year. That's about the D&A. In the interconnection expenses, it is because it is following the trend of the business. Most of the business are now going to the A2P. Some in the more personal interconnection becoming less and the market also becoming more competitive as some technology in the present also make the, I think, the margin becoming a bit moderate as well. This, I think, in line with the business overall. In the end, you're going to see over the years the growth of both costs going to be smoothly in line with the growth of the business. That's, I think, the explanation that we can provide to you. I think adding to the fixed broadband competition, as mentioned by my colleague, Bu Venus. In term of churn, we basically can maintain this one by adjusting some price and also demand. In the past, during the COVID period, some of the customer really require high speed of broadband. They reduce the speed of broadband. We can basically entertain them as well on this one. This can maintain the level of our churn. As you can see, although we are quite busy with, I think the consolidation between this IndiHome with Telkomsel, we still able to have the subscriber growth around 140,000. With this, I think combined Fixed Mobile Convergence, we do expect this number going to increase significantly over the next quarters. That's, I think, the explanation from us. Thanks. Just a quick addition to the Telkomsel and fixed broadband. Telkomsel, if you look at the Telkomsel business, especially the future business, which is basically is our broadband and retail. The growth of Telkomsel is I think is comparable with other operators. On the fixed broadband, on the churn level, yes, the churn level is increasing, but we managed to have the net add is still positive and at a healthy level. Thank you. Do you have any further question, Pak Husaini? No, no. This is very clear. I will get back into the queue for more question. Thank you. Thank you. Next question, please, from Pak Ranjan Sharma. Thank you. Your next question from Mr. Ranjan Sharma of JP Morgan. Please proceed. Hi. Good afternoon, management. I have a bunch of questions. Maybe one feedback, the line is not clear. If you want to speak, closer to the mic, it's just very difficult for us to follow. My questions are like, if, are you expecting the wireless revenues growth to accelerate in the coming quarters with the adjustments on tariffs? Or should we expect like 1%-2% growth for the foreseeable future? The second question is on the cost side. If your underlying revenues are only declining 6%-7% and there's pressure on inflation, then does the management have any cost optimization programs in place which can support the bottom line? Similarly, if there's less demand for, triple play, fixed broadband services, is there any plans to also, like, reduce the content costs as well? Thank you. Okay. I start with the, I think, on the inflation and cost side. Maybe later my colleague going to answer you on the wireless revenue that we do expect also going to be improved in the upcoming quarters. In the inflation side, of course, if you see the cost that we have, why, for example, operation and maintenance costs becoming slightly increased higher than the revenue because we have a new spectrum that coming this quarter in which in the similar quarter last year the cost is not there yet. We have additional spectrum back in November last year. This becoming kind of the trends why the cost of operation and maintenance becoming high. The amount of the new spectrum costs around IDR 222 billion. This along with the time, we expect can maximize the use of the spectrum that can reduce CapEx and OpEx as well. This in the long run going to provide I think competitive advantage and also some CapEx and OpEx saving. On the other side, some costs also coming from the... because the new tax on the personal expenses that are coming this year. Some I think allowance for bad debt that we using a bit more conservative approach. If we basically normalize all that cost, actually, it is supposed to be the cost of goods quite manageable. Despite the revenue still increase around 2.5%, it mean we already used some of the measurement on the efficiency. To the moving forward, we do expect this going to be continue. The top line we try to to expand the growth in mobile as well in the fixed line side, in the enterprise and some in the wholesale, like tower and then data center and so on. The figure along the time going to be improved that we believe. I think go to cellular. Ramzy, Yeah. Thank you, Pak. Just to add some color on the cost side. Actually, before this year, since 2021, we start the initiative to do the cost transformation, which at that time, to see all the cost drivers that still have some rooms to improve and to do some efficiency. As you can see in the current report, on the quarter-on-quarter basis, and also on the year-on-year basis, actually we have some improvements in some of the marketing and sales cost, as well as from the cost of services, which also ties up with our strategy to have the better acquisition to our new customers, as well as better offer to our existing customer base. That also contribute, that incentive also comes from our renegotiation with the vendors, such as from the RAN as well as from the tower rental. All of that still follow in the following quarter, and expectedly, it also contributes to the improvement in our middle and bottom line. In term of the expecting growth this year, actually, just last month, we just have Ramadan and Idul Fitri session. Usually at that session we also monetize our offering to the customer, as well as some peak payload comes from the users that served by our network. Later our colleague from marketing, Pak Derrick, could add some color on this one. Yes, yes, Pak Ramzy. Allow me to continue some our thoughts on our pricing strategy moving forward in 2023. We will continue to drive market repair. We have gained from a healthier conduct, and we will maintain this to drive competitiveness, customer centricity, and we will look into being more simplifying our product and to do differentiation. We will scale up our content offering, as well as our CBM efforts, to provide a seamless package to stay relevant to our customers. We will apply, you know, multiple strategies which include fit to market needs. We will be tactical and granular in terms of where we want to target our customers. We are on the search for optimal level of pricing, when we do price adjustments, but we will keep continuing to monitor the balance between profitability and market share. Thank you. Can I just have quick two follow-ups? With all the things that the management has clarified, do they expect an acceleration of wireless growth in the coming quarters? Regarding content, again, like if people are choosing not to go for 3P or triple play plans, not to take bundled content from telecom operators, can content be a source of differentiation for telcos? Okay, on the first question, actually we still maintain our outlook in similar, in low, single-digit growth. It goes hopefully till the end of this year. Especially on the second quarter, I think we expect to have betterment as we experience the festive session in the Ramadan and Idul Fitri. Pak Ramzy, I would like to add on customer choice with regards to digital content. I think we have a proposition that's relevant to our customers. When we offer and partner with our digital content offering, we also bundle in mobile data so that customers can enjoy watching entertainment while on the move. That is our key proposition when we drive more value to our customers. Thank you. Thank you. Thank you for the question. One moment for the next question. Next up we have the line from Piyush Choudhary from HSBC. Please proceed. Yeah, hi. Good afternoon. Thanks for the opportunity. A few questions. Firstly, in mobile, I'm just trying to understand what is leading to, you know, sequentially, if you look at quarter-on-quarter decline in your mobile revenue, it's around 6%. It is even higher than the first quarter of 2021 or first quarter of 2022 on a sequential basis. Is this an impact of inflation or what other factors are playing a role? You know, if you can just highlight us. Would company still target mid-single digit growth in mobile for 2023? Secondly, on the cost side, you mentioned few factors which have played a role in first quarter, like higher spectrum cost and provisions for court proceedings. Could you spell that amount for both of them, spectrum cost and provision for court proceedings which you have taken in first quarter, and any other one-off cost in the results? Lastly, could you tell us what is the likely synergy benefits or cost savings you would have when IndiHome would be merged with Telkomsel? Thank you. Let me take the first question on the mobile side. On the QoQ basis, if we've seen on the revenue, yes, there will always a seasonal impact on Q4 to Q1 as comparable. However, this Q4 to Q1 compared to last year, the impact are higher in the legacy part. As mentioned by Pak Ramzy, our legacy part are still 15% in overall or revenue performance. That is actually impacted the higher compared to the last QoQ and end of last year. That is probably, the questions, number one. Thank you. Okay. I think on the cost. So on this- Fabius, on the cost, I try to explain like this. On the professional fees, that's increased around 75%, 72%-75%, in absolute amount around IDR 85 billion increase year-on-year. In the provision for bad debt, that increased around IDR 350 billion compared to last year, similar period. I think on the other cost, if you see high cost, I think in the bottom line, you can see also in the ForEx loss, we experienced the ForEx loss around IDR 50 billion. In the similar period last year we basically recognized around JPY 100 billion on yen on that one. It is because we have net position in the dollar, I think outstanding around $600 million USD. That are part of the our investment in the I think in the digital and so on, and also our basically deposit in the USD for covering our expenses on that one. That's all of the I think costs that are coming this year that are bigger compared to last year. We also believe that's going to be the trend going to be smoother along the time after the end of the year, especially in the bad debt. It is supposed to be in line with the revenue growth and so on. In the spectrum cost, I think the trade-off benefit can be expected coming from the more efficient, or growth in the, basically operation and maintenance of Telkomsel. Right? I think that's about the situation of that cost. Then to account spectrum. How much was the spectrum cost, which you have to pay for the new spectrum which you have bought? Yeah, around IDR 222 billion. Okay. Which is, last year we don't have that one. Two- Yeah, for that, IDR 220 billion. IDR 222 billion, yeah. Okay. Thanks, Pak. Thank you. The merger synergy benefits, any color on that? synergy benefit, of course we're going to have in both cost saving and also CapEx saving. Of course, that's going to be granular over the time. For example, in the CapEx side, currently we have give you, Aden, around 25% of revenue CapEx we're going to spend. In 2027, we do expect the range will be around 20%-22% revenue, which means to the revenue is supposed to end up around 20%. Meanwhile, in the OpEx side, along the time, we also expect some OpEx can be saved. Basically in five years, we do expect we can get the synergy around IDR 7 trillion, around IDR 5 trillion in 2027. Of course, that can be recurring, saving both from CapEx and OpEx. We can. Sorry, the line was a little disconnected. How much total savings you said by 2027? In 2027, we do expect a yearly around IDR 5 trillion. EBITDA. Yeah, EBITDA. Additional EBITDA. IDR 5 trillion. Yeah. Thank you, Mark. You're welcome. This is the question to the provider. Will the target stay in the mid-single digits or lower? I think over the time, Pak Ramzy already explained to you, the percent of legacy continue to rise. At the same time, actually, you see only in the digital connectivity that's quite comparable to our competitor. We still expect the airline still the same as we still have, I think three quarters to go. Thanks, Mark. I was referring to more 2023 kind of wireless revenue growth target, if you can elaborate on that. some of the wireless revenue growth, we still maintain our guidance, low to mid-single digits. Okay. Thanks a lot. Thanks a lot, everyone. Thank you for the questions. One moment for the next question. Next question comes from the line of Arthur Pineda from Citi. Please go ahead. Hi. Thanks for the opportunity. Several questions. Firstly, on mobile, I know you mentioned legacy revenues as part of the drag on the mobile momentum. This seems to have been the case for many years now, and the problem seems to be more punctuated for you versus peers. When do we actually see your legacy revenues as being aligned to peers so that you can grow alongside market levels? Second question I had is with regard to inflation. You mentioned that this has been impacting mobile revenues as well. Given that it remains high, how does this impact the prospect of price increases for the remainder of the year if consumers are seeing a harder time absorbing price increases? Lastly, on fixed broadband momentum, revenues are up 5%, That's again, lower versus regional peers which are facing far more saturated levels. Are we seeing Indonesia generally grow slower versus other countries, or are you just seeing escalated competition weighing down on revenue momentum on this side? What can happen for that it can actually grow faster? Thank you. Okay. On the Sure. Like to share, our on this one. Actually, on the legacy, it's significantly in our profitability, and we still can maintain our long tail until now. The position of still at, if you compare to the other operators, it's less than. Sorry, the line's really bad. I think the microphone is a bit far. How is it now? Oh, much better. Much better. Yeah. Just to add, I have some color on this one. Actually, on the legacy, as you can see now, our contribution from legacy, still declining, but now it's around 15%. But you can also aware that the legacy contribute in high profitability. If you compare to the other operators, I think it is already in level of less than 10%. Some of that is even in the 5%. So we still see the potential declining of this until it stabilize at around 5%-10% contribution of the revenue. Which in our case, maybe in the next two or two and a half years ahead. On the other hand, we have some good momentum in some of the payload growth and also the payload per users growth as currently, in average our customers reach about 12 GB. It's about 12% compared to the previous year. It shows that the consumption from the customers is quite aligned with our capacity as well as the projection. That's on the number one question. Secondly, on the inflation and price, Derrick, please add the colors on this one. Derrick, could you please explain about the impact of inflation to the possibility of the growth revenue? Derrick or Sigit. Which one? Maybe I go to the next question, fixed broadband. On the fixed broadband, basically, with penetration of fixed broadband in it around 14%, which is very low compared to most of incomparable, around 50% plus, we believe the potential is still there. The, I think the situation that we are facing, we need to basically to address the market with the lower input and cost. Why we can't quick development on this one. We believe we can address that one with cheaper than more technology. That's going to increase the total size of the market as well. That was the, we don't think that the market is lower, but we need to actually expand lower market potential. That would be really, can Yeah. We see a high growth and there are even Singapore that could. Sorry, the mic is a bit far. We couldn't hear you. Okay. Usually in this group, it's almost same with the Indonesian group. If compared with the global, what data we have in Japan is about 3.1, Malaysia is 4.5, and Singapore 2.5 million. I think we can maintain the group. Understood. I don't know if you can loop back to the inflation impact on price increases. Yes, yes. If that's still doable. Okay. Can you hear us? Yeah. We'd like to address on the inflation. Obviously, we always cautious on this inflation's impact on our customers, especially on the segment that are spending on the inflation's impact. We do have selected price portfolio update from time to time. Especially on our physical voucher, which are actually always the demand for the low segment which are impacted to the inflation. We believe the product availability and price are very sensitive. We do monitor whenever we need to have a price adjustment. In fact, we really maintain the price if it's necessary. For the HFC, of course, we saw that this is not really high impacted to the inflation. We could have more flexible on do some price adjustments while looking at the competition's point of view and also customers' adoption. Thank you. Okay. Thank you. Further questions. Once again, to ask question, please press star one one and wait for your name to be announced. One moment for a follow-up question. Please hold. We have the follow-up questions from Ranjan Sharma from JP Morgan. Please proceed. Hi. Thank you for the opportunity again. Just one quick follow-up. If you can again, remind us about the guidance for 2023, and if there are any changes. Thank you. Ranjan, we are still keeping the guidance, as we believe the cellular going to improve over the time. With IndiHome combined with mobile becoming Fixed Mobile Convergence, that can address our home broadband. We also believe with this initiative, we can accelerate the growth in the second half of the year. Also, some other business, especially in the enterprise and also in our wholesale, for example, the tower data center, can provide, let's say, low teen or double digit. This going to provide us with, I think, potential to keep the growth in the same like the guideline that we already provide to you. That's, I think, explanation from us. Okay. On the margin side? On the margin side, of course, we try to maximize all the potential, cost saving on this one. We also, keep that, guideline, with the maximum effort to keep the cost, still in line with the guideline. Thank you. You're welcome. Thank you. Thank you very much for the questions. As of now, there are no more questions from the line. May I hand the call back to the management for closing remarks. Thank you everyone for participating in today's call. We apologize for those whose questions could not be addressed yet. Should you have any further question, please don't hesitate to contact us directly. Thank you. That does conclude today's conference call. Thank you for your participation. You may now disconnect your line.