？？ *Kiwoom Research | 1H26 Equity Update - 7 September 2026* *？PT Semacom Integrated Tbk* *Solid Revenue Growth, Expanding Project Pipeline Supports Future Growth* *♦？ Key Takeaways:* * *Strong Revenue Growth,* Profitability Under Pressure. Revenue grew 32% YoY in 1H26, supported by strong project execution, although profitability remained under pressure. * *IDR302bn Project Pipeline Supports Growth.* Data center projects across four locations and power distribution board projects provide a combined potential project value of around IDR302bn, offering solid revenue visibility ahead. * *Expansion Strengthens Long-Term Growth.* SEMA is expanding into industrial and PLN-related projects while developing strategic partnerships with Sifang and Tianshui to broaden its product portfolio *Recommendation: "Not Rated”* We assign a “NOT RATED” view on SEMA. SEMA’s project pipeline offers potential to support long-term growth, although higher operating costs may continue to weigh on its bottom line. _Downside risks include weakening consumer purchasing power, intensifying market competition, and rising raw material and operating costs amid geopolitical pressures and rupiah depreciation._ ©？ KIWOOM SEKURITAS INDONESIA