IDX has officially announced its LQ45 reshuffle for the period 4 May to 31 July 2026, and Solusi Sinergi Digital (WIFI) is one of five new constituents, joining CUAN, DEWA, ESSA, and HRTA. Five names are out: BREN, CTRA, DSSA, HEAL, and NCKL have been removed from Indonesia's most prestigious equity benchmark.

This is more than a rotation of names. IDX has been tightening its index selection criteria around High Shareholding Concentration (HSC) and minimum free float requirements, aligned with MSCI policy direction that global institutional investors closely track. Stocks with overly concentrated ownership are being phased out, and WIFI has cleared this filter. More importantly, WIFI's entry into LQ45 opens the door for passive inflows from global institutional funds benchmarking to this index. The accumulation window may already be open today, well ahead of the 4 May effective date.

The timing also aligns with our latest research update published on 24 April 2026, where we highlighted the story as “FWA Ready for Takeoff” with a BUY call. Fundamentally, the company has already shown strong momentum, supported by solid earnings growth and improving telecom profitability, reinforcing confidence that the growth trajectory is starting to translate into more sustainable performance going forward.

On the FWA front, which is WIFI's big bet, our analyst notes encouraging traction. As of 16 March, 208,000 FWA subscribers were on-board from 236 active BTS sites at an implied take-up rate of 88%. With around 600 BTS already on-air, potential subscribers could reach 530,000. Management guides 3.2 million FWA and 2.3 million FTTH subscribers by end-FY26. To fund this, WIFI reallocated Rp5.9 trillion from its rights issue proceeds to PT Jaringan Infra Andalan (JIA), covering CPE, RAN, and spectrum fees, with total FWA capex expected at approximately Rp6.4 trillion. Rollout acceleration is expected to become more visible in 2H26, given equipment lead times of 2 to 4 months.