While $MORA's valuation is currently high, one must consider the strategic position of its subsidiary following the merger with MyRepublic. By securing FWA frequency licenses alongside its FTTH operations, MyRepublic is adopting a technology similar to the "internet rakyat" model, signaling a major move in the digital landscape.

This shift creates a direct comparison between emerging powerhouses: just as Surge has developed an integrated ecosystem through $WIFI, INET, DOOH, and PADA, Sinar Mas is now solidifying its reach through DSSA, $EXCL, and MORA.

Consequently, KETR has emerged as a key strategic asset due to its subsea cable infrastructure and specialized maintenance vessels. Whether KETR is ultimately acquired by Surge or Sinar Mas, this move will likely drive significant price appreciation, as KETR represents the essential infrastructure link for either group to dominate the market.