Quick Note - Indonesia Telecom - Tactical competition

Research evidence excerpt

Quick Note - Indonesia Telecom - Tactical competition

Nomura Securities Malaysia Sdn Bhd

9 June 2026Indonesia Telecom

EQUITY: TELECOMS

Tactical competition Research Analysts

Indonesia Research Team

Heng Siong Kong - NSMQuick Note hengsiong.kong@nomura.com

+603 2027 6894Ahead of the mandatory implementation of the biometric subscriber registration on 1 July

2026, we are observing a renewed wave of competitive activity among cellular operators Onshore expert

to capture new prepaid subscribers ahead of the policy cut-off. Under Indonesia’s Ministry

of Communication and Digital (Komdigi) ministerial regulation No. 7/2026, a six-month Erwin Wijaya (erwin.wijaya@verdhana.id)

voluntary transition period ran from January 2026, with full mandatory enforcement for all Theonshoreexperts,whoare

new SIM registrations taking effect on 1 July 2026. This pre-deadline competitive dynamic employedbyPTVerdhanaSekuritas

may weigh on 2Q26F operating performance for major cellular operators, in our view. Indonesia(“Verdhana”)andarenot

Our recent on-the-ground surveys indicate that starter pack (SP) pricing has compressed, licensedoutsideIndonesia,have

with select offerings observed at IDR30k for 10GB of data — implying an average yield of contributedtothecontentofthis

reportunderapartnershipagreementapproximately IDR3/MB. While this is broadly in line with the prevailing average data yield

betweenNomuraandVerdhana.across operators, it represents a step back from the IDR35k entry price for 3–5GB of data

that had become the de facto industry standard following the pricing reforms in 2025.

Telkomsel (TSEL, not listed), Indosat (ISAT IJ, Buy), and XLSmart (EXCL IJ, Neutral) had

broadly aligned their SP pricing at IDR35k for 3GB in 2025, signaling a degree of industry

coordination.