Telkom Indonesia Persero Tbk PT: SOTP framework shows downside protection; upside limited without earnings growth, asset monetization

Research evidence excerpt

Telkom Indonesia Persero Tbk PT: SOTP framework shows downside protection; upside limited without earnings growth, asset monetization

J P M O R G A N Asia Pacific Equity Research

04 August 2026

Telkom Indonesia Persero Tbk PT Neutral

TLKM.JK, TLKM IJ

SOTP framework shows downside protection; upside Price (03 Aug 26):Rp2,740

limited without earnings growth, asset monetization ▲Price Target (Jun-27):Rp3,080 Prior (Jun-27):Rp2,800

TLKM share price reacted positively (+4% on the day vs. JCI flat) following 2Q26

results as headline profit came in above expectations. Management affirmed its ASEAN TMT

guidance for 1-3% revenue growth and 50% normalized EBITDA margin. TLKM Ranjan Sharma, CFA AC

also stated that deals for FiberCo and data center monetization could materialize (65) 6882-1303

as early as YE26. Our SOTP analysis indicates that there could be material upside ranjan.x.sharma@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited

in TLKM’s share price on asset monetization and if there is increased confidence

Steven Suntosoin TLKM maintaining its competitive position. However, we continue to see risks

(622-1) 5291 8090

of wireless and fixed broadband market share losses at Telkomsel. In our view, it steven.suntoso@jpmorgan.com

will be important to track the impact of increased network investments by ISAT PT J.P. Morgan Sekuritas Indonesia

while TLKM’s capex budgets are unchanged. We also believe that terms of Sigrid Qiu

infrastructure sharing will determine the valuation of the FiberCo. There could be (65) 6882-1454

further updates on value unlocking initiatives by YE26. We remain Neutral on sigrid.qiu@jpmorgan.com

TLKM. We forecast moderate moderate growth in EPS at 2% 2025-28E CAGR. J.P. Morgan Securities Singapore Private Limited

Ankur Rudra, CFA