First Read: Indonesia Telecommunications "Operators secure balanced..."

研报英文原文证据摘录

First Read: Indonesia Telecommunications "Operators secure balanced..."

Global Research

13 July 2026ab

First Read

EquitiesIndonesia Telecommunications

Operators secure balanced spectrum holdings Indonesia

with low EBITDA impact Telecommunications

John Te, CFA

Analyst

john.te@ubs.com

Operators secure balanced spectrum holdings with low EBITDA impact +632-8784 8814

Komdigi preliminary spectrum auction results suggest a rational outcome, with all three Navin Killa

operators securing balanced net spectrum gains and avoiding overpayment. Annual Analyst

spectrum fees imply only a modest 2-6% incremental EBITDA downside, below 2022 navin.killa@ubs.com

auction pricing, and could be offset by further modest price increases. Band strategies +852-2971 7594

differed: Telkomsel focused on 2600MHz, while XLSmart obtained more 700MHz Elisabeth Angelina Inggriani

spectrum. The key risk is the mandate for 51% 5G penetration by 2031, which could Associate Analyst

accelerate capex. Post-auction spectrum holdings are Telkomsel 265MHz, Indosat elisabeth-angelina.inggriani@ubs.com

215MHz, and XLSmart 217MHz. +62-21-2554 7006

Operator allocations and commitments:

Telkomsel was awarded 80MHz in the 2600MHz band and 20MHz in the 700MHz

band, committing US$66m (or Rp1.2tn) in annual fees or US$790K/MHz

Indosat was awarded 60MHz in the 2600MHz band and 20MHz in the 700MHz

band, committing US$49m (or Rp879bn) in annual fees or US$729K/MHz.

XLSmart was awarded 50MHz in the 2600MHz band and 30MHz in the 700MHz

band, committing US$71m (or Rp1.3tn) in annual fees or US$1.1m/MHz.

Benchmarking:

2600MHz band: Indonesia's implied annual cost of US$401k/MHz aligns closely

with Thailand's 2020 auction benchmark of US$417k/MHz.

700MHz band: Indonesia's implied annual cost of US$2.1m/MHz tracks below