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PT Telekomunikasi Indonesia Tbk
(NYSE:TLK)
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Rating:71Outperform
Price Target:
$14.50
▼(-1.43% Downside)
Action:Upgraded
Date:08/04/26
The score is driven primarily by solid fundamentals (strong free cash flow and manageable leverage) tempered by margin/return compression. Valuation is supportive with a high dividend yield and reasonable P/E, while technicals are only moderately positive due to a weaker longer-term trend (below 100/200-day averages).
Positive Factors
Strong free cash flow generation
Strong operating and free cash flow provide durable funding for network investment, digital expansion, dividends, and debt service. This internally generated liquidity supports strategic flexibility and reduces reliance on external financing as Telkom develops higher-value connectivity and enterprise services.
Negative Factors
Weak recent revenue growth
Near-flat revenue growth indicates that Telkom’s mature connectivity businesses are currently producing limited top-line expansion. Without stronger adoption of broadband, mobile data, and digital services, slower growth could constrain operating leverage and reduce the pace at which earnings and cash generation compound.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Strong operating and free cash flow provide durable funding for network investment, digital expansion, dividends, and debt service. This internally generated liquidity supports strategic flexibility and reduces reliance on external financing as Telkom develops higher-value connectivity and enterprise services.
Read all positive factors
PT Telekomunikasi Indonesia Tbk (TLK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.26B
Dividend Yield9.28%
Average Volume (3M)640.44K
Price to Earnings (P/E)13.7
Beta (1Y)0.62
Revenue Growth-3.37%
EPS Growth-27.49%
CountryUS
Employees19,082
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)22001.00
Shares Outstanding990,622,200
10 Day Avg. Volume909,045
30 Day Avg. Volume640,438
Financial Highlights & Ratios
PEG Ratio-0.82
Price to Book (P/B)2.66
Price to Sales (P/S)2.38
P/FCF Ratio9.15
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.14
Revenue Forecast (FY)$8.43B
PT Telekomunikasi Indonesia Tbk Business Overview & Revenue Model
Company Description
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk, known as TELKOM Indonesia, is a global provider of telecommunications, information technology, and network solutions. Founded in Bandung, Indonesia, in 1884, its operations are organi...
How the Company Makes Money
Telkom Indonesia generates revenue primarily by selling telecommunications connectivity and related digital services to consumers and businesses.
Key revenue streams include:
1) Mobile services (via Telkomsel): Telkomsel sells mobile connectivity...
PT Telekomunikasi Indonesia Tbk Earnings Call Summary
Earnings Call Date:Oct 31, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Neutral
The earnings call reveals a mix of positive and negative aspects. While there are notable achievements such as positive revenue growth and strong performance in fixed broadband and Mitratel, challenges such as EBITDA decline, operating net income drop, and Telkomsel revenue decline indicate pressure points. The sentiment reflects cautious optimism amidst macroeconomic challenges and competitive pressures.Positive Updates
Positive Revenue Growth
Telkom Group delivered a revenue growth of 0.9% year-on-year to RP 112.2 trillion for the past 9 months of 2024.
Negative Updates
EBITDA Decline
EBITDA decreased by 4.1% year-on-year to RP 56.6 trillion, impacted by personnel expenses due to an early retirement program.
Read all updates
Q3-2024 Updates
Positive
Negative
Positive Revenue Growth
Telkom Group delivered a revenue growth of 0.9% year-on-year to RP 112.2 trillion for the past 9 months of 2024.
Read all positive updates
Company Guidance
During the earnings call for PT Telekom Indonesia, the company provided guidance for the fiscal year 2024, highlighting several key metrics and strategies. The company aims to achieve a low single-digit revenue growth, maintaining an EBITDA margin between 50% to 52%, and a CapEx-to-revenue ratio of 22% to 24%. For the first nine months of 2024, revenue grew by 0.9% year-on-year to IDR 112.2 trillion, while EBITDA decreased by 4.1% to IDR 56.6 trillion. The decline in EBITDA was primarily due to personnel expenses, which increased by 12.7% year-on-year, but normalized EBITDA stood at IDR 57.8 trillion, a 2.1% decline. Additionally, the company reported a net debt-to-EBITDA ratio of 0.6x, and Telkomsel's B2C business posted a 16.4% year-on-year revenue growth. The company is focusing on its 5 Bold Move strategy, including efforts to enhance digital connectivity and explore strategic partnerships for data center business, aiming to conclude these initiatives by early 2025.PT Telekomunikasi Indonesia Tbk Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
71
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> |
| Gross Profit | 10.00T> | 98.49T | 10.00T> | 10.00T> | 10.00T> | 99.90T |
| EBITDA | 91.69T | 73.37T | 76.97T | 78.12T | 73.64T | 79.85T |
| Net Income | 21.48T | 17.49T | 23.61T | 24.43T | 20.74T | 24.88T |
Balance Sheet | ||||||
| Total Assets | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> |
| Cash, Cash Equivalents and Short-Term Investments | 56.48T | 35.73T | 35.03T | 30.43T | 32.88T | 38.74T |
| Total Debt | 80.89T | 75.09T | 76.83T | 68.00T | 62.85T | 68.58T |
| Total Liabilities | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> |
| Stockholders Equity | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> |
Cash Flow | ||||||
| Free Cash Flow | 41.42T | 38.07T | 31.94T | 26.98T | 38.34T | 38.43T |
| Operating Cash Flow | 66.13T | 63.84T | 61.60T | 60.58T | 73.35T | 68.35T |
| Investing Cash Flow | -25.47T | -26.09T | -29.46T | -36.91T | -39.12T | -37.91T |
| Financing Cash Flow | -20.18T | -37.74T | -27.50T | -26.57T | -40.97T | -12.78T |
PT Telekomunikasi Indonesia Tbk Technical Analysis
Negative
14.71
Price Trends
14.65
Negative
14.77
Negative
16.77
Negative
Market Momentum
-0.34
Positive
26.99
Positive
2.21
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TLK, the sentiment is Negative. The current price of 14.71 is above the 20-day moving average (MA) of 14.47, above the 50-day MA of 14.65, and below the 200-day MA of 16.77, indicating a bearish trend. The MACD of -0.34 indicates Positive momentum. The RSI at 26.99 is Positive, neither overbought nor oversold. The STOCH value of 2.21 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TLK.
PT Telekomunikasi Indonesia Tbk Risk Analysis
PT Telekomunikasi Indonesia Tbk disclosed 59 risk factors in its most recent earnings report. PT Telekomunikasi Indonesia Tbk reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Indonesian regulations require telecommunications service providers such as ourselves to share our network infrastructure and capacity with our competitors, and the enforcement of these regulations remain uncertain. Q4, 2023
PT Telekomunikasi Indonesia Tbk Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $18.53B | 14.33 | 9.70% | 7.76% | 16.10% | 24.13% | |
72 Outperform | $3.87B | 8.12 | 22.58% | 8.87% | -1.72% | -18.30% | |
71 Outperform | $13.26B | 13.68 | 13.16% | 9.28% | -3.37% | -27.49% | |
69 Neutral | $4.45B | 10.92 | 7.05% | 4.32% | 16.11% | 2.15% | |
68 Neutral | $15.52B | 22.56 | 21.02% | 6.93% | 29.10% | -29.84% | |
68 Neutral | $4.69B | 102.07 | 4.15% | 12.73% | 14.60% | -94.13% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% |
* Communication Services Sector Average
TLK
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PT Telekomunikasi Indonesia Tbk Corporate Events
PT Telekomunikasi Indonesia Tbk Takes Full Control of Telkom Data Ekosistem
Sep 18, 2026
On September 17, 2026, PT Telekomunikasi Indonesia Tbk completed the purchase of all PT Sigma Cipta Caraka’s shares in PT Telkom Data Ekosistem, acquiring 1,445,020 Series A and more than 2.0 trillion Series B shares. The deal raises Telkom&...
Telkom Indonesia Sets September EGMS to Advance Fiber Spin-Off and Management Changes
Sep 8, 2026
PT Telekomunikasi Indonesia Tbk has called an Extraordinary General Meeting of Shareholders for September 30, 2026, to be held electronically via KSEI’s eASY.KSEI platform, with eligibility based on the shareholder register and KSEI deposito...
Telkom Indonesia Names Temporary Head of Internal Audit Unit
Aug 7, 2026
On August 7, 2026, PT Telekomunikasi Indonesia Tbk informed Indonesia’s Financial Services Authority of a leadership change in its internal audit function, in line with local regulations governing the appointment of internal audit heads. The...
PT Telkom Indonesia Sets Fully Online Extraordinary Shareholders’ Meeting for September 30, 2026
Aug 7, 2026
PT Telkom Indonesia has announced that it will convene an Extraordinary General Meeting of Shareholders (EGMS) for 2026 on Wednesday, September 30, 2026, at 14:00 Western Indonesia Time, to be held fully online via the KSEI Electronic General Meet...
Telkom Indonesia to Spin Off Phase‑2 Wholesale Fiber Connectivity Business to Infrastructure Subsidiary
Aug 7, 2026
On 7 August 2026, Telkom Indonesia announced a Phase‑2 spin‑off of its Wholesale Fiber Connectivity Business Segment, transferring part of its wholesale fiber connectivity assets and liabilities to its 99.9%-owned subsidiary PT Telkom ...
Telkom Indonesia Reports Higher Mid‑Year Assets in July 31, 2026 Form 6‑K Filing
Jul 31, 2026
On July 31, 2026, Telkom Indonesia filed a Form 6-K in the United States, presenting its unaudited consolidated financial statements as of June 30, 2026 and for the six‑month period then ended. The filing confirms that Telkom’s total a...
Telkom Indonesia Confirms Edie Kurniawan as Corporate Secretary Effective July 1, 2026
Jul 1, 2026
PT Telekomunikasi Indonesia Tbk notified regulators that it has formalized the appointment of Edie Kurniawan as its Corporate Secretary, effective July 1, 2026, upgrading his prior role as acting Corporate Secretary. The move, disclosed in a filin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.