External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

<ul><li>Telkom Indonesia (TLKM IJ)Capex Discipline Eases FCF Concerns. FY26 capex guidance is kept at 17-19% of rev., signaling a more cautious approach to 5G monetization, but easing FCF concerns.</li><li>IndiHome pivots to quality via subscriber cleansing; we forecast 9mn subs in FY26F, with ARPU better protected in high-value subs.</li><li>We maintain Buy rating and raise our 3M tactical to OW, but with a lower DCF-based TP of Rp3,500.TLKM maintained FY26 capex guidance at 17-19% of revenue. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Telkom Indonesia (TLKM IJ)Capex Discipline Eases FCF Concerns. FY26 capex guidance is kept at 17-19% of rev., signaling a more cautious approach to 5G monetization, but easing FCF concerns.IndiHome pivots to quality via subscriber cleansing; we forecast 9mn subs in FY26F, with ARPU better protected in high-value subs.We maintain Buy rating and raise our 3M tactical to OW, but with a lower DCF-based TP of Rp3,500.TLKM maintained FY26 capex guidance at 17-19% of revenue. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Telkom Indonesia (TLKM.IJ Rp 2,790; BUY TP Rp 3,500) Capex Discipline Eases FCF Concerns

<ul><li>Telkom Indonesia (TLKM IJ)1Q26 Earnings Missed as ARPU Resilience Offset By Margin Trade-Off; Lowering TP to Rp3,7501Q26 EBITDA margin missed at 48.3% on O&amp;M overshoot, driven by thin-margin gaming voucher sales (5-6% GPM).</li><li>Mar26 exit ARPU reached Rp47k, validating market repair; IndiHome ARPU soft at Rp204k drives revenue cuts in FY26-28F.</li><li>We lower our TP to Rp3,750 on 3.7-5.4% EBITDA cuts, implying 5.4x FY26F EV/EBITDA;</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Telkom Indonesia (TLKM IJ)1Q26 Earnings Missed as ARPU Resilience Offset By Margin Trade-Off; Lowering TP to Rp3,7501Q26 EBITDA margin missed at 48.3% on O&amp;M overshoot, driven by thin-margin gaming voucher sales (5-6% GPM).Mar26 exit ARPU reached Rp47k, validating market repair; IndiHome ARPU soft at Rp204k drives revenue cuts in FY26-28F.We lower our TP to Rp3,750 on 3.7-5.4% EBITDA cuts, implying 5.4x FY26F EV/EBITDA;Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Telkom Indonesia (TLKM.IJ) 1Q26 Earnings Missed as ARPU Resilience Offset By Margin Trade-Off

<ul><li>Telkom Indonesia (TLKM IJ)Potential Icon+ Consolidation to Reignite Infranexia’s Value Unlocking StoryWe view the planned consolidation of PLN Icon Plus fiber as a post-restatement repositioning to rebuild scale and restore growth.</li><li>PLN Icon Plus’ 400k km fiber network and 1.2mn HC could add meaningful scale, with an estimated Rp2.6tr EBITDA contribution.</li><li>This move supports further value unlock, with a targeted sell-down at 9-12x EV/EBITDA, we estimate fair value at Rp4,100-4,500.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Telkom Indonesia (TLKM IJ)Potential Icon+ Consolidation to Reignite Infranexia’s Value Unlocking StoryWe view the planned consolidation of PLN Icon Plus fiber as a post-restatement repositioning to rebuild scale and restore growth.PLN Icon Plus’ 400k km fiber network and 1.2mn HC could add meaningful scale, with an estimated Rp2.6tr EBITDA contribution.This move supports further value unlock, with a targeted sell-down at 9-12x EV/EBITDA, we estimate fair value at Rp4,100-4,500.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Telkom Indonesia - Potential Icon+ Consolidation to Reignite Infranexia’s Value Unlocking Story

<ul><li>Management indicates 4Q25 mobile performance to be supported by continued ARPU improvement, broadly in line with peer results.</li><li>TLKM plans a fiber asset restatement, involving a lower net book value and shorter useful lives for its existing and future FTTH assets.</li><li>Maintain Buy rating and TP of Rp4,000; mgmt. guides for dividend to be maintained at FY25 level (~Rp21tr), despite the possible lower earnings</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Management indicates 4Q25 mobile performance to be supported by continued ARPU improvement, broadly in line with peer results.TLKM plans a fiber asset restatement, involving a lower net book value and shorter useful lives for its existing and future FTTH assets.Maintain Buy rating and TP of Rp4,000; mgmt. guides for dividend to be maintained at FY25 level (~Rp21tr), despite the possible lower earningsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Telkom Indonesia (TLKM.IJ) Taking a Conservative Approach on Asset Accounting

<ul><li>3Q25 ARPU rose to Rp43.4k (+5.3% qoq), driven by a +11.2% qoq data yield improvement, reflecting ongoing price repair.</li><li>IndiHome faces continued ARPU pressure from the shift from 3P/2P to 1P packages and deeper entry-level penetration outside Java.</li><li>We maintain Buy with a higher TP of Rp4,000, implying a 5.6x 26F EV/EBITDA, reflecting improvement in yield and pricing execution.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

3Q25 ARPU rose to Rp43.4k (+5.3% qoq), driven by a +11.2% qoq data yield improvement, reflecting ongoing price repair.IndiHome faces continued ARPU pressure from the shift from 3P/2P to 1P packages and deeper entry-level penetration outside Java.We maintain Buy with a higher TP of Rp4,000, implying a 5.6x 26F EV/EBITDA, reflecting improvement in yield and pricing execution.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Telkom Indonesia (TLKM.IJ) Price Repair on Track, Visible Re-Rating Potential Ahead

Indonesia

Telkom Indonesia is a multinational telecommunications conglomerate that provides information and communications technology, and telecommunications network services globally. The company offers a diverse range of services including mobile communications, consumer fixed broadband, corporate ICT solutions, digital infrastructure, and global wholesale connectivity. Telkom Indonesia's corporate headquarters are in Bandung, with operational headquarters in Jakarta, Indonesia, and the company traces its history back to 1856.

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Telkom Indonesia (TLKM.IJ Rp 2,790; BUY TP Rp 3,500) Capex Discipline Eases FCF Concerns

We maintain Buy rating and raise our 3M tactical to OW, but with a lower DCF-based TP of Rp3,500.TLKM maintained FY26 capex guidance at 17-19% of...

BRI Danareksa Research

Telkom Indonesia (TLKM.IJ) 1Q26 Earnings Missed as ARPU Resilience Offset By Margin Trade-Off

Telkom Indonesia (TLKM IJ)1Q26 Earnings Missed as ARPU Resilience Offset By Margin Trade-Off; Lowering TP to Rp3,7501Q26

BRI Danareksa Research

Telkom Indonesia - Potential Icon+ Consolidation to Reignite Infranexia’s Value Unlocking Story

PLN Icon Plus’ 400k km fiber network and 1.2mn HC could add meaningful scale, with an estimated Rp2.6tr EBITDA contribution.

BRI Danareksa Research

Telkom Indonesia (TLKM.IJ) Taking a Conservative Approach on Asset Accounting

Management indicates 4Q25 mobile performance to be supported by continued ARPU improvement, broadly in line with peer results.

BRI Danareksa Research

Telkom Indonesia (TLKM.IJ) Price Repair on Track, Visible Re-Rating Potential Ahead

We maintain Buy with a higher TP of Rp4,000, implying a 5.6x 26F EV/EBITDA, reflecting improvement in yield and pricing execution.

BRI Danareksa Research