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)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

Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>
Cautious entry: Indonesian stocks are stabilizing. We may consider a small absolute long on a 6-12-month horizon, either on the country level or with a basket of three stocks.</li>
<li>
Absolute for now: Historically, past downside extremes in Indonesian stocks preceded positive absolute returns 6-12-months forward, but relative performance remained weak over the same time horizon.</li>
<li>
Relative later: Our framework does not support an overweight to Indonesia vs. EM or Asia Pacific until relative trend signals improve. If you're already underweight, trim it.</li>
</ul>



Cautious entry: Indonesian stocks are stabilizing. We may consider a small absolute long on a 6-12-month horizon, either on the country level or with a basket of three stocks.

Absolute for now: Historically, past downside extremes in Indonesian stocks preceded positive absolute returns 6-12-months forward, but relative performance remained weak over the same time horizon.

Relative later: Our framework does not support an overweight to Indonesia vs. EM or Asia Pacific until relative trend signals improve. If you're already underweight, trim it.


Indonesia Stabilizes: Three Stocks with Relative Upside

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>The management of <a href="https://www.smartkarma.com/entities/pt-telkom-indonesia-persero-tbk" target="_blank" data-smartkarma-citation="entities:1051:1" rel="noopener">Telkom Indonesia (TLKM IJ)</a> cancelled the Extraordinary General Meeting that was supposed to take place 24th April without giving replacement date. </li>
<li>It is a delay rather than a cancellation, as the investors reacted calmly, while foreign investors also remain invested. </li>
<li>It remains the "defensive anchor" with the deepest moat thanks to the massive physical infrastructure (backbone and subsea cables) and the strongest balance sheet.</li>
</ul>


The management of Telkom Indonesia (TLKM IJ) cancelled the Extraordinary General Meeting that was supposed to take place 24th April without giving replacement date. 
It is a delay rather than a cancellation, as the investors reacted calmly, while foreign investors also remain invested. 
It remains the "defensive anchor" with the deepest moat thanks to the massive physical infrastructure (backbone and subsea cables) and the strongest balance sheet.


<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>Possible MSCI downgrade lowered <a href="https://www.smartkarma.com/entities/pt-telkom-indonesia-persero-tbk" target="_blank" data-smartkarma-citation="entities:1051:1" rel="noopener">Telkom Indonesia (TLKM IJ)</a> share price by 12%, better than <a href="https://www.smartkarma.com/entities/jakarta-stock-exchange-composite-index" target="_blank" data-smartkarma-citation="entities:22914:1" rel="noopener">Jakarta Stock Exchange Composite Index (JCI INDEX)</a> by 6% but underperforming <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri Persero (BMRI IJ)</a>.</li>
<li>It is scaling up the data center business and potentially sells up to 20% that will provide valuation uplift from 5x EV/EBITDA to 15x EV/EBITDA. </li>
<li>Use of proceeds are either for buybacks and/or paying special dividend that will boost its share price higher. </li>
</ul>


Possible MSCI downgrade lowered Telkom Indonesia (TLKM IJ) share price by 12%, better than Jakarta Stock Exchange Composite Index (JCI INDEX) by 6% but underperforming Bank Mandiri Persero (BMRI IJ).
It is scaling up the data center business and potentially sells up to 20% that will provide valuation uplift from 5x EV/EBITDA to 15x EV/EBITDA. 
Use of proceeds are either for buybacks and/or paying special dividend that will boost its share price higher. 


Indonesia

Telkom Indonesia is a state-owned enterprise providing comprehensive information and communication technology services and digital telecommunications across Indonesia. It offers mobile communications, consumer fixed broadband, corporate ICT solutions, digital infrastructure, and global wholesale connectivity through its extensive network. The company is headquartered in Bandung and Jakarta, Indonesia, and was officially established on July 6, 1965.

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Telkom Indonesia (TLK US)

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

Indonesia Stabilizes: Three Stocks with Relative Upside

Indonesian equities are stabilizing on an absolute and relative basis. We're considering small positions and selected three relative strength stocks.

Damanick Dantes, CMT

Telkomsel (TLKM): Update on EGMS

Telkom Indonesia cancels EGM without replacement date, investors react calmly, company remains defensive anchor with strong infrastructure and...

Henry Soediarko

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 (TLKM): Unlocking Value

Telkom Indonesia's share price dropped due to possible MSCI downgrade, but plans to sell part of data center business could lead to valuation...

Henry Soediarko

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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

Indonesia Stabilizes: Three Stocks with Relative Upside

Indonesian equities are stabilizing on an absolute and relative basis. We're considering small positions and selected three relative strength stocks.

Damanick Dantes, CMT

Telkomsel (TLKM): Update on EGMS

​Telkom Indonesia cancels EGM without replacement date, investors react calmly, company remains defensive anchor with strong infrastructure and...

Henry Soediarko

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 (TLKM): Unlocking Value

​Telkom Indonesia's share price dropped due to possible MSCI downgrade, but plans to sell part of data center business could lead to valuation...

Henry Soediarko

Telkom Indonesia cancels EGM without replacement date, investors react calmly, company remains defensive anchor with strong infrastructure and...

Telkom Indonesia's share price dropped due to possible MSCI downgrade, but plans to sell part of data center business could lead to valuation...