In today’s briefing:
- Telkom (TLKM): Proven Spin-Off Track Record
- Sumber Alfaria Trijaya (AMRT IJ) – Pantry of the Middle Classes
Telkom (TLKM): Proven Spin-Off Track Record
- Telkom Indonesia (TLKM IJ) share price is still down 23% YTD despite several positive catalysts.
- Monetization of the InfraNexia could result in margin expansion and special dividend declaration.
- The management has done it before with Mitratel, monetized through USD 1.3 billion IPO.
Sumber Alfaria Trijaya (AMRT IJ) – Pantry of the Middle Classes
- Sumber Alfaria Trijaya (AMRT IJ) is Indonesia’s leading grocery retailer through a network of more than 24,000 outlets across the archipelago, with mini-markets being the winning format in Indonesia.
- The company booked solid growth in 2Q2026, despite domestic and international headwinds, with margins improving at the same time through a combination of price increases and an improved product mix.
- AMRT remains confident in its target to expand its stores by 1,000 new outlets in 2026, while increasing the share of online sales to 10%. Valuations remain highly attractive.
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