New Street Research - PROFESIONAL TELEKOMUNIKASI INDONESIA PT (2743003Z) Indonesian Telcos Despite signs of market repair, we downgrade PT Telkom to Neutral.

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New Street Research

Chris Hoare

EUR 8646.00 For Business Accounts Only

Indonesian Telcos Despite signs of market repair, we downgrade PT Telkom to Neutral.

Indonesian market repair has been slow coming but there are some signs of prices rising recently, and with the final step in the consolidation game having happened, we think trends should improve.

17/06/2025 1 EN

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PROFESIONAL TELEKOMUNIKASI INDONESIA PT

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New Street Research

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Chris Hoare

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Telkom Indonesia (Buy, IDR 4,500, +76%) Q4 24 Quick Take: Buyback is positive but doesn’t fully offset weak fundamentals

Against weak comps, trends improved, but fundamentally the picture remains challenged. The announced share buyback (IDR 3trn, 1.2% of outstanding) is welcome but probably won’t on its own be sufficient to turn the picture around. PT Telkom has disappointed with headwinds outside of Java and in Indihome. We remain Buyers on valuation but there is little in the trends here to suggest an operational turnaround is close.

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Indonesian Telcos Despite signs of market repair, we downgrade PT Telkom to Neutral.

Telkom Indonesia (Buy, IDR 4,500, +76%)​​​​​ Q4 24 Quick Take: Buyback is positive but doesn’t fully offset weak fundamentals

Indonesian Telcos – Final piece of the consolidation jigsaw? Proposed merger between XL and Smartfren. Our thoughts with implications for the telcos and the towers.

VZ/FYBR Faces California Trump Transaction Trap

Indian Telcos Q4 FY25 review: Stay constructive

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Telkom Indonesia (Buy, IDR 4,500, +76%) Q4 24 Quick Take: Buyback is positive but doesn’t fully offset weak fundamentals