New Street Research - PROFESIONAL TELEKOMUNIKASI INDONESIA PT (2743003Z) Telkom Indonesia (Buy, IDR 4,500, +76%) Q4 24 Quick Take: Buyback is positive but doesn’t fully offset weak fundamentals

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New Street Research

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.

18/04/2025 1 EN

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PROFESIONAL TELEKOMUNIKASI INDONESIA PT

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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

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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