Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk
- Open
- 14.84
- Day high
- 14.88
- Day low
- 14.73
- Prev close
- 14.73
- Volume
- 30K
- Mkt cap
- $14.6B
- P/E (TTM)
- 11.9
- EPS (TTM)
- $1.24
- P/B
- 2.2
- P/S
- 1.4
- Yield
- 8.28%
- Per share
- $1.22
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) is a Communication Services company listed on NYSE. The stock is down 22% over the past year. Drillr has 1 published research article covering TLK.
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TLK earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 31, 2026 | $0.32 | $0.36 | +11.0% | $4.2B | +98.3% |
| May 29, 2026 | $0.34 | $0.26 | -23.9% | $2.1B | -1.1% |
| Oct 30, 2025 | $0.34 | $0.30 | -10.7% | $2.2B | -1.3% |
| Jul 31, 2025 | $0.34 | $0.31 | -8.1% | $2.2B | -0.2% |
| Apr 18, 2025 | $0.37 | $0.38 | +3.8% | $2.2B | -7.1% |
| Mar 28, 2025 | $0.36 | $0.33 | -7.4% | $2.3B | -2.5% |
| Oct 30, 2024 | $0.41 | $0.38 | -7.2% | $2.4B | -2.6% |
| Apr 18, 2024 | $0.42 | $0.37 | -12.9% | $2.4B | -0.3% |
| Mar 22, 2024 | $0.45 | $0.33 | -26.3% | $2.5B | -2.5% |
| Oct 31, 2023 | $0.42 | $0.48 | +15.1% | $2.4B | -0.7% |
| Jul 22, 2023 | $0.50 | $0.43 | -13.3% | $2.5B | -2.6% |
| Apr 28, 2023 | $0.44 | $0.45 | +1.7% | $2.4B | -6.0% |
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk company profile
Overview
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (IDX:TLKM) is Indonesia's largest and oldest telecommunications company, founded in 1884 during the Dutch colonial period. Originally established as a state postal and telegraph service, the company has evolved into a comprehensive telecommunications and digital services provider. Telkom Indonesia went public in 1995 and remains majority state-owned through the Indonesian government. Today, the company serves as the dominant telecommunications infrastructure provider in Indonesia, operating extensive fixed-line, mobile, and digital services networks across the world's fourth most populous country.
Business
Telkom Indonesia operates as an integrated telecommunications and digital services company serving Indonesia's vast archipelago of over 17,000 islands and 270 million people. The company provides essential communication infrastructure and digital services through multiple business segments. The Mobile segment, primarily operated through subsidiary Telkomsel, represents the largest revenue contributor at approximately 45-50% of total revenues. This division provides cellular voice services, SMS messaging, and mobile broadband internet access to over 169 million subscribers. Telkomsel operates Indonesia's most extensive mobile network infrastructure, covering both urban centers and remote rural areas across the archipelago. The mobile business also includes digital services such as mobile financial services, video streaming, music, gaming, and IoT connectivity solutions. The Consumer segment contributes roughly 25-30% of revenues through fixed-line services, primarily the IndiHome brand. IndiHome provides fiber-optic broadband internet, fixed-line telephone services, and IPTV (Internet Protocol Television) to residential customers. With over 9 million subscribers, IndiHome represents Indonesia's largest fixed broadband service, essential for the country's digital transformation as internet penetration increases. The Enterprise segment generates approximately 15-20% of revenues by serving business customers with ICT (Information and Communication Technology) solutions. This includes enterprise-grade internet connectivity, data center services, cloud computing, cybersecurity, managed IT services, and business process outsourcing. The segment also provides specialized services like satellite communications, digital advertising platforms, e-health solutions, and ATM management services for banks and corporations. The Wholesale and International Business segment accounts for roughly 15% of revenues, providing infrastructure services to other telecommunications operators and international carriers. This includes wholesale voice termination, international connectivity, data center colocation, and infrastructure sharing through tower leasing via subsidiary Mitratel. The Others segment encompasses emerging digital businesses including e-commerce platforms, digital content services, property management, and various digital platform initiatives that represent the company's diversification efforts beyond traditional telecommunications.
Revenue model
Telkom Indonesia generates revenue through multiple complementary business models across its telecommunications and digital services portfolio. The mobile business operates on a usage-based model where customers pay for voice minutes, SMS messages, and data consumption through prepaid or postpaid plans. Mobile subscribers also generate revenue through digital services including mobile payments, content subscriptions, and value-added services. The fixed broadband business follows a subscription model where residential and business customers pay monthly fees for internet access packages of varying speeds and data allowances. IPTV services generate additional subscription revenue through premium channel packages and video-on-demand content. Enterprise customers pay service fees for customized ICT solutions, with revenue recognition varying by service type - some through one-time implementation fees, others through ongoing managed service contracts. Data center services generate revenue through colocation fees, cloud service subscriptions, and managed hosting arrangements. The wholesale business earns revenue through interconnection fees from other telecommunications operators, international gateway services, and infrastructure sharing agreements. Mitratel, the tower subsidiary, generates rental income from telecommunications operators who lease space on Telkom's extensive tower network. Several factors influence Telkom Indonesia's profitability margins. Positive margin drivers include Indonesia's growing internet penetration creating demand for higher-speed broadband services, increasing smartphone adoption driving mobile data consumption, and the digital transformation of Indonesian businesses requiring more sophisticated ICT services. The company's dominant market position allows for pricing power, particularly in areas with limited competition. Negative margin pressures come from intense competition in major urban markets, particularly from newer mobile operators and international technology companies entering Indonesia's digital services market. Regulatory requirements to serve remote and unprofitable rural areas impose cost burdens, while the need for continuous network infrastructure investment to maintain service quality requires substantial capital expenditure. Currency fluctuations affect costs for imported telecommunications equipment, and government price regulations can limit pricing flexibility for basic services.
Competitive moat
Telkom Indonesia possesses a substantial competitive moat built primarily on its extensive physical infrastructure and regulatory advantages. The company's most significant moat stems from its comprehensive telecommunications infrastructure spanning Indonesia's challenging geography of thousands of islands. Building competing fixed-line and mobile networks across such a vast and fragmented territory requires enormous capital investment and regulatory approvals that create substantial barriers to entry. The company benefits from its historical position as Indonesia's incumbent telecommunications provider, having established relationships with government entities and businesses developed over decades. As a state-controlled enterprise, Telkom Indonesia receives certain regulatory preferences and is often the preferred partner for government digitization initiatives, providing a competitive advantage in enterprise and public sector markets. Telkom's network effects create additional defensive characteristics - the more customers using its services, the more valuable the network becomes for interconnection and communication. The company's submarine cable infrastructure connecting Indonesia's islands represents particularly high-barrier assets that would be extremely difficult and expensive for competitors to replicate. However, the moat faces significant challenges from technological disruption and changing competitive dynamics. Over-the-top services from global technology companies like WhatsApp, Zoom, and streaming platforms bypass traditional telecommunications revenue streams. Satellite internet providers like Starlink could potentially circumvent terrestrial infrastructure advantages, particularly in remote areas. Digital payment platforms and fintech companies compete directly with Telkom's digital financial services. The regulatory environment also presents risks, as Indonesian telecommunications regulations continue evolving and the government occasionally implements policies favoring increased competition. While Telkom's infrastructure moat remains substantial in the near term, the company must continuously invest in network modernization and digital service innovation to maintain its competitive position against both traditional telecommunications competitors and technology disruptors.
Risks & safety
Telkom Indonesia presents a moderate margin of safety profile with generally stable financial metrics but some areas of concern regarding liquidity and valuation. • Liquidity concerns: Current ratio of 0.89 indicates current liabilities exceed current assets, though this is partially offset by substantial cash holdings of $2.0 billion and strong operating cash flow generation of $3.7 billion annually. • Debt levels: Debt-to-equity ratio of 0.47 represents manageable leverage, with total liabilities of $8.1 billion against total assets of $17.8 billion, indicating reasonable solvency risk. • Cash generation: Strong free cash flow of $1.9 billion annually provides financial flexibility, though quarterly free cash flow shows some volatility ranging from $426 million to $666 million. • Valuation metrics: P/E ratio of 11.1 appears reasonable for a mature telecommunications company, though EV/EBITDA of 341 seems elevated, suggesting potential overvaluation concerns. • Profitability: Return on equity of 16.6% demonstrates solid profitability and efficient capital utilization, indicating the company generates reasonable returns for shareholders. • Other considerations: Price-to-book ratio of 1.85 suggests modest premium to book value, while Graham number calculations indicate the stock may be trading above intrinsic value estimates based on traditional value metrics.
Recent development
Over the past few years, Telkom Indonesia has implemented a comprehensive strategic transformation centered on "5 Bold Moves" designed to evolve from a traditional telecommunications provider into a digital services company. The most significant initiative involves Fixed Mobile Convergence (FMC), where Telkom is integrating its fixed broadband IndiHome business with mobile subsidiary Telkomsel to create unified service offerings. This integration aims to generate IDR 5 trillion in annual EBITDA synergies by 2027 while reducing capital expenditure from 25% to 20-22% of revenue. The company has launched Telkomsel Lite, a new mobile service targeting youth and mass market segments with localized offerings and competitive pricing. This represents a strategic shift toward market segmentation and customer-specific value propositions rather than one-size-fits-all services. Data center expansion has emerged as a key growth driver, with Telkom consolidating operations under PT Telkom Data Ekosistem and targeting 400 megawatts of capacity by 2030. The company operates 28 data center facilities and is actively seeking strategic partners to accelerate expansion, planning to reach 60 megawatts by end of 2024. Infrastructure monetization through the InfraCo initiative aims to unlock value from Telkom's extensive physical assets. This includes exploring infrastructure sharing opportunities and optimizing asset utilization. The Mitratel tower business manages over 35,000 towers with a 1.44 tenancy ratio, generating revenue through infrastructure sharing with other operators. The company has strengthened its digital business portfolio, which now contributes 89.9% of mobile revenue, growing 8.6% year-over-year. This includes financial services, content platforms, IoT solutions, and digital advertising services. Telkom has also launched the EXIST sustainability program focusing on environmental initiatives, human resource development, and governance improvements as part of its ESG strategy. Recent operational developments include partnerships with global technology companies like Microsoft for cloud services and ongoing consolidation of overseas data center operations in Singapore and Hong Kong to improve international connectivity and service delivery.
TLK company profile · for informational purposes only — not investment advice.
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