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P.t. Telekomunikasi Indonesia Tbk. (TLK)
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PT Telekomunikasi Indonesia Tbk (TLK) AI Stock Analysis

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TLK

PT Telekomunikasi Indonesia Tbk

(NYSE:TLK)

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Outperform 74 (OpenAI - 4o)
Rating:74Outperform
Price Target:
$22.00
▲(21.68% Upside)
The overall stock score of 73.5 reflects strong financial performance and attractive valuation, which are the most significant factors. The technical analysis indicates a positive trend, but with some caution due to bearish momentum signals. The lack of earnings call and corporate events data did not impact the score.

PT Telekomunikasi Indonesia Tbk (TLK) vs. SPDR S&P 500 ETF (SPY)

PT Telekomunikasi Indonesia Tbk Business Overview & Revenue Model

Company DescriptionPT Telekomunikasi Indonesia Tbk (TLK) is a leading telecommunications and network services provider in Indonesia. Established in 1961, the company operates across various sectors, including fixed-line and mobile telecommunications, internet services, and digital solutions. TLK offers a range of products including mobile voice and data services, broadband internet, and enterprise solutions, positioning itself as a comprehensive service provider to both individual consumers and businesses.
How the Company Makes MoneyPT Telekomunikasi Indonesia Tbk generates revenue primarily through its diverse portfolio of telecommunications services. The main revenue streams include mobile services, which encompass voice calls, SMS, and data plans; fixed-line services, including traditional telephony and broadband internet access; and digital services, such as cloud computing and enterprise solutions. The company also earns income from value-added services and content distribution. Additionally, TLK has established strategic partnerships with various content providers and technology firms, enhancing its service offerings and driving customer engagement. Its extensive subscriber base and market leadership in Indonesia enable it to capitalize on economies of scale, contributing significantly to its overall earnings.

PT Telekomunikasi Indonesia Tbk Earnings Call Summary

Earnings Call Date:Oct 29, 2025
(Q3-2024)
|
% Change Since: |
Next Earnings Date:Mar 20, 2026
Earnings Call Sentiment Neutral
The earnings call reveals a mix of positive and negative aspects. While there are notable achievements such as positive revenue growth and strong performance in fixed broadband and Mitratel, challenges such as EBITDA decline, operating net income drop, and Telkomsel revenue decline indicate pressure points. The sentiment reflects cautious optimism amidst macroeconomic challenges and competitive pressures.
Q3-2024 Updates
Positive Updates
Positive Revenue Growth
Telkom Group delivered a revenue growth of 0.9% year-on-year to RP 112.2 trillion for the past 9 months of 2024.
Fixed Broadband Growth
Fixed broadband business showed a 200.6% year-on-year increase, driven by the integration of IndiHome to Telkomsel and an expansion strategy targeting broader segments.
Mitratel Revenue Growth
Mitratel reported a solid revenue contribution of IDR 6.82 trillion, marking an 8.7% year-on-year growth.
Efficient Market Segmentation
Improvement in CapEx purchases for devices and networks due to group procurement initiatives, serving broader market segmentation effectively.
Negative Updates
EBITDA Decline
EBITDA decreased by 4.1% year-on-year to RP 56.6 trillion, impacted by personnel expenses due to an early retirement program.
Operating Net Income Drop
Operating net income declined by 5.1% year-on-year to IDR 18.6 trillion, after adjustments for market effects and one-off costs.
Telkomsel Revenue Decline
Telkomsel recorded a slight revenue decline of 2.1% in the third quarter due to seasonal impact and weak purchasing power.
Margin Pressure
Normalized EBITDA margin decelerated to 51.5%, with challenges in maintaining margins due to increased competition and cost pressures.
Company Guidance
During the earnings call for PT Telekom Indonesia, the company provided guidance for the fiscal year 2024, highlighting several key metrics and strategies. The company aims to achieve a low single-digit revenue growth, maintaining an EBITDA margin between 50% to 52%, and a CapEx-to-revenue ratio of 22% to 24%. For the first nine months of 2024, revenue grew by 0.9% year-on-year to IDR 112.2 trillion, while EBITDA decreased by 4.1% to IDR 56.6 trillion. The decline in EBITDA was primarily due to personnel expenses, which increased by 12.7% year-on-year, but normalized EBITDA stood at IDR 57.8 trillion, a 2.1% decline. Additionally, the company reported a net debt-to-EBITDA ratio of 0.6x, and Telkomsel's B2C business posted a 16.4% year-on-year revenue growth. The company is focusing on its 5 Bold Move strategy, including efforts to enhance digital connectivity and explore strategic partnerships for data center business, aiming to conclude these initiatives by early 2025.

PT Telekomunikasi Indonesia Tbk Financial Statement Overview

Summary
PT Telekomunikasi Indonesia Tbk demonstrates strong operational efficiency with robust margins and effective cash flow management. However, the negative revenue growth rate is a concern that needs addressing. The company maintains a balanced leverage position, supporting its financial stability.
Income Statement
75
Positive
The income statement shows a strong gross profit margin of 66.8% for the TTM, indicating efficient cost management. However, the net profit margin has slightly declined to 15.5%. Revenue growth is negative at -1.0%, which is a concern, but the EBIT and EBITDA margins remain robust at 28.9% and 51.3%, respectively, suggesting operational efficiency.
Balance Sheet
70
Positive
The balance sheet reflects a moderate debt-to-equity ratio of 0.64, indicating a balanced approach to leverage. The return on equity is healthy at 16.4%, demonstrating effective use of equity to generate profits. The equity ratio stands at 44.9%, showing a solid equity base relative to total assets.
Cash Flow
80
Positive
Cash flow analysis reveals a positive free cash flow growth rate of 8.3% for the TTM, indicating improved cash generation. The operating cash flow to net income ratio is strong at 0.76, and the free cash flow to net income ratio is 0.62, highlighting efficient cash conversion from profits.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue10.00T>10.00T>10.00T>10.00T>10.00T>10.00T>
Gross Profit98.65T10.00T>90.98T10.00T>99.90T96.47T
EBITDA75.27T76.97T78.12T74.39T80.61T72.44T
Net Income22.86T23.65T24.43T27.68T33.95T29.89T
Balance Sheet
Total Assets10.00T>10.00T>10.00T>10.00T>10.00T>10.00T>
Cash, Cash Equivalents and Short-Term Investments34.43T35.03T30.43T32.88T38.74T21.82T
Total Debt84.80T76.83T68.00T63.04T69.08T64.72T
Total Liabilities10.00T>10.00T>10.00T>10.00T>10.00T>10.00T>
Stockholders Equity10.00T>10.00T>10.00T>10.00T>10.00T>10.00T>
Cash Flow
Free Cash Flow39.97T31.94T26.98T38.34T38.43T35.76T
Operating Cash Flow64.49T61.60T60.58T73.35T68.35T65.32T
Investing Cash Flow-26.71T-29.46T-36.91T-39.12T-37.91T-35.26T
Financing Cash Flow-30.15T-27.50T-26.57T-40.97T-12.78T-27.75T

PT Telekomunikasi Indonesia Tbk Technical Analysis

Technical Analysis Sentiment
Positive
Last Price18.08
Price Trends
50DMA
19.22
Positive
100DMA
18.48
Positive
200DMA
16.66
Positive
Market Momentum
MACD
0.45
Negative
RSI
59.41
Neutral
STOCH
82.33
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TLK, the sentiment is Positive. The current price of 18.08 is below the 20-day moving average (MA) of 19.44, below the 50-day MA of 19.22, and above the 200-day MA of 16.66, indicating a bullish trend. The MACD of 0.45 indicates Negative momentum. The RSI at 59.41 is Neutral, neither overbought nor oversold. The STOCH value of 82.33 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TLK.

PT Telekomunikasi Indonesia Tbk Risk Analysis

PT Telekomunikasi Indonesia Tbk disclosed 59 risk factors in its most recent earnings report. PT Telekomunikasi Indonesia Tbk reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Indonesian regulations require telecommunications service providers such as ourselves to share our network infrastructure and capacity with our competitors, and the enforcement of these regulations remain uncertain. Q4, 2023

PT Telekomunikasi Indonesia Tbk Peers Comparison

Overall Rating
UnderperformOutperform
Sector (60)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
81
Outperform
$11.08B15.5014.93%6.26%-4.90%14.83%
77
Outperform
$19.81B18.508.36%4.86%-3.16%4.70%
74
Outperform
$20.77B15.2215.54%6.14%-5.21%-7.45%
60
Neutral
$48.67B4.58-11.27%4.14%2.83%-41.78%
60
Neutral
$7.72B19.114.96%-8.16%-51.97%
54
Neutral
$27.02B-7.17%4.36%0.89%-494.16%
49
Neutral
$24.22B-0.70%7.89%-5.49%-75.51%
* Communication Services Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TLK
PT Telekomunikasi Indonesia Tbk
20.48
4.06
24.73%
SKM
Sk Telecom
20.31
-2.60
-11.35%
VIV
Telefonica Brasil
12.54
3.68
41.53%
TEF
Telefonica
4.16
-0.07
-1.65%
TIMB
TIM
22.81
9.92
76.96%
VOD
Vodafone
11.34
2.46
27.70%

PT Telekomunikasi Indonesia Tbk Corporate Events

PT Telkom Indonesia Announces December 2025 EGMS
Oct 21, 2025

PT Telkom Indonesia has announced that it will hold an Extraordinary General Meeting of Shareholders (EGMS) on December 12, 2025. The meeting will be conducted electronically through the eASY.KSEI platform, allowing shareholders to participate online. Shareholders eligible to attend are those recorded on the company’s register by November 19, 2025. The announcement outlines the procedural details for participation and agenda proposals, emphasizing electronic power of attorney submissions and compliance with regulatory requirements. This move reflects the company’s adaptation to digital platforms for shareholder engagement, potentially enhancing participation and transparency.

PT Telekomunikasi Indonesia Announces Spin-Off of Wholesale Fiber Business
Oct 21, 2025

On October 21, 2025, PT Telekomunikasi Indonesia Tbk announced a spin-off plan involving the transfer of its Wholesale Fiber Connectivity Business and Assets to its subsidiary, PT Telkom Infrastruktur Indonesia (TIF), which is 99.9% owned by the company. This strategic move is part of a compliance effort with Indonesian regulations and aims to optimize business operations by consolidating specific assets under TIF. The transaction is considered a Material Transaction due to its significant value relative to the company’s equity. The spin-off is expected to streamline operations and potentially enhance the company’s focus on core business activities, with implications for stakeholders including creditors who have until November 4, 2025, to object to the plan.

PT Telekomunikasi Indonesia Tbk Signs Spin-Off Agreement with TIF
Oct 21, 2025

On October 20, 2025, PT Telekomunikasi Indonesia Tbk announced the signing of a Conditional Spin-Off Agreement with PT Telkom Infrastruktur Indonesia (TIF) as part of a corporate restructuring and business transformation plan. The transaction, valued at IDR 35.79 trillion, involves the partial spin-off of the company’s Wholesale Fiber Connectivity business and assets. This move aims to enhance business focus, create added value, and optimize fiber optic network assets, thereby strengthening the company’s position as a leading connectivity provider in Indonesia. The transaction supports national goals of improving digital equality and broadband penetration. Despite the scale of the transaction, it is not expected to significantly impact the company’s financial condition due to TIF being a consolidated subsidiary with 99.999% ownership.

PT Telekomunikasi Indonesia Revises Shareholders Meeting Time
Sep 29, 2025

On September 15, 2025, PT Telekomunikasi Indonesia Tbk announced a revision to the timing of its Extraordinary General Meeting of Shareholders, initially scheduled for 11:00 WIB on September 16, 2025, now moved to 15:00 WIB on the same day. This change, communicated to shareholders via the company’s website and other platforms, ensures stakeholders are informed and can adjust their schedules accordingly, reflecting the company’s commitment to transparent communication.

PT Telekomunikasi Indonesia Tbk Announces Management Reshuffle Following Extraordinary General Meeting
Sep 29, 2025

On September 16, 2025, PT Telekomunikasi Indonesia Tbk held an Extraordinary General Meeting of Shareholders to address changes in its management structure. The meeting resulted in the ratification of the dismissal of several key executives, including the Director of Human Capital Management and the Vice President Director, while new appointments were made, such as the Director of Human Capital Management and Director of Legal & Compliance. These changes are part of the company’s ongoing efforts to strengthen its leadership and strategic direction, potentially impacting its operational efficiency and stakeholder confidence.

PT Telekomunikasi Indonesia Tbk Updates Audit Committee Composition
Sep 29, 2025

On September 25, 2025, PT Telekomunikasi Indonesia Tbk announced a new composition for its Audit Committee in compliance with the Indonesian Financial Services Authority Regulation No.55/POJK.04/2015. The updated committee includes Deswandhy Agusman as Chairman, along with members Yohanes Surya, Ira Noviarti, Edy Sihotang, and Achmad Taufik, aiming to strengthen corporate governance and oversight.

PT Telekomunikasi Indonesia Announces Director Resignation
Sep 5, 2025

On September 5, 2025, PT Telekomunikasi Indonesia Tbk announced the resignation of Mr. Henry Christiadi, the Director of Human Capital Management. The company stated that this resignation will not have a material impact on its business operations and will take necessary actions in compliance with applicable regulations.

PT Telekomunikasi Indonesia Tbk Postpones Extraordinary General Meeting to September 16, 2025
Sep 4, 2025

On September 4, 2025, PT Telekomunikasi Indonesia Tbk announced a revision to the invitation for their Extraordinary General Meeting of Shareholders, initially scheduled for September 3, 2025, which has been postponed to September 16, 2025. The meeting will address changes in the company’s management and will be conducted electronically via the eASY.KSEI system. This postponement and agenda highlight the company’s ongoing efforts to align with regulatory frameworks and ensure shareholder engagement in critical decision-making processes.

PT Telekomunikasi Indonesia Tbk Postpones EGMS Scheduled for September 3, 2025
Sep 3, 2025

On September 3, 2025, PT Telekomunikasi Indonesia Tbk announced the postponement of its Extraordinary General Meeting of Shareholders (EGMS) originally scheduled for the same day. The company stated that the rescheduling of the EGMS, which was intended to address changes in the company’s management composition, will not have any material impact on its operations.

PT Telekomunikasi Indonesia Appoints New Corporate Secretary
Aug 20, 2025

On August 19, 2025, PT Telekomunikasi Indonesia Tbk announced the appointment of Mr. Jati Widagdo as the new Corporate Secretary, replacing Mr. Octavius Oky Prakarsa. This change is in compliance with the Indonesian Financial Service Authority’s regulations, which require public companies to report such appointments. The appointment aims to strengthen the company’s corporate governance and align with regulatory requirements, potentially impacting its operational transparency and stakeholder relations.

PT Telekomunikasi Indonesia Tbk to Hold Extraordinary General Meeting on September 3, 2025
Aug 12, 2025

PT Telekomunikasi Indonesia Tbk has announced an Extraordinary General Meeting of Shareholders scheduled for September 3, 2025. The meeting, which will be held online, aims to discuss changes to the company’s management in accordance with various government and regulatory provisions. Shareholders are encouraged to register and participate electronically, with the option to delegate voting power through a proxy if unable to attend.

PT Telekomunikasi Indonesia Tbk Releases Mid-Year 2025 Financial Statements
Aug 1, 2025

On July 31, 2025, PT Telekomunikasi Indonesia Tbk released its unaudited consolidated financial statements for the six-month period ending June 30, 2025. The financial statements, prepared in accordance with Indonesian Financial Accounting Standards, reveal a decrease in total assets from December 31, 2024, to June 30, 2025. The company emphasizes its commitment to accurate financial reporting and internal controls, which is crucial for maintaining stakeholder trust and ensuring regulatory compliance.

PT Telekomunikasi Indonesia Tbk Announces September 2025 EGMS
Jul 28, 2025

On July 28, 2025, PT Telekomunikasi Indonesia Tbk announced its plan to hold an Extraordinary General Meeting of Shareholders (EGMS) on September 3, 2025. The meeting will be conducted electronically through the eASY.KSEI platform, allowing shareholders to attend and vote online. This move reflects the company’s adaptation to digital solutions for shareholder engagement, potentially enhancing participation and transparency.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Oct 22, 2025