PT Telkom Indonesia (Persero) Tbk

TLKM

-4.23%

Overview

TLKM Overview

PT Telkom Indonesia (Persero) Tbk is an Indonesia-based telecommunication company. The Company is engaged in information and communication technology (ICT) services and telecommunications networks. The Consumer segment is engaged in providing fixed voice, fixed broadband, and digital services. The Mobile segment provides cellular services, including voice and SMS, mobile broadband, as well as mobile digital services including IoT, big data, financial services, music, gaming and digital advertisement. Its Enterprise segment offers ICT and smart platform services, including connectivity, IT services, data centers and cloud, business process outsourcing, devices, satellite business and digital services. Its Wholesale and International Business segment offers domestic and international wholesale traffic, network, and digital platforms and services, as well as tower and managed infrastructure and network. The Other segment comprises digital services and property management.

51015ValueCompetitiveFutureFinancialsDividend
Exchange
Indonesia Stock Exchange

Symbol: TLKM

Main
Market Cap.
IDR 269.45Trillion
#8 in Indonesia

~$16.54B USD

Industry
Telecommunication Service
Sub-Industry
Integrated Telecommunication Service
Sector
Infrastructures

Valuation

TLKM Valuation Metrics

2,720

IDR
-4.2%

Closing Price on 2024-06-14

Price to Equity

11.20

P/E

At 11.20x P/E TTM, TLKM.JK is trading at a discount to its peers in the Telecommunication sector.

Price to Book

1.90

P/B

At 1.90x P/B TTM, TLKM.JK is trading at a premium to its peers in the Telecommunication sector (avg 1.4x).

Price to Sales

1.79

P/S

At 1.79x P/S TTM, TLKM.JK is trading at a discount to its peers in the Telecommunication sector.

Valuing PT Telkom Indonesia (Persero) Tbk based on its trailing twelve months (TTM) valuation metrics against its peers in the Telecommunication sector

Historical Price to Earnings

Other Valuation Metrics

Valuing PT Telkom Indonesia (Persero) Tbk relative to other stocks in the Telecommunication sector

Price/Cash Flow
4.21x
Price/Forward Earnings
9.67x
Enterprise Value/Revenue
1.99x
Enterprise Value/EBITDA
3.85x
PEG Ratio
-1.94x

Analyst Ratings

40
60
80
0
100

77.5

Recommended

Neutral

Not Recommended

Last closing: IDR2,7202024-06-14
IDR 3,297.79

Slightly Higher Intrinsic Value: Analyst's intrinsic value is of TLKM is IDR3,298, which is 22% higher than TLKM's last closing price of IDR2,720 (as of 2024-06-14).

Valuation Recap of TLKM stock
WeightNotesScore
High
The P/E ratio is calculated by dividing the market price of a company's stock by its earnings per share (EPS). It is a key tool for investors and analysts to assess whether a stock is overvalued, undervalued, or fairly valued. A P/E ratio of 11.20x is above the ID market average of 8.07x and is trading at a discount to peers in the Telecommunication sector (16.87x).

High
The P/B ratio is calculated by dividing the market price of a company's stock by its book value per share (BVPS). It measures the company's stock value relative to its assets minus liabilities. A P/B ratio of 1.90x is above the peers average of 1.39x in the Telecommunication sector.

Medium
The P/S ratio is calculated by dividing the market price of a company's stock by its sales per share. It measures the company's stock value relative to its sales. A P/S ratio of 1.79x is below the peers average of 3.47x in the Telecommunication sector. When considered alongside the Forward Price/Earnings ratio, they serve to illustrate investors' expectations of TLKM's valuation relative to its current sales and future earnings growth. TLKM trades at a Forward P/E ratio of 9.67x, which is considered fairly undervalued by analysts.

Low
The Price/Cash Flow ratio (P/CF) is calculated by dividing the market price of a company's stock by its cash flow per share. It measures the company's stock value relative to its cash flow, and is sometimes said to be a more objective measure of a company's value because cash flows cannot be manipulated as easily as earnings, which considers non-cash items such as depreciation and amortization. TLKM's P/CF ratio of 4.21x is considered healthy by analysts.

Low
The Enterprise Value/Revenue ratio (EV/R) is calculated by dividing the enterprise value of a company by its revenue. It measures the company's enterprise value relative to its revenue. It is an indicator of how much it costs to buy the company's revenue; the lower the ratio, the cheaper the company's revenue. TLKM's EV/R ratio of 1.99x is considered fairly underpriced by the market The average EV/R ratio for the Telecommunication sector is 6.59x.

Medium
Slightly Higher Intrinsic Value: Analyst's intrinsic value is of TLKM is IDR 3,297.79, which is 22% higher than TLKM's last closing price of IDR 2,720.00.

Peers

TLKM Peers and Comparison

Peer Companies

Supertype Fuzzy Search
SymbolCompany Name
Market Cap
(in Trillion IDR)
Total Assets
(in Trillion IDR)
Total Revenue
(in Trillion IDR)
Profit and Loss
(in Trillion IDR)
P/E
P/B
BRENPT Barito Renewables Energy Tbk.1,050.22T58.07T 4.52T 0.90T 1171.19139.74
TLKMPT Telkom Indonesia (Persero) Tbk269.45T288.04T 150.56T 24.06T 11.201.90
ISATPT Indosat Tbk82.04T115.61T 53.12T 4.87T 16.842.56
MTELPT Dayamitra Telekomunikasi Tbk49.92T57.31T 8.75T 2.03T 24.591.45
SUPRSolusi Tunas Pratama Tbk44.51T9.31T 1.89T 1.14T 39.177.51
TBIGPT Tower Bersama Infrastructure Tbk44.14T46.76T 6.73T 1.58T 27.973.68
PGEOPT Pertamina Geothermal Energy Tbk43.98T47.53T 6.30T 2.54T 17.301.37
JSMRPT Jasa Marga Tbk34.40T130.42T 22.92T 6.88T 5.001.21
TOWRSarana Menara Nusantara Tbk34.09T69.32T 11.92T 3.30T 10.341.98
EXCLPT XL Axiata Tbk27.19T87.98T 33.21T 1.61T 16.901.01
Competitiveness Recap of TLKM stock
WeightNotesScore
High
At a market cap of IDR 269,449.19 billion, TLKM.JK ranks 2 in Market Cap out of 10 companies in the Infrastructures sector.

High
At a PE of 11.20, TLKM.JK ranks 8 out of 10 companies in the Infrastructures sector for P/E value. The average PE is 134.05 (unadjusted). A high P/E ratio often indicates higher growth expectation, or other qualitative factors that led investors to believe that the company has a defensible competitive advantage compared to its peers in Infrastructures. In this regard, it trails behind sector leaders such as PT Barito Renewables Energy Tbk. (1171.19) in the Infrastructures sector.

Medium
At a PE of 11.20, TLKM.JK is trading at a lower PE than that of its subsector peers in Telecommunication (median of 16.87). A lower P/E value presents a potential value opportunity, but it might also indicate that the company is facing headwinds in its business.

Medium
At a revenue of IDR 150.56 trillion, TLKM.JK ranks 1 in Revenue out of 10 companies in the Infrastructures sector.

Medium
At a profit of IDR 24.06 trillion, TLKM.JK ranks 1 in Profit out of 10 companies in the Infrastructures sector.

Future

Future Growth of TLKM

Growth Forecasts

TLKM 2024 Revenue Growth
+3.5%
TLKM 2025 Revenue Growth
+7.9%
TLKM 2024 EPS Growth
+7.8%
TLKM 2025 EPS Growth
+13.9%
Sector Revenue Growth
+13.5%
Telecommunication
Indonesia Market Growth
+13.1%
IDX overall growth
Telecommunication Sector Revenue Growth '24
+4.5%
Telecommunication Sector Revenue Growth '25
+11.2%
Infrastructures Sector Revenue Growth '24
+5.0%
Infrastructures Sector Revenue Growth '25
+9.9%

Sector Benchmark

Telecommunication companies in Indonesia are growing at a projected rate of 13.47% against the IDX average of +13.1%.

Telecommunication sector overview

TLKM Earnings & Revenue Forecast

All values in IDR billion

Future growth prospect of TLKM
WeightNotesScore
High
TLKM's projected growth rate of 13.47% is above the ID market average of 13.14%.

High
The Telecommunication sub-sector is projected to grow revenue by 11.15% in 2025. This number is higher than the previous year 2024's growth rate of 4.50%. This bodes well for TLKM's revenue growth prospects in the next 2 years.

Medium
The Telecommunication sub-sector is projected to increase earnings by 24.52% in 2025. This number is higher than the previous year 2024's EPS growth of 11.98%. This bodes well for TLKM's earnings growth prospects in the next 2 years.

Medium
TLKM and its peers in the Telecommunication sub-sector belongs to the Infrastructures sector. Companies in the Infrastructures sector are projected to have a fruitful year heading into 2025. Specifically, earnings are projected to increase by 16.56% in 2025 while revenue growth is projected to increase by 9.86%. These macroeconomic trends will likely be a tailwind for TLKM's earnings growth prospects in the next 2 years.

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Management

Executive Management

President Director

Ririek Adriansyah15.2 years
Bogi Witjaksono
Director
Afriwandi
Director
Heri Supriadi
Director
Fm Venusiana R
Director
Herlan Wijanarko
Director
Muhammad Fajrin Rasyid
Director
Budi Setyawan Wijaya
Director
Honesti Basyir
Director
NamePositionShares%
AfriwandiDirector4,172,900< 0.01
Arya Mahendra SinulinggaCommissioner2,014,800< 0.01
Bogi WitjaksonoDirector4,130,400< 0.01
Budi Setyawan WijayaDirector4,585,400< 0.01
Fm Venusiana R.Director7,806,900< 0.01
Heri SupriadiDirector4,170,400< 0.01
Herlan WijanarkoDirector4,172,900< 0.01
Honesti BasyirDirector370,544< 0.01
Isa RachmatarwataCommissioner1,968,000< 0.01
IsmailCommissioner1,968,000< 0.01
Marcelino Rumambo PandinCommissioner1,968,000< 0.01
Muhamad Fajrin RasyidDirector4,130,400< 0.01
Ririek AdriansyahPresident Director6,016,355< 0.01
Rizal MallarangengCommissioner1,968,000< 0.01
Expressed in millions IDR, unless otherwise stated

Ownership

TLKM Ownership

NameNumber of SharesOwnership (%)Value
Republic Of Indonesia51,602,353,56052.09140,358.40B
Public (Scripless)47,357,456,74147.81128,812.28B
Public (Scrip)52,963,3000.05144.06B
Fm Venusiana R.7,806,9000.0121.23B
Ririek Adriansyah6,016,3550.0116.36B

Largest Institutional Buy

Capital Research and Management Company
Bought 31-01-2024
+728,571,800 shares
RBC Global Asset Management (U.S.) Inc.
Bought 31-01-2024
+76,339,477 shares
AustralianSuper Pty Ltd
Bought 31-01-2024
+63,769,214 shares

Largest Institutional Sell

GQG Partners LLC
Sold 31-01-2024
-468,387,541 shares
Candriam - Belgian Branch
Sold 31-01-2024
-207,964,042 shares
Wellington Management Company LLP
Sold 31-01-2024
-143,567,723 shares

Institutional Transactions

Tracking institutional transactions buying / selling of TLKM stock

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