TLKM - Plans to allocate up to 80% of earnings for dividends

TLKM - Plans to allocate up to 80% of earnings for dividends Telekomunikasi Indonesia is planning to channel 60-80% of its '23 earnings for dividends. Management is optimistic that the planned cash dividend scheduled to be disbursed next year will be higher than last year's in line with its bottom-line growth. (Source: Investor) Comment: The planned dividend allocation is quite in-line with historical which stand at 55-80%. We also concur with management's expectation on its bottom-line performance as we expect it grow at 25% this year. We retain our BUY call on TLKM with a target price of IDR4,510 representing EV/EBITDA of 5.8, while currently is trading at 4.3x forward EV/EBITDA or below its 5-year historical mean.