TLKM - Subsidiary plans to go public

TLKM - Subsidiary plans to go public A subsidiary of Telekomunikasi Indonesia (TLKM), Telkom Metra is planning to take its portfolio companies including AdMedika, Finnet and MdMedia to go public by 2025 or depending on financial market condition. Besides its portfolios, the company is also exploring possibility for IPO itself should the market be conducive enough. (Source: Bisnis Indonesia) Comment: We are positive on the plans as IPO is a venue to raise fresh fund. We believe such move would also bring the portfolio companies to be more competitive, and efficient for the parent company. Although, it's imperative to take IPO timing into consideration in order to optimize opportunities. We reiterate BUY call on TLKM with TP of IDR4,650 per share.