TLKM - 9M23 results came in-line

TLKM - 9M23 results came in-line TLKM's 9M23 came in-line with our estimate at 75.4%, yet below consensus by 3.2% as it recorded a 6.6% EBITDA growth to IDR20.7 tn in 3Q23. A growth in quarterly EBITDA was driven by lower costs by 5.1% thanks to lower personnel expenses and G&A. Meanwhile, revenue barely increased +1.0% qoq in 3Q23 to IDR37.76 tn, bringing 9M23 revenue to IDR111.2 tn or achieving 74.9%/72.7% of ours/consensus estimates. Furthermore, reported net profit increased 6.5% qoq to IDR6.7 tn in 3Q23, representing a 17.6% yoy bump in 9M23 revenue to IDR19.5 tn, or 75.3% of ours/72.3% of ours/consensus estimate. (Source: Company) Comment: While we are waiting for further details to be released, TLKM's 9M23 results are squarely in-line with our estimates from top to bottom-line given better costs. Although, we suspect lower cash cost was mostly attributable to seasonality as the company frontloaded cost spending in 2Q23. On the revenue side, it also surpassed those of ISAT's.