TLKM - Two growth engines are emerging

KBVS Update
Friday, 25 September 2026

TLKM – Two Growth Engines Are Emerging
(BUY - TP: IDR3,300)

B2B Infrastructure scaling. NeutraDC revenue +11% YoY in 1H26, with >90% billed-capacity occupancy; data centers emerging as the next growth leg.

FMC drives recovery. 3Q26F Telkomsel revenue +6.5% QoQ as convergence ratio rises to 65%, supporting continued B2C momentum.

9M26F on track. Revenue IDR112.4 tn (+2.5% YoY), while stable EBITDA margin at 49.0% supports earnings delivery.

BUY, TP IDR3,300. Lower funding costs should lift FY26F net profit +26.5%; B2B scaling and FMC offer re-rating potential.

Regards,
Steven Gunawan - KBVS Research