Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLKMF) Stock Analysis
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLKMF) trades at $0.15. Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk is a global telecommunications provider headquartered in Indonesia, offering a wide array of mobile, fixed-line, enterprise… Market cap: $14.8B, Sector: Communication services.
Price as of Aug 21, 2026 · Last analyzed: Jun 15, 2026Analyst Coverage for TLKMF: TLKMF does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates TLKMF against Communication Services peers across nine fundamental dimensions and assigns an underweight signal based on the underlying data.
TLKMF: the 3 scored disciplines are evenly split. Dominant signal: Seth Klarman bullish.
How is this calculated? →Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLKMF) Media & Communications Profile
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLKMF) is a leading Indonesian telecommunications provider, offering extensive mobile, fixed-line, enterprise, and wholesale services globally. Leveraging its broad infrastructure and diverse digital solutions, the company maintains a significant market presence across voice, data, and ICT segments, catering to residential, business, and international clients.
What Is the Investment Thesis for TLKMF?
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLKMF) presents an investment profile underpinned by its dominant position in the Indonesian telecommunications market and a diversified service portfolio. The company's robust subscriber base, including 169.5 million cellular and 9.1 million fixed wireline users as of December 2020, provides a stable revenue foundation. Key value drivers include the ongoing expansion into high-growth digital services such as financial tools, streaming, IoT, and cloud solutions, which capitalize on Indonesia's increasing digital adoption. The company's attractive dividend yield of 7.24% and a gross margin of 57.9% highlight its operational efficiency and commitment to shareholder returns. While the P/E ratio of 17.67 indicates a reasonable valuation for an incumbent, potential investors may want to evaluate the inherent risks associated with its OTC Other tier listing, which may impact liquidity and reporting transparency. The ability to adapt to technological shifts and navigate regulatory changes will be crucial for sustained growth.
Based on FMP financials and quantitative analysis
TLKMF Key Highlights
Market capitalization of $14.8B, reflecting its substantial presence in the global telecommunications sector.
- A P/E ratio of 17.67, indicating its valuation relative to earnings within the industry.
- Robust gross margin of 57.9%, demonstrating strong operational efficiency in its service delivery.
- Attractive dividend yield of 7.24%, signaling a commitment to shareholder returns.
- Extensive subscriber base with 169.5 million cellular and 9.1 million fixed wireline users as of December 31, 2020, underpinning its market leadership.
Who Are TLKMF's Competitors?
TLKMF is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| AVIVF Advanced Info Service Public Company Limited | $10.20 | +0.00% | $30.3B | 51 |
| MTNOY MTN Group Limited | $11.93 | -0.91% | $21.9B | 48 |
| TELNY Telenor ASA | $14.21 | -1.32% | $19.4B | 46 |
| TLSNY Telia Company AB (publ) | $9.21 | +0.99% | $18.1B | 50 |
| KKPNY Koninklijke KPN N.V. | $4.71 | +1.51% | $18.1B | 50 |
| TIGO Millicom International Cellular S.A. provides cable and mobile services in Latin America and Africa. The company | $90.00 | +1.41% | $15.1B | 60 |
| BECEF BCE Inc. | $15.42 | +0.00% | $14.4B | 53 |
| BCEFF BCE Inc. | $15.40 | +0.00% | $14.4B | 56 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are TLKMF's Key Strengths?
Dominant market position and extensive infrastructure in Indonesia, serving a vast subscriber base.
- Diversified revenue streams across mobile, fixed-line, enterprise, and wholesale segments.
- Strong operational efficiency reflected in a 57.9% gross margin.
- Significant investment in digital solutions, positioning for future growth in the digital economy.
- Attractive dividend yield of 7.24% for income-focused investors.
What Are TLKMF's Weaknesses?
Exposure to intense competition in the telecommunications sector, potentially impacting pricing power.
- Reliance on the Indonesian market, making it susceptible to local economic and regulatory fluctuations.
- Potential for slower growth in mature core services like traditional voice and text.
- Complex organizational structure due to diverse business segments and extensive operations.
- Unknown disclosure status on the OTC market, which can limit investor information access.
What Could Drive TLKMF Stock Higher?
TLKMF catalyst: Continued expansion of digital services, including financial tools, streaming, and IoT applications, driving new revenue streams and customer engagement.
- Growth in fixed broadband penetration across Indonesia, increasing subscriber numbers and average revenue per user (ARPU) in the consumer segment.
- Potential strategic partnerships or acquisitions in the digital or ICT space to enhance technological capabilities and market reach.
- Sustained demand for enterprise ICT and cloud solutions as businesses accelerate digital transformation initiatives.
- Monetization of mobile broadband through innovative data plans and enhanced network capacity to meet rising data consumption.
What Are the Key Risks for TLKMF?
Challenges associated with its 'OTC Other' tier listing, including potentially limited liquidity and disclosure, which may deter institutional investors.
- Intense competition within the Indonesian telecommunications market, potentially leading to pricing pressures and margin erosion.
- The need to continuously adapt to evolving technological landscapes and consumer preferences to remain competitive.
- Regulatory changes or government interventions in the telecommunications sector that could impact operations or profitability.
- Exposure to foreign exchange rate fluctuations given its international business and potential for cross-border transactions.
What Are the Growth Opportunities for TLKMF?
- **Digital Services Expansion:** The company is actively expanding its digital solutions beyond core connectivity, encompassing financial tools, streaming media, gaming, IoT applications, data analytics, and digital advertising. This diversification taps into Indonesia's rapidly growing digital economy, where increasing internet penetration and smartphone adoption drive demand for value-added services. By leveraging its vast subscriber base, TLKMF can cross-sell these offerings, creating new revenue streams and enhancing customer loyalty. This strategy positions the company to capture a larger share of the digital lifestyle market, which is projected to continue its strong growth trajectory over the next decade.
- **Fixed Broadband Penetration:** With 8.0 million fixed broadband users out of 9.1 million fixed wireline subscribers as of December 31, 2020, there remains significant opportunity for growth in residential high-speed internet. As urbanization and digital literacy increase across Indonesia, demand for reliable home internet for remote work, education, and entertainment is expected to surge. TLKMF's existing infrastructure provides a foundation to expand its fixed broadband footprint, offering higher speeds and bundled services to attract new subscribers and upgrade existing ones. This focus can drive consistent revenue growth in the consumer segment over the medium term.
- **Enterprise ICT and Cloud Solutions:** The Enterprise segment offers advanced ICT and digital platforms, including enterprise connectivity, IT services, data center and cloud solutions, and cybersecurity. As businesses in Indonesia and globally undergo digital transformation, the demand for robust, scalable, and secure IT infrastructure is escalating. TLKMF is well-positioned to serve this market with its comprehensive suite of services, from satellite connectivity to managed data centers. This segment represents a high-value growth area, offering recurring revenue streams and opportunities for long-term contracts with corporate clients, with growth expected to continue for the foreseeable future.
- **Wholesale and International Business Growth:** The Wholesale and International Business unit caters to other licensed operators and institutions, providing services like wholesale voice, managed services, IP transit, and tower and infrastructure leasing. As global data traffic continues to rise and new operators enter various markets, the demand for wholesale infrastructure and connectivity services remains strong. TLKMF's extensive network assets and international reach enable it to serve as a critical partner for other telecommunication entities, expanding its revenue base through inter-operator agreements and cross-border services. This segment offers stable, high-volume revenue potential over the long term.
- **Mobile Broadband and Data Monetization:** With 115.9 million mobile broadband users as of December 31, 2020, TLKMF has a massive base for continued data monetization. The ongoing shift from voice to data-centric usage, coupled with the increasing consumption of rich media content, drives demand for higher data packages and faster speeds. The company can capitalize on this by introducing innovative data plans, enhancing network capacity, and bundling mobile broadband with its digital services. This sustained growth in mobile data consumption is a fundamental driver for the telecommunications industry, offering continuous revenue expansion for TLKMF in the coming years.
What Threats Does TLKMF Face?
- Intensified regulatory scrutiny and potential changes in telecommunications policies.
- Technological disruption from over-the-top (OTT) service providers impacting traditional revenue streams.
- Cybersecurity threats and data breaches, which could erode customer trust and incur significant costs.
- Economic downturns or currency fluctuations impacting consumer spending and business investments.
- Challenges associated with being traded on the OTC Other tier, including limited liquidity and reporting requirements.
What Are TLKMF's Competitive Advantages?
- Extensive and well-established telecommunications infrastructure across Indonesia, creating high barriers to entry.
- Large, entrenched subscriber base across mobile and fixed-line segments, fostering strong network effects.
- Diversified service portfolio, including digital solutions, enterprise ICT, and wholesale, reducing reliance on single revenue streams.
- Significant brand recognition and market leadership as an incumbent provider in Indonesia.
- Strategic partnerships and international reach through its wholesale and international business unit.
What Does TLKMF Do?
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk, founded in 1884 and headquartered in Bandung, Indonesia, has evolved into a comprehensive international telecommunications company. It provides a vast range of informatics, network, and communication services across multiple segments. The Mobile division is a cornerstone, delivering cellular voice, text, and broadband internet, alongside a growing suite of digital solutions including financial tools, streaming media, gaming, IoT applications, data analytics, and digital advertising. For residential customers, the Consumer segment focuses on fixed-line voice, high-speed internet access, IPTV, and related digital services. The Enterprise segment caters to businesses with advanced ICT and digital platforms, offering connectivity solutions (including satellite), IT services, data center and cloud solutions, business process outsourcing, cybersecurity, financial technology, big data insights, e-health, and managed ATM services. The Wholesale and International Business unit serves other licensed operators and institutions, providing wholesale voice, managed services, IP transit, data center infrastructure, and tower leasing. An 'Others' segment encompasses digital platforms, e-commerce, and property management. Beyond these core areas, the company's activities extend to building management, payment processing, consulting, capital venture, health insurance administration, tourism, and telecommunication construction. As of December 31, 2020, the company reported approximately 9.1 million fixed wireline subscribers, with 8.0 million utilizing fixed broadband, and a substantial 169.5 million cellular subscribers, of which 115.9 million were mobile broadband users, underscoring its expansive reach and integrated service offerings.
What Products and Services Does TLKMF Offer?
- Provide cellular voice, text, and broadband internet services through its Mobile division.
- Offer digital solutions including financial tools, streaming media, gaming, and IoT applications.
- Deliver fixed-line voice and high-speed internet access, along with IPTV, to residential customers.
- Supply advanced ICT and digital platforms, such as enterprise connectivity, IT services, and cloud solutions, to businesses.
- Manage and lease telecommunication towers and infrastructure to other licensed operators.
- Provide wholesale voice, managed services, and IP transit to other telecommunication companies.
- Engage in digital platforms, digital content, e-commerce ventures, and property management.
- Offer specialized services like cybersecurity, e-health, and managed ATM services.
How Does TLKMF Make Money?
- Generates revenue from subscription fees for mobile voice, text, and data plans.
- Earns income from fixed-line voice, broadband internet, and IPTV services for residential customers.
- Secures revenue through contracts for enterprise ICT solutions, including connectivity, cloud, and IT services.
- Derives income from wholesale services such as voice termination, IP transit, and infrastructure leasing to other operators.
- Monetizes digital platforms and content through subscriptions, advertising, and transaction fees.
What Industry Does TLKMF Operate In?
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk operates within the dynamic global telecommunications services industry, holding a significant incumbent position in Indonesia. The sector is characterized by rapid technological advancements, increasing demand for high-speed data, and the convergence of traditional communication services with digital platforms. TLKMF's comprehensive offering across mobile, fixed-line, enterprise ICT, and wholesale segments positions it to capture growth from various market trends, including rising smartphone penetration, expanding digital economies, and the growing need for cloud and data center solutions. The competitive landscape includes both domestic and international players, with differentiation often stemming from network quality, service breadth, and pricing strategies. TLKMF's extensive infrastructure and diverse digital ecosystem provide a competitive edge in a market driven by connectivity and digital transformation.
Who Are TLKMF's Key Customers?
- Individual consumers for mobile and fixed-line communication services.
- Residential households requiring high-speed internet and digital entertainment.
- Small, medium, and large enterprises seeking ICT solutions, connectivity, and cloud services.
- Other licensed telecommunication operators and institutions utilizing wholesale network services.
- International businesses and partners for global connectivity and managed services.
Forward Outlook
Wall Street analysts project Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk revenue of about $148.94T for fiscal 2026, with EPS near $200.08. The estimate reflects 20 contributing analysts.
Financial Health
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk's Piotroski F-Score is 7/9, a 9-point checklist of profitability, leverage and efficiency — signaling solid underlying fundamentals. Its Altman Z-Score of 2.17 places it in the grey zone, a middle ground that warrants monitoring.
Key Financial Metrics
Return on equity for Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk stands at 13.2%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 5.7%, showing how much profit it generates from its asset base. TLKMF trades at a trailing price-to-earnings ratio of 14.92, below the Communication Services sector average of ~18x. Its free cash flow yield is 16.7%, a gauge of the cash the business throws off relative to its market value. A current ratio of 0.78 means current liabilities exceed short-term assets, a liquidity point worth watching. Its earnings yield is 6.7%, the inverse of the P/E and a quick read on earnings relative to price.
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLKMF) Valuation Context
Valued at $14.8B, TLKMF is classified as a large-cap stock.
Company Profile
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk operates in the Telecommunications Services industry within the Communication Services sector. It is headquartered in Bandung, ID. The company is led by CEO Dian Siswarini. TLKMF has traded publicly since 2002.
TLKMF Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Recent insider buying indicates confidence in the company's future performance, suggesting management believes in positive growth ahead.
- Community sentiment has shifted positively, with discussions highlighting the company's strong market position and expansion plans.
- Telekomunikasi Indonesia's investments in digital infrastructure are resonating well, as more users demand reliable connectivity and services.
- Analysts are noting the company's ability to adapt to changing market dynamics, positioning it well for future opportunities.
Bear Case
- Concerns about regulatory challenges in the telecommunications sector have surfaced, creating uncertainty around potential operational impacts.
- Community discussions reveal skepticism regarding the company's ability to maintain growth amid increasing competition in the digital space.
- Recent news has spotlighted potential economic headwinds that could affect consumer spending on telecommunications services.
- Some bearish sentiments are driven by doubts about the company's long-term profitability amid rising operational costs.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
TLKMF Latest News
No recent news available for TLKMF.
TLKMF Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for TLKMF.
Price Targets
Wall Street price target analysis for TLKMF.
TLKMF MoonshotScore
What does this score mean?
The MoonshotScore rates TLKMF 0-100 on quantitative fundamentals — growth, financial health, valuation, momentum, and risk.
Leadership: Dian Siswarini
Managing Director
Dian Siswarini serves as a Managing Director at Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk, overseeing the operations of a large workforce of 19,712 employees. Her career trajectory has involved significant leadership roles within the telecommunications sector, where she has gained extensive experience in managing complex network infrastructures and diverse service portfolios. Her expertise likely spans strategic planning, operational efficiency, and market expansion within the dynamic communication services industry, preparing her to guide one of Indonesia's largest telecommunication entities.
Track Record: Under Dian Siswarini's leadership, Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk has continued to solidify its market position, navigating the evolving telecommunications landscape. Her strategic decisions have likely focused on enhancing the company's digital service offerings and expanding its broadband infrastructure to meet growing demand. Her tenure has been characterized by efforts to maintain operational stability and drive innovation across the company's diverse segments, contributing to its sustained subscriber growth and financial performance.
TLKMF OTC Market Information
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk trades on the 'OTC Other' tier of the OTC Markets. This tier is for companies that do not qualify for OTCQX or OTCQB, or choose not to provide information to OTC Markets Group. It typically includes companies that are current in their reporting to a foreign regulator, but do not make that information available in English in the U.S., or companies with limited public information. Trading on this tier generally implies less stringent disclosure requirements compared to major exchanges like NYSE or NASDAQ, and even compared to OTCQX or OTCQB.
- OTC Tier: OTC Other
- Limited liquidity, making it challenging to enter or exit positions efficiently.
- Potentially less stringent reporting requirements and 'Unknown' disclosure status, leading to reduced transparency for investors.
- Wider bid-ask spreads, which can increase trading costs and impact investment returns.
- Increased volatility due to lower trading volumes and fewer market participants.
- Difficulty in obtaining comprehensive and timely financial or operational information in English.
- Verify the company's primary listing and its reporting requirements in Indonesia.
- Seek out any available financial statements or annual reports filed with Indonesian regulators.
- Assess the company's operational performance and market position through independent research.
- Evaluate the liquidity of TLKMF shares by observing historical trading volumes and bid-ask spreads.
- Understand the regulatory environment in Indonesia and any potential impacts on the company.
- Research any news or announcements from the company's primary market in Indonesia.
- Consult with a financial advisor experienced in international and OTC markets.
- The company is a large, established telecommunications provider with a long operating history since 1884.
- It has a significant subscriber base (169.5 million cellular, 9.1 million fixed wireline as of 2020).
- The company is headquartered in Bandung, Indonesia, indicating a physical and operational presence.
- It operates across diverse segments (Mobile, Consumer, Enterprise, Wholesale & International), suggesting a robust business structure.
- The presence of a known CEO, Dian Siswarini, overseeing a large workforce (19,712 employees).
TLKMF Communication Services Stock FAQ
What does Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk do?
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLKMF) is a comprehensive international telecommunications company based in Indonesia. It offers a broad spectrum of services across several key segments: Mobile (cellular voice, text, broadband, digital solutions like financial tools, streaming, gaming, IoT), Consumer (fixed-line voice, high-speed internet, IPTV), Enterprise (ICT, data center, cloud, cybersecurity), and Wholesale & International Business (wholesale voice, managed services, tower leasing).
What are the key financial metrics investors watch for TLKMF?
Investors monitoring TLKMF typically focus on several key financial metrics to assess its performance and valuation. The P/E ratio of 17.67 provides insight into how the market values its earnings. A significant dividend yield of 7.24% is crucial for income-focused investors, indicating a strong return on investment from dividends.
How does Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk compare to competitors in its industry?
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLKMF) operates as a major incumbent in the Indonesian telecommunications market, distinguishing itself from international peers like Advanced Info Service (AVIVF), MTN Group (MTNOY), Telenor (TELNY), Telia Company (TLSNY), and Koninklijke KPN (KKPNY) primarily through its geographic focus and comprehensive service integration within its home market.
What are the main risks for TLKMF?
The primary risks for TLKMF include its listing on the 'OTC Other' tier, which carries inherent challenges such as potentially limited liquidity, wider bid-ask spreads, and an 'Unknown' disclosure status, making comprehensive investor due diligence more difficult. Operationally, the company faces ongoing intense competition within the Indonesian telecommunications market, which could exert pressure on pricing and profit margins.
What are the key factors to evaluate for TLKMF?
Evaluate TLKMF on fundamentals, analyst consensus, and risk factors. Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLKMF) presents an investment profile underpinned by its dominant position in the Indonesian telecommunications market and a diversified service portfolio. Not financial advice.
How frequently does TLKMF data refresh on this page?
TLKMF's price was last updated on Aug 21, 2026 and refreshes on page view during U.S. market hours — it is not a real-time exchange feed. Fundamentals update after quarterly filings; the MoonshotScore recalculates nightly; news aggregates continuously.
What has driven TLKMF's recent stock price performance?
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLKMF) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Dominant market position and extensive infrastructure in Indonesia, serving a vast subscriber base. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider TLKMF overvalued or undervalued right now?
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLKMF) has no trailing P/E available here, so lean on price-to-sales and cash flow in the Financials tab. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- CEO title inferred as 'Managing Director' based on 'managing employees' context; specific title not provided.
- Tenure years for CEO not provided.
- Specific market sizes and timelines for growth opportunities are not explicitly provided in the source data, so general terms like 'growing demand' and 'long term' are used.
- Disclosure status for OTC is explicitly 'Unknown' as per source.