Telkom Indonesia Stock Price, News & Analysis

PT Telekomunikasi Indonesia (Persero) Tbk, commonly referred to as Telkom Indonesia, is an integrated telecommunications company based in Indonesia. According to its public disclosures, the company’s business sector is telecommunication, and it operates as a state-owned public limited liability company. Telkom Indonesia’s shares are listed on the Indonesia Stock Exchange under the symbol TLKM and have a secondary listing on the New York Stock Exchange under the symbol TLK.

The company describes its core activities as the operation of telecommunication networks and services, informatics services, and optimization of the utilization of resources proprietary to the company. In line with this, Telkom Indonesia has stated that it focuses its business on three digital domains: digital connectivity, digital platforms, and digital services. These domains frame how the group organizes and develops its offerings in Indonesia and internationally.

Business model and service lines

Based on available information, Telkom Indonesia is an integrated telecommunications provider in Indonesia. It reports that it provides communication-related services that include telephone network and interconnection services, multimedia, data and internet communication-related services, satellite transponder leasing, leased line, intelligent network and related services, cable television, and VoIP services. The group indicates that it derives revenue from several product lines identified as Mobile, Consumer, Enterprise, WIB, and Others.

Telkom Indonesia has also emphasized its role in digital connectivity and infrastructure. In its own communications, the company links its activities to the development of digital infrastructure and digital service platforms to support Indonesia’s digitalization. It has highlighted the importance of connectivity, platforms, and digital applications in supporting changes in people’s lifestyles and the growth of a digital economy.

Position as a state-owned telecommunications company

Telkom Indonesia is explicitly described as a state-owned enterprise of the Republic of Indonesia. Regulatory filings explain that the Republic of Indonesia remains the controlling shareholder, referred to as the ultimate beneficial owner, through ownership of a special Series A Dwiwarna share and Series B shares held via state-related entities. The company’s status as a state-owned issuer shapes its governance framework, including oversight by Indonesian authorities and compliance with specific state-owned enterprise regulations.

In filings to regulators, Telkom Indonesia identifies itself as a public company subject to Indonesian Financial Services Authority (OJK) rules and to the U.S. Securities Exchange Act of 1934 as a foreign issuer. It files annual reports on Form 20-F with the U.S. Securities and Exchange Commission and current reports on Form 6-K to disclose material information or facts, including corporate actions, changes in committees, and share ownership structures.

Digital focus and transformation themes

In its public communications, Telkom Indonesia describes itself as a digital telecommunications company and refers to a transformation journey focused on digital business. It links this focus to the Government of Indonesia’s mission to expand digital access across the country and to the broader goal of building a digital economy. The company has communicated three missions related to this transformation: accelerating the sustainable development of smart digital infrastructure and platforms, developing digital talent, and leading digital ecosystem formation that provides strong user experiences.

Telkom Indonesia has also associated its activities with the concept of digital sovereignty, noting that infrastructure development, digital literacy, and inclusion are important factors for Indonesia’s digital transformation. It has referenced participation in national and international forums on digitization and has highlighted its role in supporting digital literacy and digital ecosystems in areas such as micro, small and medium enterprises (MSMEs), agriculture and fisheries, logistics, data, and other digital services.

Group structure and wholesale connectivity

Telkom Indonesia’s disclosures show that it operates through a group structure that includes controlled subsidiaries. One such subsidiary is PT Telkom Infrastruktur Indonesia (TIF), which is described as a controlled company whose shares are directly owned by Telkom Indonesia. Both Telkom Indonesia and TIF state that their business activities cover the operation of telecommunication networks and services, informatics services, and optimization of the utilization of proprietary resources.

Recent regulatory filings describe a partial spin-off of the wholesale fiber connectivity business and assets from Telkom Indonesia to TIF. The wholesale fiber connectivity business referenced in these documents comprises products identified as wholesale Metro-Ethernet, wholesale SL-WDM, wholesale Access Network, wholesale Global Link, and wholesale IP Transit, along with certain related customers, assets, and liabilities. This spin-off is characterized as a material transaction and an affiliated transaction under Indonesian capital market regulations, and is part of a broader plan to transfer all wholesale fiber connectivity business and assets to TIF.

Capital markets presence and shareholder structure

Telkom Indonesia’s shares are traded on the Indonesia Stock Exchange and on the New York Stock Exchange. The company has confirmed in multiple announcements that it files its annual report on Form 20-F with the U.S. Securities and Exchange Commission, and that holders of its securities can request hard copies of the report, including audited financial statements, free of charge.

In a recent filing, the company reported changes in the ownership of its shares by state-related entities, specifically Badan Pengaturan BUMN (BP BUMN) and PT Danantara Asset Management (DAM). Following a transfer of Series B shares, BP BUMN and DAM continue to hold Series B shares, and the Republic of Indonesia remains the controlling shareholder through these holdings and the special Series A Dwiwarna share. The filing states that this change was made to align with Indonesian law on state-owned enterprises.

Governance and regulatory compliance

Telkom Indonesia’s filings show that it operates under a governance framework that includes a Board of Directors, Board of Commissioners, and committees such as the Audit Committee. Changes in the composition of the Audit Committee and other governance bodies are reported to the Indonesian Financial Services Authority, in line with regulations on the establishment and guidelines for audit committees. The company also holds General Meetings of Shareholders, including extraordinary general meetings, to seek approval for matters such as partial spin-offs of business lines, amendments to the articles of association, work plans and budgets, and special assignments from the central government.

These governance-related disclosures highlight Telkom Indonesia’s obligations to comply with Indonesian company law, OJK regulations on material transactions, affiliated transactions, and general meetings of shareholders, as well as U.S. securities regulations applicable to foreign issuers.

Role in Indonesia’s digital and telecommunications landscape

In its own communications, Telkom Indonesia links its telecommunications and digital activities to the broader development of Indonesia’s digital economy and digital literacy. The company has stated that it supports the development of digital infrastructure and digital services platforms, and that it participates in initiatives aimed at improving digital literacy and inclusion. It has also referenced collaboration with other state-owned enterprises and partners in areas such as MSME platforms, agriculture and fisheries, logistics, and data services, positioning these efforts as contributions to Indonesia’s digital ecosystem and economic growth.

Through its integrated telecommunications operations, digital focus, state-owned status, and capital markets presence in Indonesia and the United States, Telkom Indonesia presents itself as a key participant in the country’s telecommunications and digital infrastructure sector.