PHI vs TLK: How PLDT and PT Telkom Indonesia Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. PHI and TLK share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined PHI and TLK exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

PLDT Inc. is the largest integrated telecommunications company in the Philippines, running a mobile network under the Smart and TNT brands, the country's biggest fixed-line and fiber broadband footprint, an enterprise and data-center arm (VITRO), and a minority stake of roughly 44% in Maya, one of the Philippines' leading digital banks and payment platforms. Data and broadband now account for roughly 86% of service revenues, up from roughly 85% a year earlier, which is the clearest signal of how far the business has shifted away from legacy voice and SMS. The company reports in Philippine pesos: first-quarter 2026 gross service revenues were ~PHP 54.9 billion (up ~3% year over year), consolidated revenues were ~PHP 56.5 billion, and reported net income was ~PHP 8.9 billion, slightly below the prior year as operating costs rose faster than the top line.

Full PHI guide

PT Telkom Indonesia (Persero) Tbk is Indonesia's largest telecommunications and digital services company, majority owned by the Indonesian government. Its core businesses are mobile connectivity through its Telkomsel subsidiary (roughly 158.8 million mobile subscribers and about half of the national mobile market), fixed broadband under the IndiHome brand (around 11 million B2C and B2B customers), and enterprise, data-center, tower, and wholesale infrastructure services. In 2025 the company advanced its TLKM 30 transformation program, including a partial spin-off of wholesale fiber connectivity and related assets valued at about Rp35.8 trillion into a new infrastructure entity (InfraNexia).

Full TLK guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• PHI drivers: Data and broadband mix shift; Capex discipline and deleveraging.
• TLK drivers: Mobile and broadband scale; TLKM 30 and infrastructure monetization.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The single largest risk for a US-based holder is currency: PLDT earns and declares dividends in Philippine pesos, so a weaker peso against the dollar shrinks the dollar dividend and the ADR price even when the underlying business is unchanged. For TLK, revenue and profit both declined in 2025, with operating profit and net income falling year over year as price competition and legacy erosion outpaced digital growth.

Pick PHI if you believe its drivers more; TLK if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the PHI and TLK guides.

PHI. PLDT reports in Philippine pesos and the ADR is quoted and paid in US dollars, so every figure above translates at roughly PHP 57 to the dollar in 2026 and moves with that rate. On annualised core income of roughly PHP 36 billion, the ADR trades at a high single-digit price-to-earnings multiple, low against global telecom peers and consistent with how the market prices emerging-market currency and regulatory risk. Net debt of ~PHP 282 billion and net debt to EBITDA near ~2.5x are the balance-sheet figures that set the ceiling on how much of that cash flow reaches shareholders.

TLK. Figures are approximate and converted from Indonesian rupiah at recent exchange rates, so US-dollar values shift with the currency. The valuation looks inexpensive on an earnings basis with a high yield, but that reflects declining revenue and profit rather than a bargain in a growing business. Each TLK ADR represents 100 underlying ordinary shares.

Headline figures (approximate, August 2026): PHI shows revenue (ttm) ~PHP 220 billion (~$3.9 billion), q1 2026 net income ~PHP 8.9 billion (~$155 million), 2026 ebitda guidance ~PHP 111 billion, margin ~52%, 2026 capex guidance ~PHP 53 to 57 billion, ~25% of revenue; TLK shows revenue (fy2025) ~$9.0B (Rp146.7T), ebitda (fy2025) ~$4.4B (Rp72.2T), net income (fy2025) ~$1.1B (Rp17.8T), market cap ~$15B.

PHI and TLK are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined PHI and TLK exposure against your real portfolio. It is not an investment adviser.