PHI vs TLK: Which Is the Better Buy in 2026?
Last updated November 2026
Short answer
TLK is the larger of the two ($10.68B market cap): the incumbent the market prices for continued execution (8.83x forward earnings, beta 0.22). PHI is the smaller challenger ($3.86B), cheaper on forward earnings (6.66x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
PHI vs TLK: the tie-breaker metrics
Same yardstick, side by side (as of November 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.
| Metric | PHI | TLK | What it tells you |
|---|---|---|---|
| Market cap | $3.86B | $10.68B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 6.66 | 8.83 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 8.47 | 10.53 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.31 | 0.22 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 15% of range | 5% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 1.84 | 0.01 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: PHI is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how PHI and TLK affect your concentration
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.
What does PLDT (PHI) do?
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 account for roughly 86% of service revenues, which is the clearest signal of how far the business has shifted away from legacy voice and SMS. The company reports in Philippine pesos: trailing twelve-month revenue is ~PHP 221 billion (up ~2% year over year in the latest quarter) and trailing net income is ~PHP 29 billion.
What does PT Telkom Indonesia (TLK) do?
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).
PHI vs TLK: how do they differ?
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, enterprise and the broadband mix shift; Capex discipline and deleveraging.
- TLK drivers: Mobile and broadband scale; TLKM 30 and infrastructure monetization.
Which fits which kind of investor
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.
PHI or TLK: which should you pick?
Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. 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 vs TLK: the full fundamentals
PHI. PLDT reports in Philippine pesos and the ADR is quoted and paid in US dollars, so every figure above moves with the exchange rate. At ~9.5x trailing and ~7.4x forward earnings, the ADR sits low against global telecom peers, consistent with how the market prices emerging-market currency and regulatory risk, and analysts expect 2026 EPS to fall ~5% before rising ~4% in 2027. Net debt near ~2.6x EBITDA, and whether the VITRO REIT brings it toward ~2.4x, sets the ceiling on how much cash flow reaches shareholders.
TLK. Operating figures are reported in Indonesian rupiah, so US-dollar values shift with the currency. At $11.31 the ADR trades at about 11 times trailing and 9 times forward earnings with a trailing yield near 9.6%, cheaper than in mid-2026 because the price fell far faster than earnings; consensus sees full-year 2026 revenue of about Rp150 trillion and modest growth in 2027. Each TLK ADR represents 100 underlying ordinary shares.
Headline figures (approximate, October 2026): PHI shows revenue (ttm) ~PHP 221 billion, up ~2% year over year (latest quarter), net income (ttm) ~PHP 29 billion, profit margin ~13%, h1 2026 ebitda ~PHP 56.1 billion, margin ~52%, p/e (trailing / forward) ~9.5x / ~7.4x; TLK shows revenue (fy2025) ~Rp146.7T, q2 2026 revenue ~Rp38.7T (up ~6.4% y/y), q2 2026 net income ~Rp6.8T (earnings up ~28% y/y), net margin (ttm) ~12%.
The bottom line: PHI vs TLK
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.
Wondering how PHI or TLK fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in PLDT with AI
Connect the broker you already use and ask Walnut's AI how PHI fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between PHI and TLK?
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PLDT Inc. PT Telkom Indonesia (Persero) Tbk is Indonesia's largest telecommunications and digital services company, majority owned by the Indonesian government. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is PHI or TLK the better stock?
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Neither is universally better. TLK is the larger incumbent; PHI is the smaller challenger and looks cheaper on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, PHI or TLK?
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On forward P/E (as of November 2026), PHI trades at 6.66x and TLK at 8.83x, so PHI is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both PHI and TLK?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of PHI vs TLK?
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PHI: 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. Competitive intensity in Philippine mobile and broadband has compressed pricing (home fiber revenue fell ~1% in the first half of 2026), and the country's three-player mobile market plus fixed wireless entrants leave limited room for tariff increases. Leverage is meaningful at ~PHP 287 billion of net debt and roughly ~2.6x net debt to EBITDA, which means the dividend, the capex plan and the debt paydown all compete for the same cash flow; a cost or capex overrun pressures one of the three. The VITRO REIT is subject to market conditions, so a delay would leave the leverage figure where it is. Capital spending has historically been a source of governance surprise at PLDT, and any repeat would hit both cash flow and credibility. Regulatory and political risk in the Philippines, foreign ownership rules, and the ADR structure itself (Philippine withholding tax on dividends, depositary fees, and lighter US disclosure than a domestic filer) add further layers a domestic telecom holding would not carry. 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. As an ADR, the US-dollar return is heavily exposed to the Indonesian rupiah, which can erase local gains if the currency weakens. The government's majority ownership means strategic and dividend decisions can reflect state priorities as well as minority-shareholder interests. Competition from Indosat Ooredoo Hutchison, the merged XL Axiata (XLSMART), and new entrants like satellite broadband adds structural pressure. Slower-than-hoped digital and data-center growth would leave the company reliant on declining legacy lines. The 2026 share-price collapse, about 46% year to date to $11.31 by October 16, 2026, shows how quickly rupiah moves, Indonesian market sentiment and state-ownership concerns can overwhelm improving quarterly results for a dollar holder. A dividend payout above 100% of trailing earnings also means the yield could fall if the company resets the payout. Third-quarter results are expected around late October 2026.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell PHI or TLK; figures are approximate and dated (as of November 2026). Verify current data before investing.