PT Telekomunikasi Indonesia, Tb (TLK) Stock Price & How to Invest

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).

The US-listed ADR (each representing 100 ordinary shares) gives American investors access to a defensive, cash-generative franchise in a large, under-penetrated market, but the recent picture is one of pressure: consolidated revenue and profit both declined in 2025 amid intense price competition, legacy fixed-voice erosion, and heavy infrastructure spending. The stock trades at a modest earnings multiple and carries a high dividend yield, which frames it for many holders as an income and value name whose total return depends heavily on the Indonesian rupiah and on whether digital and data growth can offset legacy declines.

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.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see PT Telekomunikasi Indonesia, Tb's investor relations page or your broker.

• Revenue (FY2025): ~$9.0B (Rp146.7T)
• EBITDA (FY2025): ~$4.4B (Rp72.2T)
• Net income (FY2025): ~$1.1B (Rp17.8T)
• Market cap: ~$15B
• P/E (TTM): ~13x to 14x
• Dividend yield: ~7.4%

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.

There are three common ways to get TLK exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so TLK sits alongside other stocks that express the same thesis.

Walnut takes the basket route. Describe a thesis where TLK fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

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TLK offers exposure to Indonesia's largest telecom operator at a value multiple with a high dividend, set against slowing revenue, price competition, and currency risk.

Whether TLK is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is TLK a buy?, and where the stock could go from here in the TLK stock forecast.

For income investors, whether TLK pays a dividend and how the payout looks is covered in does TLK pay a dividend?