Weathering The Storm: Positive Outlook Remains Perceptible
Key Takeaways:
▪️ Starlink’s arrival in Indonesia with VSAT (Very-Small-Aperture Terminal) closed fixed network and ISP permits to operate has ignited concerns of its impact to existing local players within the industry.
▪️ During the 1Q24 earnings call, the management expressed an early positive outlook on Telkomsel Lite, emphasizing its strategic focus on targeted segments with localized quota domination to minimizing the impact of competition, particularly within Java Island.
▪️ We maintain a BUY recommendation for TLKM with a lower TP of IDR4,010/share (+28.5% upside), implying 5.10x of FY24E EV/EBITDA.
MNCS Research
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