13 August 2025
TLKM – A New Captain at the Helm
Market Commentary
0 comments
A management change at a company the size of TLKM is more than just a shift in leadership. It signals a new course, a refreshed strategy, and a sharper game plan. TLKM has appointed Dian Siswarini, a seasoned telco leader with over three decades of experience and best known for her decade-long tenure as President Director and CEO of XL Axiata where she drove large-scale network expansion and digital transformation. She also served as commissioner at Hypernet and Link Net, bringing both operational depth and strategic vision.
Alongside her is CFO Arthur Syalendra, a Stanford-educated executive with a proven track record in corporate finance and strategic investments, spanning investment banking, private equity, and digital infrastructure. With their combined expertise, TLKM is entering this chapter with clear priorities, measurable goals, and the ambition to unlock its next wave of growth.
The first focus is Operational and Service Excellence. Change begins with a reform of the company’s culture and governance, coupled with a far more disciplined allocation of capital for both capital expenditure and operating expenses to drive efficiency. The target is ambitious, achieving annual savings of Rp6 trillion. This is not simply about cost cutting, but about making every rupiah work harder and deliver more from the same set of resources.
The second is Streamlining. The group will consolidate overlapping business units while divesting non-core assets. The focus will return to the strongest core businesses in both B2C and B2B, those with the most solid fundamentals and the greatest growth potential. The aim is to create a leaner, more agile Telkom Group, better positioned to compete in an ever-evolving market.
The third is Unlocking Value. Telkom holds a portfolio of high-value digital infrastructure assets that includes 177,443 km of fiber optic networks, 271,040 BTS, 43,472 telecommunications towers, 35 data centers, and three satellites with 42.2 Gbps capacity. These assets have been the backbone of Indonesia’s connectivity, yet their full economic potential has remained largely untapped.
By accelerating monetization through data centers, towers, and fiber, the company believes it can unlock an additional Rp100 to Rp150 trillion in valuation. This is latent value that has long been embedded in Telkom’s foundation, now ready to be realized under the new management’s sharper execution and market-driven approach.
.png)
The fourth is a Modus Operandi Shift. The transformation from a traditional operating company into a strategic digital telco holding is designed to maximize value creation and deliver optimal returns to shareholders. This shift also redirects the focus from legacy telco services toward digital solutions built for the future. It is not just a change in how the company operates. It is an evolution in structure that will become the foundation for sustainable growth in the digital economy.
The market has often associated TLKM with ARPU pressure and tough competition. With a new leadership team and a clearer strategic direction, the company is now taking steps to improve efficiency, unlock the value of its infrastructure portfolio, and transition into a strategic digital telco holding aimed at optimizing market capitalization.
While the current share price has already reached our analyst’s target, which we believe is more-likely to be flow-driven for now, our analyst sees potential for further upside as these initiatives progress under the new management.
Alongside her is CFO Arthur Syalendra, a Stanford-educated executive with a proven track record in corporate finance and strategic investments, spanning investment banking, private equity, and digital infrastructure. With their combined expertise, TLKM is entering this chapter with clear priorities, measurable goals, and the ambition to unlock its next wave of growth.
The first focus is Operational and Service Excellence. Change begins with a reform of the company’s culture and governance, coupled with a far more disciplined allocation of capital for both capital expenditure and operating expenses to drive efficiency. The target is ambitious, achieving annual savings of Rp6 trillion. This is not simply about cost cutting, but about making every rupiah work harder and deliver more from the same set of resources.
The second is Streamlining. The group will consolidate overlapping business units while divesting non-core assets. The focus will return to the strongest core businesses in both B2C and B2B, those with the most solid fundamentals and the greatest growth potential. The aim is to create a leaner, more agile Telkom Group, better positioned to compete in an ever-evolving market.
The third is Unlocking Value. Telkom holds a portfolio of high-value digital infrastructure assets that includes 177,443 km of fiber optic networks, 271,040 BTS, 43,472 telecommunications towers, 35 data centers, and three satellites with 42.2 Gbps capacity. These assets have been the backbone of Indonesia’s connectivity, yet their full economic potential has remained largely untapped.
By accelerating monetization through data centers, towers, and fiber, the company believes it can unlock an additional Rp100 to Rp150 trillion in valuation. This is latent value that has long been embedded in Telkom’s foundation, now ready to be realized under the new management’s sharper execution and market-driven approach.
The fourth is a Modus Operandi Shift. The transformation from a traditional operating company into a strategic digital telco holding is designed to maximize value creation and deliver optimal returns to shareholders. This shift also redirects the focus from legacy telco services toward digital solutions built for the future. It is not just a change in how the company operates. It is an evolution in structure that will become the foundation for sustainable growth in the digital economy.
The market has often associated TLKM with ARPU pressure and tough competition. With a new leadership team and a clearer strategic direction, the company is now taking steps to improve efficiency, unlock the value of its infrastructure portfolio, and transition into a strategic digital telco holding aimed at optimizing market capitalization.
While the current share price has already reached our analyst’s target, which we believe is more-likely to be flow-driven for now, our analyst sees potential for further upside as these initiatives progress under the new management.
Written by Boris, the Broker
Comments