- Telkom showcased its resilience in the 2Q21 results: accelerated subscribers' number growth rate and increased ARPU thanks to the unlimited plan roll-out and an increase in the tariff rate.
- Telkom's EBITDA margin remained solid, supported by IndiHome's margin. Looking forward, we believe that IndiHome will maintain its dominance in the industry.
- However, potential M&A and 5G commercialization could change the industry, transforming the focus more on Capex than on pricing.
- Bottom line, we positively view Telkom due to solid 2Q21 results and balance sheet, which will enable Telkom to further expand its network coverage.
For further details see:
Telkom: Big Changes Are Transforming The Industry