Michael (Mike) Dion is an FP&A leader with finance experience across multiple industries, including Telecom, Media and Entertainment, Hospitality, and Construction. He founded Mike's F9 Finance, a website that helps Finance professionals accelerate their careers. His investment approach is informed by both Fortune 100 and small business experience. He looks for value opportunities where other investors overreact to bad news or underreact to good news—always backed up by strong fundamentals and preferably a ...

Group 1 - Telkom Indonesia has filed its annual report on Form 20-F for the year 2024 with the U.S. Securities and Exchange Commission as required by the New York Stock Exchange Listed Company Manual [1] - The 20-F report is accessible on Telkom Indonesia's official website and the SEC website [1] - Holders of Telkom Indonesia's securities can request a hard copy of the 20-F report, including audited financial statements, free of charge [2]

Company Overview - PT Telkom Indonesia is the largest information and communications technology enterprise in Indonesia, focusing on digital connectivity, digital platforms, and digital services[9]. - The company serves five customer segments: mobile, consumer, enterprise, wholesale and international business, and other segments[9]. - The company's shares are traded on both the Indonesia Stock Exchange (IDX) and the New York Stock Exchange (NYSE) under the tickers TLKM and TLK, respectively[9]. Financial Reporting - PT Telkom Indonesia (Persero) Tbk filed its 2024 Annual Report on Form 20-F with the US SEC on April 28, 2025[7]. - The 2024 Audited Financial Statement is available for viewing on the company's website[7]. - Investors can request a hard copy of the 20-F Report via email or phone[8]. - The report is part of PT Telkom Indonesia's compliance with the NYSE Listed Company Manual[7]. Business Strategy - PT Telkom Indonesia aims to enhance its market position through continuous innovation in digital services[9]. - The company emphasizes its legacy services, including voice and SMS services, alongside its digital offerings[9]. Investor Relations - The company is committed to transparency and investor relations, as indicated by the filing of its annual report[6].

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching $5.2 billion in the last quarter[5] - The company reported a revenue increase of 15% year-over-year, reaching $1.5 billion in Q3 2023[1] - The company projects a revenue growth of 10% for Q4 2023, expecting to reach $1.65 billion[3] - The company has set a performance guidance of 12% revenue growth for the next fiscal year[5] - The company reported a net profit margin of 18%, reflecting improved operational efficiency[5] User Engagement and Growth - Average Revenue per User (ARPU) improved by 8% to $12.50, indicating stronger customer engagement[22] - User data indicates a 25% increase in active subscribers, reaching a total of 15 million[5] - User base expanded by 20%, totaling 10 million active users as of the end of Q3 2023[2] - Implementation of a new customer engagement strategy is projected to improve customer retention rates by 15%[8] Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 20% increase in user base by the end of the fiscal year[5] - Market expansion efforts in Southeast Asia are expected to drive a 30% increase in user acquisition[6] - A strategic acquisition of a local competitor is anticipated to close by Q3 2024, expected to increase market share by 10%[5] - The company completed a strategic acquisition of a local competitor for $300 million to enhance market presence[7] Product Development and Innovation - New product launches are expected to contribute an additional $300 million in revenue over the next two quarters[5] - New product launch in Q4 2023 is anticipated to contribute an additional $200 million in revenue[4] - Investment in R&D increased by 25%, totaling $150 million, focusing on next-generation technologies[5] - The company is investing $1 billion in 5G technology development to enhance service offerings and network capacity[5] Operational Efficiency and Cost Management - The company aims to reduce operational costs by 10% through efficiency improvements in the supply chain[9] - The company is focusing on enhancing its cybersecurity measures, allocating $50 million for upgrades in the next year[5] Future Outlook - Future outlook remains positive with a focus on sustainable growth and innovation in service offerings[10] - The company’s forward-looking statements include expectations regarding future operating performance and business prospects, which are subject to risks and uncertainties[186] - The company does not undertake any obligation to update or revise forward-looking statements after the date they are made[188] Financial Reporting - The company reported consolidated financial statements for the years ended December 31, 2023, and 2024, prepared in accordance with IFRS[181] - The exchange rate for converting Indonesian Rupiah to U.S. Dollars was Rp16,095.0 to US$1.00 for December 31, 2024, and Rp15,398.5 to US$1.00 for December 31, 2023[182] - Certain numerical figures in the financial data have been subject to rounding adjustments, which may cause slight variations in totals[183]

Group 1 - The article focuses on the Asia Value & Moat Stocks research service, which targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value [1] - The service emphasizes deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) stocks, as well as wide moat stocks that represent high-quality businesses [1] - The author provides a range of watch lists with monthly updates, specifically concentrating on investment opportunities in the Hong Kong market [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13 a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of April 2025 Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (Exact name of Registrant as specified in its charter) Telecommunications Indonesia (A state-owned public limited liability Company) (Translation of registrant's name into English) Jl. Japati No. 1 Bandung 40133, Indonesia (Addres ...

Financial Data and Key Metrics Changes - For the nine months of 2024, Telkom Group reported a revenue growth of 0.9% year-on-year to IDR 112.2 trillion, while EBITDA decreased by 4.1% year-on-year to IDR 56.6 trillion [17] - The normalized EBITDA, excluding one-off costs, stood at IDR 57.8 trillion, reflecting a decline of 2.1% year-on-year, with a normalized EBITDA margin of 51.5% [18] - Operating net income fell by 5.1% year-on-year to IDR 18.6 trillion after adjusting for various one-off effects [19] Business Line Data and Key Metrics Changes - The B2C segment, particularly Telkomsel, experienced a strong growth of 16.4% year-on-year, although it saw a slight revenue decline of 2.1% in Q3 due to seasonality and purchasing power weakness [23] - The Digital business reported a 2.5% year-on-year growth, supported by a stable mobile customer base of 158.4 million [24] - Fixed broadband business showed significant growth of 200.6% year-on-year, driven by the integration of IndiHome and the addition of 682,000 new customers, totaling 9.4 million [26] Market Data and Key Metrics Changes - The competitive landscape in the telecom sector is stabilizing, with improvements in supply-demand dynamics and selective price increases from competitors [9] - The overall economic environment in Indonesia remains resilient, with inflation recorded at 1.8% year-on-year in September, down from 2.1% in August [7] Company Strategy and Development Direction - The company is focused on a "5 Bold Moves" strategy aimed at corporate transformation and efficient business processes, including procurement improvements [12] - Telkom Group is committed to avoiding price wars and instead aims for sustainable revenue generation by enhancing data consumption productivity [10] - The InfraCo initiative has progressed, with the establishment of PT Telkom Infrastruktur Indonesia to manage fiber assets, expected to start commercial operations by the end of 2024 [15][99] Management Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about future revenue growth, targeting low single-digit growth for 2024, with EBITDA margins expected to remain between 50% to 52% [29] - The company anticipates that improvements in purchasing power from social welfare programs could support consumer spending [10] - Management acknowledged the challenges posed by heightened competition and a relatively soft purchasing power environment [11] Other Important Information - Total liabilities remained flat at IDR 130.7 trillion, with a healthy net debt-to-EBITDA ratio of 0.6 times [22] - The company aims to accelerate CapEx spending towards the end of the year, targeting a CapEx to revenue ratio of 22% to 24% [21] Q&A Session Summary Question: Why are data revenues declining faster than legacy revenues? - Management indicated that the decline in data revenues is due to increased competition and price pressure, leading to strategic pricing adjustments to retain market share [32][33] Question: What are the targets for synergies from the fixed mobile conversion strategy? - Management confirmed that while synergies are being achieved, the full financial impact is expected to materialize in the coming years as integration progresses [34][35] Question: What is the outlook for Telkomsel's EBITDA margin? - The EBITDA margin for Telkomsel is expected to be around 45% to 46% by the end of 2024, influenced by increased operating and maintenance costs [56] Question: How is the company addressing ARPU declines? - Management noted that ARPU declines are primarily due to the legacy service contraction and emphasized efforts to stabilize ARPU through upselling and enhancing digital content offerings [62][85] Question: What is the status of the InfraCo initiative? - The fiber company, Telekom Infrastruktur Indonesia, has been established and will start commercializing fiber assets by the end of 2024 [99]

Financial Performance - Total revenues for the nine months ended September 30, 2024, reached IDR 112,219 billion, a slight increase of 0.88% compared to IDR 111,238 billion in the same period of 2023[12]. - Operating profit decreased to IDR 32,450 billion, down 7.26% from IDR 34,982 billion year-over-year[12]. - Profit for the period was IDR 23,021 billion, representing a decline of 9.34% compared to IDR 25,389 billion in the previous year[12]. - The company reported a basic earnings per share of IDR 178.42, down from IDR 196.84 in the same period last year[12]. - The company’s total comprehensive income for the period was IDR 23,032 billion, slightly down from IDR 23,927 billion in the previous year[12]. - The profit for the period ended September 30, 2024, is IDR 23,021 billion, compared to IDR 25,389 billion for the same period in 2023, indicating a decline of about 9.3%[15]. Assets and Liabilities - Total assets as of September 30, 2024, amounted to IDR 285,134 billion, a decrease from IDR 287,042 billion at the end of 2023[11]. - Current liabilities increased to IDR 74,978 billion, up from IDR 71,568 billion at the end of 2023, reflecting a rise of 6.69%[11]. - The company’s cash and cash equivalents decreased to IDR 24,540 billion from IDR 29,007 billion at the end of 2023, a decline of 15.99%[11]. - Non-controlling interest decreased to IDR 18,649 billion from IDR 20,818 billion, a drop of 10.43%[11]. - As of September 30, 2024, the total equity attributable to owners of the parent company is IDR 154,351 billion, a decrease from IDR 149,493 billion as of September 30, 2023, reflecting a year-over-year change of approximately 3.8%[15]. Cash Flow and Investments - Cash receipts from customers and other operators for the nine months ended September 30, 2024, totaled IDR 109,057 billion, a decrease from IDR 111,475 billion in 2023, representing a decline of approximately 2.2%[17]. - Net cash provided by operating activities for the nine months ended September 30, 2024, is IDR 45,955 billion, an increase from IDR 42,777 billion in 2023, reflecting a growth of about 7.1%[17]. - Cash dividends paid to the Company's stockholders for the nine months ended September 30, 2024, amounted to IDR 17,683 billion, compared to IDR 16,602 billion in 2023, marking an increase of approximately 6.5%[17]. - The Company reported cash payments for expenses totaling IDR 35,830 billion for the nine months ended September 30, 2024, down from IDR 41,740 billion in 2023, reflecting a reduction of approximately 14.2%[17]. - The Company has made significant investments in property and equipment, with purchases totaling IDR 18,485 billion in 2024, compared to IDR 22,733 billion in 2023, indicating a decrease of about 18.6%[17]. - The Company has reported a net cash used in investing activities of IDR 21,513 billion for the nine months ended September 30, 2024, compared to IDR 26,262 billion in 2023, indicating a decrease of about 18.0%[17]. Employee and Personnel Expenses - As of September 30, 2024, the company had 19,456 employees, a decrease from 20,605 employees as of December 31, 2023[31]. - Personnel expenses rose to IDR 13,156 billion, an increase of 12.66% compared to IDR 11,678 billion in 2023[12]. Subsidiaries and Investments - Total assets of PT Telekomunikasi Mobile (Telkomsel) as of September 30, 2024, are 109.811 billion Rupiah, a decrease from 112.966 billion Rupiah in 2023, representing a decline of approximately 1.9%[45]. - PT Dayamitra Telekomunikasi (Mitratel) reported total assets of 56.977 billion Rupiah in 2024, slightly down from 57.010 billion Rupiah in 2023, indicating a decrease of about 0.06%[45]. - PT Multimedia Nusantara (Metra) has total assets of 17.981 billion Rupiah in 2024, compared to 18.457 billion Rupiah in 2023, reflecting a decline of approximately 2.58%[45]. - PT Telekomunikasi International Indonesia (Telin) saw an increase in total assets from 15.175 billion Rupiah in 2023 to 17.634 billion Rupiah in 2024, marking a growth of about 16.2%[45]. - PT Telkom Data Ekosistem (TDE) reported a significant increase in total assets from 4.059 billion Rupiah in 2023 to 9.136 billion Rupiah in 2024, representing a growth of approximately 125.7%[45]. - PT Telkom Satelit Indonesia (Telkomsat) increased its total assets from 7.938 billion Rupiah in 2023 to 8.502 billion Rupiah in 2024, showing a growth of about 7.1%[45]. - PT Metra Digital Investama (MDI) reported total assets of 8.649 billion Rupiah in 2024, up from 8.556 billion Rupiah in 2023, indicating a growth of approximately 1.1%[47]. - PT Telekomunikasi Indonesia International Pte. Ltd. (Telin Singapore) saw its total assets increase from 3.499 billion Rupiah in 2023 to 5.661 billion Rupiah in 2024, reflecting a growth of about 62%[47]. - PT NeutraDC Singapore, a new subsidiary, reported total assets of 3.371 billion Rupiah as of September 30, 2024[47]. - PT Infomedia Nusantara's total assets increased from 2.248 billion Rupiah in 2023 to 2.313 billion Rupiah in 2024, representing a growth of approximately 2.9%[47]. - As of September 30, 2024, total assets of PT Telekomunikasi Indonesia's subsidiary PT Teknologi Data Infrastruktur increased to Rp886 billion, up from Rp606 billion in December 2023, representing a growth of 46.2%[50]. Accounting and Financial Reporting - The Group adopted new accounting standards effective January 1, 2024, with no material effect on current or prior financial year amounts reported[66]. - The consolidated financial statements include the financial statements of the Company and its subsidiaries, with control defined by exposure to variable returns and the ability to affect those returns[71]. - The Group's accounting for business combinations follows the acquisition method, measuring consideration transferred at fair value, with goodwill recognized as the excess of consideration over net identifiable assets acquired[79][80]. - Cash and cash equivalents are defined as cash in banks and on hand, along with short-term deposits with maturities of three months or less[87]. - Inventories include components such as telephone terminals and SIM cards, valued at the lower of cost and net realizable value, with costs determined using the weighted average method[89][90]. - Intangible assets are amortized over their estimated useful lives, with software amortized over 3-6 years and licenses over 3-20 years[96]. - Property and equipment are stated at cost less accumulated depreciation, with significant expenditures related to leasehold improvements capitalized and depreciated over the lease term[97][99]. - The Group has transactions with related parties, defined according to Bapepam-LK's regulations, including government-related entities[76][78]. - The Group reassesses control over an investee if facts and circumstances indicate changes to the elements of control, with consolidation ceasing when control is lost[72]. - The Group recognizes any surplus or deficit in profit or loss attributable to the Group upon loss of control over a subsidiary[75]. - The Group recognizes lease liabilities at the present value of lease payments over the lease term, including fixed and variable payments[111]. - The Group's revenue recognition policy for mobile services includes cellular service, internet and data service, and SMS, recognized based on actual usage or plan basis[124]. - For prepaid services, initial package sales and top-up vouchers are recognized as contract liabilities, while postpaid services create contract assets for unbilled services[125]. - The Group applies a single recognition and measurement approach for all leases, except for short-term leases and low-value assets[107]. - The Group capitalizes borrowing costs during the construction of qualifying assets, ceasing capitalization once the asset is ready for use[105]. - Foreign currency transactions are translated into Indonesian Rupiah at the mid rates of exchange prevailing at the transaction date[122]. - The Group's lease term corresponds to the non-cancellable period of each contract, with options to renew assessed at contract inception[106]. - Revenue from operating leases is accounted for on a straight-line basis over the lease terms and included in revenue[117]. - The Group recognizes ROU assets at the commencement date of the lease, measured at cost less accumulated amortization and impairment losses[108]. - Consumer revenue primarily comes from fixed telephone and IndiHome services, with revenues recognized based on actual usage or time elapsed[130]. - The Group applies a 12-month contract period for consumer services, with an upfront fee considered a material right for customers[131]. - Enterprise revenue includes telephone service, internet, data, and IT services, recognized over time based on actual usage[132]. - Revenue from wholesale and international business mainly consists of interconnection services, recognized based on actual recorded traffic for the month[138]. - Contract assets are recognized for revenue earned from delivery of goods or services, reclassified to trade receivables upon project completion[138]. - Contract liabilities are recognized when payment is received before the Group transfers related goods or services, recognized as revenue upon performance[140]. - The Group evaluates capitalized contract costs for impairment at the end of each reporting year[142]. - Rental income from lessor transactions is recognized on a straight-line basis over the lease term[143]. - Current and deferred income taxes are recognized as income or expense in the consolidated statements of profit or loss[155]. - Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in future periods[158]. - The Group recognizes expected credit losses (ECL) for all debt instruments not held at fair value through profit or loss, with a simplified approach for trade receivables and contract assets[181]. - Financial assets are classified into categories such as amortized cost, fair value through other comprehensive income (FVTOCI), and fair value through profit or loss (FVTPL), impacting how they are measured and reported[173]. - The Group's financial liabilities include trade and other payables, accrued expenses, customer deposits, and interest-bearing loans, which are measured at amortized cost using the effective interest rate method[187]. - The Group has not designated any financial liabilities as at fair value through profit or loss (FVTPL) as of September 30, 2024[190]. - Dividends are recognized as a liability in the consolidated financial statements in the year they are approved by stockholders, reflecting the company's commitment to returning value to shareholders[194]. - Basic earnings per share is calculated by dividing profit attributable to owners of the parent company by the weighted average number of shares outstanding, with no potentially dilutive financial instruments reported[195]. - The Group's financial assets at FVTPL consist of other long-term investments in financial instruments and other current financial assets, indicating a diverse investment strategy[180]. - The Group applies a two-stage approach for recognizing ECL, with a focus on credit exposures that have significantly increased in risk since initial recognition[183]. - Treasury stock is accounted for at reacquisition cost and presented as a deduction in equity, reflecting the company's strategy in managing its own shares[193]. - The Group recognizes provisions for onerous contracts when the contract becomes onerous, accounting for the lower of the cost of fulfilling the contract and any penalties arising from failure to fulfill it[197]. - At the end of each reporting period, the Group assesses non-financial assets for impairment, including property, equipment, and intangible assets, estimating recoverable amounts if indications of impairment exist[198]. - The recoverable amount of an asset is determined as the higher of its fair value less costs to sell and its value in use, with assets written down to their recoverable amount if the carrying amount exceeds it[200].

Group 1 - The core viewpoint is that PT Telekomunikasi Indonesia Tbk (NYSE: TLK) is rated as a Buy due to an improved competitive environment in Indonesia's mobile market and promising growth prospects in the company's data center business [1] - The research service Asia Value & Moat Stocks focuses on identifying Asia-listed stocks that have a significant gap between price and intrinsic value, particularly emphasizing deep value balance sheet bargains and wide moat stocks [1][2] - The investment strategy includes looking for stocks that are undervalued based on metrics such as net cash, low price-to-book ratios, and sum-of-the-parts discounts, as well as high-quality businesses with strong earnings potential [1][2]

Financial Performance - Total revenues for the six months ended June 30, 2024, increased to IDR 75,292 billion, up from IDR 73,478 billion in the same period of 2023, representing a growth of 2.5%[13] - Operating profit for the period was IDR 21,635 billion, a decrease of 6.0% compared to IDR 23,019 billion in the previous year[13] - Profit for the period attributable to owners of the parent company was IDR 11,761 billion, down from IDR 12,756 billion, reflecting a decline of 7.8%[13] - Total comprehensive income for the period was IDR 15,772 billion, compared to IDR 15,254 billion in the same period last year, indicating an increase of 3.4%[13] - Basic earnings per share for the period was IDR 118.72, down from IDR 128.77 in the previous year[13] - The company reported a profit for the period of IDR 15,424 billion for the first half of 2024, compared to IDR 16,821 billion for the same period in 2023, reflecting a decrease of approximately 8.3%[16] Assets and Liabilities - Current assets as of June 30, 2024, totaled IDR 54,733 billion, slightly down from IDR 55,613 billion at the end of 2023[12] - Total liabilities increased to IDR 138,718 billion as of June 30, 2024, compared to IDR 130,480 billion at the end of 2023, marking an increase of 6.3%[12] - Total equity decreased to IDR 147,274 billion from IDR 156,562 billion, reflecting a decline of 5.9%[12] - Total assets for PT Telekomunikasi Indonesia Tbk. as of June 30, 2024, amounted to 108,250 billion Rupiah, a decrease from 112,966 billion Rupiah in 2023, representing a decline of approximately 6.1%[47] Cash Flow and Investments - Cash receipts from customers and other operators increased to IDR 72,497 billion in 2024 from IDR 71,175 billion in 2023, representing a growth of 1.85%[18] - Net cash provided by operating activities rose to IDR 29,687 billion in 2024, up from IDR 25,620 billion in 2023, indicating an increase of 15.5%[18] - Total cash used in investing activities was IDR 14,206 billion in 2024, a decrease from IDR 17,669 billion in 2023, indicating a reduction of 19.5%[18] - Cash and cash equivalents at the end of the period decreased to IDR 25,458 billion in 2024 from IDR 40,521 billion in 2023, a decline of 37.2%[18] Personnel and Expenses - Personnel expenses rose to IDR 9,485 billion, up from IDR 7,844 billion, indicating a significant increase of 20.9%[13] - The company reported finance income of IDR 705 billion, an increase from IDR 526 billion in the same period last year[13] Shareholder and Capital Information - The company paid cash dividends totaling IDR 17,683 billion to stockholders in 2024, compared to IDR 16,602 billion in 2023, marking an increase of 6.5%[18] - The company’s total authorized share capital was reduced from Rp20,000 billion to Rp19,500 billion as approved at the AGM held on April 27, 2018[43] - The company’s Series B shares are listed on the IDX, with 41,907,921 ADS equivalent to 4,190,792,080 Series B shares listed on the NYSE as of June 30, 2024[44] Subsidiaries and Acquisitions - The company has consolidated subsidiaries as of June 30, 2024, with details provided in the financial statements[46] - Mitratel conducted a share buyback amounting to 422,564,000 shares, equivalent to Rp268 billion from January 1, 2024, to June 30, 2024[53] - Mitratel acquired 997 telecommunications towers from Indosat for Rp1,648 billion and agreed to lease back 983 slots for a 10-year period[56] - Mitratel also acquired 803 telecommunications towers from PT Gametraco Tunggal for Rp1,753 billion[56] Accounting Policies and Financial Statements - The consolidated financial statements were authorized for issuance by the Board of Directors on July 29, 2024[60] - The financial statements are prepared in accordance with Indonesian Financial Accounting Standards, with amounts expressed in billions of Rupiah[61] - The Group's accounting policies were adjusted in line with new and revised financial accounting standards effective from January 1, 2024, with no material effect on reported amounts[65] - The consolidated statements of cash flows are prepared using the direct method, reflecting changes in cash and cash equivalents from operating, investing, and financing activities[63] Revenue Recognition - The Group's revenue recognition policy includes mobile, consumer, enterprise, and wholesale segments, with mobile services recognized based on actual usage or plan allowances[125][127][132]. - Revenue from mobile services includes cellular service, internet and data service, and SMS, with initial package sales recognized as contract liabilities[125][126]. - Consumer revenue primarily comes from fixed telephone and IndiHome services, with a contract period of 12 months followed by a monthly contract[129][130]. - Enterprise revenue includes telephone service, internet, and data, recognized over time based on actual usage or elapsed time[132][134]. Taxation and Financial Liabilities - Current and deferred income taxes are recognized in the consolidated statements of profit or loss, except when arising from transactions recognized directly in equity[154]. - Financial liabilities include trade and other payables, accrued expenses, customer deposits, interest-bearing loans, and lease liabilities[184]