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01/10 18:48
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call presents a mixed picture. While there is growth in key areas like mobile and digital business revenues, concerns arise from declining ARPU and flat subscriber growth. The Q&A highlights management's cautious optimism, but lack of clarity on certain issues raises uncertainties. Despite positive developments like fiber optic expansion and cost optimization targets, the overall sentiment remains balanced, resulting in a neutral outlook for the stock price.
Revenue IDR 37.4 trillion, increased by 3.7% year-on-year. The growth is attributed to successful efforts in promoting data and internet revenue as well as managing expenses.
EBITDA IDR 19.4 trillion, increased by 2.2% year-on-year. The increase is due to better management of expenses and growth in data and internet revenue.
Operating Net Income IDR 6.3 trillion, grew by 3.1% year-on-year. The growth is after accounting for the mark-to-market effect from GOTO.
Mobile Revenue IDR 28.5 trillion, increased by 32.7% year-on-year, driven by growth in mobile business.
Digital Business Revenue Increased by 8.6% year-on-year, contributing to mobile revenue growth from 84.4% to 89.9%.
Wholesale and International Business Revenue IDR 4.8 trillion, grew by 17.8% year-on-year, due to growth in international wholesale voice business and digital connectivity infrastructure.
Data Center and Cloud Revenue IDR 449 billion, grew by 6.4% year-on-year, reflecting the demand for data center services.
Mitratel Revenue IDR 2.3 trillion, grew by 7.3% year-on-year, driven by tower leasing revenues.
Mitratel EBITDA Grew by 9.9% year-on-year, with an EBITDA margin of 83.5%, increased by 2.0 percentage points.
Mitratel Net Income Grew by 4.0% year-on-year, with a net income margin of 33.6%, decreased by 0.8 percentage points.
Persero Segment Revenue IDR 4.5 trillion, reflecting strong performance in enterprise connectivity solutions.
New Product Launch: Telkomsel specifically designed products to cater to customer needs, ensuring customization for specific segments and localized quota allocation.
Data Center Business: Telkom plans to fully unlock its data center business in 2024 by finding strategic partners for retail and management expertise.
Market Expansion: Telkomsel expanded its mobile customer base to 159.7 million and reached 8.9 million IndiHome B2C customers.
International Business Growth: Wholesale and international business segment contributed IDR 4.8 trillion, growing by 17.8% due to international wholesale voice and digital connectivity.
Operational Efficiency: Synergy and efficiency of modem established, ready to launch product portfolio for home and SME segments.
Tower Expansion: Telkom has 38,100 towers, adding 130 towers in Q1 2024, maintaining its position as the largest tower provider in Southeast Asia.
Strategic Shift: Telkom Group is focusing on data center monetization and enhancing InfraCo business to drive future growth.
Macroeconomic Risks: The company faces a macroeconomic downturn and higher inflation, worsened by geopolitical situations, which could impact business stability.
Regulatory Risks: The newly elected government in Indonesia may influence political, socio-economic, and business stability, posing a risk to the company's operations.
Supply Chain Challenges: The company acknowledges the need for timely market strategies in the data center business, where leading suppliers can increase operating costs and lagging suppliers can result in lost opportunities.
Competitive Pressures: The company operates in a highly competitive market, particularly in the InfraCo initiative, which requires agility and strong partnerships to maintain market position.
Economic Factors: Potential recession and worsening inflation could adversely affect the company's revenue and profitability.
Customer Retention Risks: The company aims to mitigate risks of price wars and customer churn through tailored products and a customer-oriented approach.
Data Center Business: Telkom plans to fully unlock its data center business within 2024 by finding strategic partners to enhance retail and management expertise.
InfraCo Initiative: Telkom aims to pursue a capacity of 400 megawatts by 2030, with ongoing progress in the InfraCo initiative.
Customer Base Expansion: Telkomsel has expanded its mobile customer base to 159.7 million and IndiHome B2C customers to 8.9 million.
Monetization Process: The group has initiated monetization of its data center business, expected to be completed by the end of 2024.
Sustainability Initiatives: Telkom launched the EXIST ESG program focusing on environmental sustainability, employee development, and compliance with business ethics.
Revenue Growth: Telkom Group reported a revenue increase of 3.7% year-on-year to IDR 37.4 trillion.
EBITDA Growth: EBITDA increased by 2.2% year-on-year to IDR 19.4 trillion.
Operating Net Income: Operating net income grew 3.1% year-on-year to IDR 6.3 trillion.
Data Center Revenue: Data center and cloud revenue reached IDR 449 billion, growing 6.4% year-on-year.
Mitratel Revenue: Mitratel recorded revenue of IDR 2.3 trillion, growing 7.3% year-on-year.
Share Buyback Program: None
Dividend Program: None
The earnings call presents a mixed picture. Financial performance shows slight revenue growth and stable EBITDA margins, but EBITDA has decreased. The company faces macroeconomic and competitive risks, and there's no share buyback plan. Guidance is cautious, with no strong catalysts for growth. Despite some positive aspects like digital business growth, the lack of clear dividend plans and competitive pressures balance the outlook. The Q&A reveals cautious optimism but no strong positive signals. Overall, these factors suggest a neutral stock price movement.
The earnings call reveals mixed signals: modest revenue growth, but declining EBITDA and operating income due to increased expenses. The Q&A highlights competitive pressures and unclear management responses, especially on synergy and monetization strategies, which are concerning. The lack of shareholder return plans and no new partnerships or strong guidance further contribute to a neutral sentiment. Despite some growth in digital and fixed broadband, the overall financial health remains challenged, resulting in an anticipated neutral stock price movement.
The earnings call presents a mixed picture. While there is growth in key areas like mobile and digital business revenues, concerns arise from declining ARPU and flat subscriber growth. The Q&A highlights management's cautious optimism, but lack of clarity on certain issues raises uncertainties. Despite positive developments like fiber optic expansion and cost optimization targets, the overall sentiment remains balanced, resulting in a neutral outlook for the stock price.
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