EXCL, ISAT, and TLKM Profit Signals as Average Customer Spending Rises

The performance of several telecommunications issuers, PT Telkom Indonesia (Persero) Tbk. (TLKM), PT Indosat Tbk. (ISAT), and PT XLSMART Telecom Sejahtera Tbk. (EXCL), is projected to record an increase in average revenue per user (ARPU) in the first quarter of 2026. Indo Premier Sekuritas analysts Aurelia Barus and Belva Monica estimate that the aggregate mobile ARPU will increase by around 1% quarter-on-quarter (qoq) and 12% year-on-year (yoy) in the first quarter of 2026, driven by the shift in Ramadan and Eid momentum as well as stable to positive pricing trends.