JP Morgan Issues Fresh Warning to Shareholders of Telco Operators ISAT, TLKM, EXCL

JP Morgan has cautioned shareholders of Indonesian telecommunications companies ISAT, TLKM, and EXCL to exercise greater selectivity regarding new capital expenditure (capex) cycles.

Indonesian telecommunications companies may be at an early stage of a new capex cycle for building 5G networks. In a research document published on 6 March 2026 titled “Indonesia Telcos,” analysts headed by Ranjan Sharma contend that 5G deployment could reduce average revenue per user (ARPU) and revenues unless strict pricing discipline is maintained.