Latest JP Morgan Outlook on Indonesia's Telecommunications Sector: TLKM, ISAT and Others

American investment bank JP Morgan has released its latest outlook on shares in Indonesia’s telecommunications sector, including updated recommendations for stocks such as Telkom Indonesia (TLKM), Indosat (ISAT), and XL Smart (EXCL).

Analyst Ranjan Sharma and colleagues at JP Morgan, in a special research document published on 24 February 2026, stated that during meetings with analysts, TLKM has indicated strong average revenue per user (ARPU) growth in the fourth quarter of 2025, in line with its competitors ISAT and EXCL, which have already reported their results.