PLN Icon Plus Fiber Acquisition Could Catalyse TLKM Growth – Babel Insight

JAKARTA – PT Telkom Indonesia Tbk (TLKM) through its subsidiary PT Telkom Infrastruktur Indonesia (InfraNexia) is set to acquire or consolidate PLN Icon Plus’s fiber assets. This move is expected to act as a growth catalyst and unlock value for the company.

If the corporate action is realised, BRI Danareksa Sekuritas estimates TLKM’s fair value will rise to Rp4,100–4,500. This keeps the largest telecom operator in Indonesia with a ‘buy’ recommendation and target price of Rp4,000.

Analysts from BRI Danareksa Sekuritas, Erindra Krisnawan and Kafi Ananta, said in their research this week that consolidating PLN Icon Plus’s fiber assets with InfraNexia is a strategic repositioning post-asset restatement, aiming to rebuild business scale and enhance InfraNexia’s investment appeal.

BRI Danareksa Sekuritas noted that Telkom has received directives from Danantara to consolidate PLN Icon Plus’s fiber assets. The consolidation aims to streamline overlapping BUMN infrastructure, improving InfraNexia’s investment profile.

PLN Icon Plus has over 400,000 km of national fiber network with capacity for around 1.2 million home connects and 2.7 million home passes. The company serves corporate, government, and internal PLN needs.

The subsidiary reported Rp6.9 trillion revenue in 2024, with Rp4.9 trillion from telecom services. In H1 2025, revenue was Rp3.6 trillion, with telecom contributing Rp2.7 trillion.

PLN Icon’s telecom revenue for 2025 is projected at Rp5.4 trillion with EBITDA of Rp2.6 trillion. “This could add approximately 26% to InfraNexia’s standalone EBITDA,” the report states.

BRI Danareksa Sekuritas added that the consolidation could increase monetisation opportunities through strategic investors. Telkom aims to sell 20-30% of InfraNexia shares at a valuation of 9-12 times EV/EBITDA. “Under this scenario, TLKM’s fair value is estimated at Rp4,100–4,500,” it said.