TLKM Focuses on Strengthening Core Telecommunications Business, Check Analyst Recommendations

JAKARTA. PT Telkom Indonesia Tbk (TLKM) is continuing its business restructuring by divesting AdMedika Group to Fullerton Health. This action forms part of the company’s strategy to strengthen its focus on core telecommunications and digital services. AdMedika is a company managing health administration services (third party administrator/TPA) that provides claim management solutions and health services for corporations and institutions. It was explained that AdMedika has strong growth prospects in the health industry. By joining Fullerton Health, AdMedika’s business is expected to develop more rapidly. Moving forward, Telkom will continue to tidy up its business portfolio through various strategic options, from mergers and partnerships to business transfers and divestitures. However, detailed plans for other entities are still under review. This restructuring is being carried out carefully to remain aligned with Telkom’s direction as a digital telco company. From a market perspective, analysts see this strategy as a potential positive catalyst for TLKM shares. Currently, TLKM’s valuation is considered attractive compared to historical averages and similar companies in the region. Accordingly, Phillip Sekuritas recommends buying TLKM shares with a target price of Rp 4,200 per share, based on 2026 valuation projections with a PER of 19.3 times, PBV of 2.3 times, and EV/EBITDA of 4.6 times.