Valuation and Recommendation
Inherent to TLKM strategies to secure growth is a series of external acquisitions overseas, through subsidiary Telkom International Indonesia. The most recent one under consideration is that of Telecommunication Company of Iran (TCI) which has significant operating statistics. TLKM has not set definite expectation of earnings contribution from overseas subsidiaries. We view latest position of TLKM with dominance in terms of financials and coverage will facilitate TLKM to resume growth this year. With WACC of 12.9%, and LTG3%, and earnings growth of 13% this year our DCF calculation calls for the target price of Rp8,090 per share for TLKM. We maintain our BUY recommendation.
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