DBS Telkom: Hold; Rp9,250; TP Rp8,500; TLKM IJ

Strategic partnership with Jasa Marga in fiber optic business

PT Jasa Marga Tbk (JSMR), state-owned toll road operator company, formally appointed TLKM as its partner in building a new subsidiary in fiber optic business. JSMR and TLKM are in talks about details of strategic partnership, where JSMR has allocated a portion of its budgeted capital expenditure amounting to Rp25tr. JSMR stated that TLKM is chosen for its reputation as a leading telecommunication company in Indonesia .