Jakarta, INTI - PT Telkom Indonesia Tbk (TLKM) is preparing a major initiative to strengthen the fiber optic foundation of Infranexia in a bid to enhance its investment appeal, alongside emerging estimates for its fair value and target share price.
Telkom is reportedly acting on directives from Danantara to consolidate fiber optic assets from PLN Icon Plus. While this aligns with the broader objective of streamlining state-owned enterprise infrastructure, the move also serves a strategic purpose, boosting the investment profile of Infranexia (PT Telkom Infrastruktur Indonesia) following the restatement of its fiber optic assets.
“We believe that the addition of PLN’s fiber optic assets will help restore business scale and strengthen monetization potential, making it more attractive to strategic investors,” wrote BRI Danareksa Sekuritas analysts Kafi Ananta and Erindra Krisnawan in a report on Thursday, April 9, 2026.
The asset consolidation could potentially delay the entry of strategic partners until next year, although discussions with prospective investors are expected to continue as the asset base is strengthened.
PLN Icon Plus operates an extensive fiber optic network spanning over 400,000 kilometers across Indonesia. The network serves approximately 1.2 million connected homes and 2.7 million home passes, while also catering to corporate clients, government institutions, and PLN’s internal connectivity needs.
On an annual basis, PLN Icon Plus is projected to generate telecommunications revenue of around IDR 5.4 trillion and EBITDA of IDR 2.6 trillion in 2025. This indicates a potential EBITDA contribution of approximately 26% to Telkom’s Infranexia.
Asset Consolidation Impact and TLKM Share Valuation Outlook
At this stage, discussions are centered more on asset consolidation rather than a full corporate acquisition, with the final impact largely dependent on the structure of the consolidation.
“Assuming PLN Icon Plus’ fiber optic assets are fully integrated into Infranexia, we estimate proforma EBITDA could reach IDR 12.7 trillion,” Kafi noted.
Meanwhile, Telkom’s plan to divest a 20–30% stake in Infranexia to strategic investors at a valuation of 9–12 times EV/EBITDA could drive TLKM’s fair value to a range of IDR 4,100–4,500, according to BRI Danareksa Sekuritas.
The firm maintains a “buy” recommendation on TLKM, with a target price set at IDR 4,000. This valuation is based on a +1 standard deviation EV/EBITDA multiple of 5.8 times, combined with a discounted cash flow (DCF) methodology.
However, key risks remain, particularly if the adjustment of fiber optic asset values exceeds expectations or leads to potential impairment.
Conclusion
Telkom’s strategic move to consolidate fiber optic assets into Infranexia highlights its effort to strengthen digital infrastructure while enhancing long-term investment value. Although the initiative may shift timelines for strategic partnerships, it significantly boosts the company’s scale and monetization potential. With a positive outlook on valuation and continued investor interest, the success of this transformation will ultimately depend on execution and the management of asset-related risks.
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