Jakarta, INTI - PT Telkom Indonesia Tbk (TLKM) has once again delivered a positive signal for its shareholders. The company guided that the dividend payment for fiscal year 2025 will be at least the same as the previous year, amounting to IDR 21 trillion. This guidance suggests that the dividend payout ratio could rise to around 91% of the projected 2025 core net profit, higher than 89% in fiscal year 2024. With an increasing payout ratio, TLKM’s stock dividends remain an attractive option to watch in the telecommunications sector.
TLKM Dividend Prospects and 2025 Business Strategy
Operationally, TLKM recorded solid performance in its mobile business in Q4-2025. Market quality improvements through the rationalization of starter SIM cards have led to a continued decline in low-value subscribers, while focusing on high-value customers has driven an increase in average revenue per user (ARPU). This strategy demonstrates that even with a normalization in subscriber numbers, revenue quality is maintained and may even increase.
Additionally, TLKM plans to adopt a more conservative accounting approach for its fiber optic assets. This step involves reassessing asset economics amid intensifying broadband competition. The adjustment is non-cash and does not impact EBITDA or cash flows, keeping the company’s cash fundamentals relatively stable to support dividend policy.
According to analysts cited by InvestorID, TLKM shares maintain a buy recommendation with a target price of IDR 4,000. Currently, TLKM trades at an estimated EV/EBITDA 2026 of around 5.1x, still considered competitive compared to the historical average in the telecommunications sector. The combination of stable operational performance, focus on high-value customers, and commitment to a high payout ratio makes TLKM stock dividends relevant for medium- to long-term investment strategies.
Conclusion
TLKM’s strong dividend guidance, rising payout ratio, and strategic focus on high-value subscribers reinforce its position as a reliable and attractive option for medium- to long-term investors in the telecommunications sector.
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