"While Telkomsel went through a relatively tough patch in the past 1-2 years, we see improvement on the horizon as reflected in improving mobile momentum and visible Indihome integration synergies on the cost side," write analysts Hussaini Saifee and Etta Rusdiana Putra in their April note.
Maybank Securities analysts have kept their 'buy' call and $3.05 target price on Singapore Telecommunications (SGX:Z74
) , after positive 1QFY2024 indicators reported by Telkonsel, its 29.6%-held Indonesia associate.
For the three months ended March, Telkomsel's core net income increased by 17.9% y-o-y and up 5.5% q-o-q, thanks to lower costs even as revenue held steady.
