DDM Analysis: TLKM.JK

Valuation Snapshot

Stable Growth	$5,355.55 - $15,405.34	$8,390.66
Multi-Stage	$5,787.61 - $6,330.40	$6,053.98
Blended Fair Value	$7,222.32
Current Price	$2,780.00
Upside	159.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.32%	8.51%	178.50	167.60	149.97	126.00	113.03	109.22	134.13	97.84	97.56	73.88
YoY Growth	-	-	6.50%	11.76%	19.02%	11.48%	3.49%	-18.57%	37.09%	0.29%	32.04%	-6.31%
Dividend Yield	-	-	7.41%	4.77%	3.69%	2.75%	3.30%	3.46%	3.41%	2.72%	2.36%	2.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	21,758,000.00
(-) Cash Dividends Paid (M)	21,047,000.00
(=) Cash Retained (M)	711,000.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,351,600.00	2,719,750.00	1,631,850.00
Cash Retained (M)	711,000.00	711,000.00	711,000.00
(-) Cash Required (M)	-4,351,600.00	-2,719,750.00	-1,631,850.00
(=) Excess Retained (M)	-3,640,600.00	-2,008,750.00	-920,850.00
(/) Shares Outstanding (M)	99,061.78	99,061.78	99,061.78
(=) Excess Retained per Share	-36.75	-20.28	-9.30
LTM Dividend per Share	212.46	212.46	212.46
(+) Excess Retained per Share	-36.75	-20.28	-9.30
(=) Adjusted Dividend	175.71	192.19	203.17
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	3.27%	4.27%	5.27%
Fair Value	$5,355.55	$8,390.66	$15,405.34
Upside / Downside	92.65%	201.82%	454.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	21,758,000.00	22,687,996.94	23,657,744.52	24,668,941.78	25,723,360.41	26,822,847.79	27,627,533.22
Payout Ratio	96.73%	95.39%	94.04%	92.69%	91.35%	90.00%	92.50%
Projected Dividends (M)	21,047,000.00	21,641,124.92	22,247,587.24	22,866,356.20	23,497,375.85	24,140,563.01	25,555,468.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	3.27%	4.27%	5.27%
Year 1 PV (M)	20,094,742.71	20,289,319.16	20,483,895.62
Year 2 PV (M)	19,181,746.81	19,555,017.20	19,931,884.54
Year 3 PV (M)	18,306,478.84	18,843,427.03	19,390,773.38
Year 4 PV (M)	17,467,463.13	18,153,899.69	18,860,371.91
Year 5 PV (M)	16,663,279.69	17,485,803.93	18,340,493.00
PV of Terminal Value (M)	481,617,037.93	505,390,370.40	530,093,359.48
Equity Value (M)	573,330,749.11	599,717,837.42	627,100,777.94
Shares Outstanding (M)	99,061.78	99,061.78	99,061.78
Fair Value	$5,787.61	$6,053.98	$6,330.40
Upside / Downside	108.19%	117.77%	127.71%

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EG7.IR	FBD Holdings plc	12.49%	$1.97	61.47%
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MPMX.JK	PT Mitra Pinasthika Mustika Tbk	12.44%	$120.00	95.84%
0QL5.L	Carlo Gavazzi Holding AG	12.42%	$20.00	62.49%
GOZ.AX	Growthpoint Properties Australia	12.40%	$0.30	16.37%
1999.HK	Man Wah Holdings Limited	12.39%	$0.57	57.62%
1285.HK	Jiashili Group Limited	12.38%	$0.14	55.24%
600015.SS	Hua Xia Bank Co., Limited	12.36%	$0.85	49.77%
BNP.DE	BNP Paribas S.A.	12.28%	$10.07	51.11%
0836.HK	China Resources Power Holdings Company Limited	12.20%	$2.15	41.97%
BIS.AX	Bisalloy Steel Group Limited	12.19%	$0.59	81.88%
KBS.BK	Khonburi Sugar Public Company Limited	12.17%	$0.70	56.34%
9300.SR	Alwaha REIT Fund	12.14%	$1.18	71.67%
2005.HK	SSY Group Limited	12.13%	$0.35	50.50%
BGI-UN.TO	Brookfield Global Infrastructure Securities Income Fund	12.09%	$0.96	46.13%
2003.HK	VCREDIT Holdings Limited	12.07%	$0.32	18.47%
1713.HK	Sichuan Energy Investment Development Co., Ltd.	12.02%	$0.29	41.35%
NSI.AS	NSI N.V.	12.02%	$2.33	30.60%
RIO1.DE	Rio Tinto Group	12.02%	$8.28	64.54%
IGL.AX	IVE Group Limited	12.01%	$0.35	74.81%
0G5B.L	Sto SE & Co. KGaA	12.00%	$14.64	83.41%
CDU.LS	Conduril - Engenharia, S.A.	12.00%	$1.80	69.00%
2156.HK	C&D Property Management Group Co. Limited	11.98%	$0.33	54.74%
0057.HK	Chen Hsong Holdings Limited	11.94%	$0.19	45.38%
BBSE3.SA	BB Seguridade Participações S.A.	11.93%	$4.26	91.94%
SWUT.VI	SW Umwelttechnik Stoiser & Wolschner AG	11.93%	$3.70	34.18%
0Q76.L	CBo Territoria S.A.	11.92%	$0.44	61.80%
ALCOF.PA	Cofidur S.A.	11.92%	$34.80	38.87%
0239.HK	Pak Fah Yeow International Limited	11.87%	$0.28	52.60%
2356.HK	Dah Sing Banking Group Limited	11.87%	$1.29	41.19%
3311.HK	China State Construction International Holdings Limited	11.87%	$1.10	29.31%
ENGI.PA	Engie S.A.	11.87%	$2.73	76.93%
SENA.BK	Sena Development Public Company Limited	11.86%	$0.20	74.93%
4348.SR	Alkhabeer REIT Fund	11.85%	$0.66	98.08%
AWZ.SI	Multi-Chem Limited	11.83%	$0.41	60.70%
0331.HK	FSE Lifestyle Services Limited	11.81%	$0.67	31.73%
SUL.AX	Super Retail Group Limited	11.78%	$1.87	91.92%
2877.HK	China Shineway Pharmaceutical Group Limited	11.77%	$1.01	39.47%
DSWL	Deswell Industries, Inc.	11.77%	$0.40	27.95%
0855.HK	China Water Affairs Group Limited	11.75%	$0.62	56.78%
0659.HK	CTF Services Limited	11.70%	$0.88	76.18%
DRA.AX	DRA Global Limited	11.69%	$0.21	58.65%
GWA.AX	GWA Group Limited	11.68%	$0.29	95.40%
0968.HK	Xinyi Solar Holdings Limited	11.67%	$0.36	70.18%
ENI-UN.TO	Energy Income Fund	11.66%	$0.23	56.38%
TCF.AX	360 Capital Mortgage REIT	11.66%	$0.67	76.18%
3316.HK	Binjiang Service Group Co. Ltd.	11.65%	$2.76	69.09%
CC3.SI	StarHub Ltd	11.65%	$0.13	81.69%
TFG-R.BK	Thaifoods Group Public Company Limited	11.65%	$0.52	42.58%

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Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLKM.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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