Telkom Stock Slips as Company Performance Lags Behind Competitors

Bisnis, JAKARTA—PT Telkom Indonesia (stock ticker TLKM) closed at IDR 2,900 on Monday (10/7/2024), down 27.32 percent year-to-date (YtD) and marking the third time the stock has fallen below IDR 3,000 this year.
According to Bisnis.com, most analysts remain optimistic about Telkom despite its stocks falling well below estimates. Of 39 analysts reviewing Telkom's stock, 36 recommend buying, while the remaining three recommend holding. The consensus target price for Telkom shares stands at IDR 3,902.26 for the next 12 months, indicating an estimated return of 34.6 percent.
One factor putting pressure on Telkom stocks is foreign investors pulling out their stakes in the company, with global giants such as Vanguard, BlackRock, JP Morgan, and others selling their holdings in Telkom throughout 2024.
In response to the company's stock performance in July, Telkom said it is not planning to buy back shares like it did in 2020.