TBIG — 1H26 Results BROADLY IN-LINE; growth stalls, valuation cheap

August 7, 2026

KEY HIGHLIGHTS

  • 1H26 revenue flat at IDR 3.46Tn (+0.3% YoY) (50% of FY26F); tower-lease revenue slipped 0.3% as the XLSMART (XL–Smartfren) merger rationalised tenancies — combined XL/Smart/XLSMART tower revenue −10% YoY — while Telkomsel (+3.5%), Indosat (+0.5%) and fiber (+6.0%) grew. 2Q26 +1.4% QoQ, churn stabilising.
  • EBITDA IDR 2.95Tn (−0.6% YoY), margin 85.3% (from 86.1%); operating profit −1.7% to IDR 2.16Tn. 2Q26 EBITDA +1.5% QoQ to IDR 1.49Tn (85.4% margin).
  • 1H26 net profit +1.6% YoY to IDR 836Bn — ahead of the flat operating line — on lower funding costs (interest −4.7% YoY after refinancing). 2Q26 +14.3% QoQ / +8.9% YoY to IDR 446Bn; ~56% of FY26F, slightly ahead of pace.
  • Our read: a low-growth, in-line print — churn stabilising vs refinancing risk. Tenancy ratio fell to 1.68x (from 1.78x) as sites outgrew tenants; net debt ~4.8–5.2x EBITDA with maturities in 12–24 months. At ~10.2x EV/EBITDA vs a 13.2x 5-year mean, well below −1SD, the de-rating looks priced-in. Key watch: whether XLSMART churn is done and FTTT revives top-line growth.

Regards, Aldiracita Research

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PT Aldiracita Sekuritas Indonesia

Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: 021-39705858

Customer Service (WhatsApp): +6288801010088

Email: [email protected]

Subsidiaries :
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8 Temasek Boulevard, #04 – 01, Suntec Tower Three, Singapore 038988

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Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: (021)-39725678

©Copyright 2024, PT Aldiracita Sekuritas Indonesia

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Anindita Cintasya is an experienced finance and investment professional specializing in debt capital markets. With a Bachelor’s degree in Business Administration from Universitas Indonesia (2007), she has built a strong career in investment banking, holding key roles at PT Aldiracita Sekuritas Indonesia, CIMB Niaga Sekuritas, and CGS-CIMB Sekuritas Indonesia. She holds multiple certifications, including a Risk Management Competency Certification and WPPE license, demonstrating her expertise in capital market regulations. Currently serving as VP Debt Capital Market – Investment Banking Associate at PT Aldiracita Sekuritas Indonesia, she has a proven track record of managing and coordinating debt issuance processes.

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