Jakarta, CNBC Indonesia– At the 25th anniversary of PT Telekomunikasi Indonesia Tbk (TLKM) or Telkom, Minister of BUMN Erick Thohir gave a ‘gift’ to the company’s management. Unmitigated, the prize is in the form of a tough task, namely to raise the capitalization value of the state-owned operator to Rp. 450 trillion from the current Rp. 320 trillion.
Erick is sure that the valuation can be achieved in line with the major transformations carried out by state-owned companies. Moreover, Telkom has the largest infrastructure company owned by BUMN.
“I see that Telkom is the largest company owned by BUMN in terms of infrastructure and which can push the changes that occur due to Covid-19, I apologize for speaking out loud not because I do not care, precisely because I love it,” said Erick Thohir, at the 25th Telkom IPO Anniversary event, Thursday (19/11/2020) which was held online.
On the Indonesia Stock Exchange, Telkom is one of the issuers with a fairly high market capitalization, which is 4% of the total market capitalization value on the Indonesia Stock Exchange. and currently is the issuer with the third largest market capitalization on the IDX.
Since the Initial Public Offering (IPO) on November 14, 1995, Telkom currently maintains the share of public shareholders at 47.90%. Meanwhile, the government, through the Ministry of BUMN, holds 52.09% ownership.
In today’s trading, Telkom’s share price was recorded to have appreciated 1.89% to the level of 3,230 / unit. The value of Telkom’s stock capitalization was Rp 320 trillion.
With the target of Rp. 450 trillion given by Erick Thohir, this means that the Minister of BUMN hopes that the price of TLKM will return to the range of Rp. 4,540 – Rp. 4,545 / unit. The total number of Telkom shares listed on the Indonesia Stock Exchange is, 99.062.216.600 unit.
In 2017, Telkom’s share price once touched the price level of IDR 4,800. At this price level, Telkom’s stock capitalization value was recorded at Rp. 475.5 trillion.
Interestingly, TLKM does not have to achieve the target set by Erick on the IDX, because TLKM is the only Indonesian company that does double listing (dual listing) on the world’s largest stock exchange New York Stock Exchange (NYSE).
With the ticker code TLK on the NYSE, telkom was traded at a price of US $ 22.12 / unit at the close of trade at dawn with a market capitalization of US $ 22.32 billion, equivalent to Rp. 317 trillion (exchange rate of Rp. 14,200 / US $).
So, assuming the same dollar exchange rate, the BUMN Minister’s target can be achieved if the TLK price on the NYSE reaches the level of US $ 31.68 / unit. Of course, this target can be achieved faster if the rupiah weakens again.
TLK itself had touched its highest level at the price of US $ 38.13 / unit in May 2006, but TLKM’s market capitalization at that time was only US $ 38.47 billion or Rp.357 trillion due to the exchange rate at that time. greenback against the Garuda currency is only Rp. 9,300 / US $.
CNBC INDONESIA RESEARCH TEAM
(trp/trp)
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