Summary

  • Telkom's Phase 2 fibre transfer is valued at Rp49.858 trillion by an independent appraiser, but the disclosed consideration is new shares in InfraNexia subscribed by Telkom, not cash from an outside buyer.
  • Telkom's ownership rises to 99.9999999% after the capital increase. Its own pro forma consolidated statements show no change in group assets, liabilities, equity or profit from the transfer.
  • The value-realisation test therefore lies beyond the valuation: whether the separated wholesale operator can show transparent operating returns and attract genuinely external capital or demand without weakening service continuity.

The most eye-catching number in Telkom's second fibre spin-off is not a cheque. It is an appraisal. In an information disclosure filed on 7 August, Telkom valued the Phase 2 wholesale fibre business segment at Rp49.858 trillion, an amount equal to 33% of its audited 2025 equity. The transaction's consideration, however, is newly issued shares in PT Telkom Infrastruktur Indonesia, the subsidiary operating as InfraNexia, which Telkom will subscribe for itself.

That difference changes what the number can prove. An appraisal can inform the capitalization of a business and give shareholders a basis to assess a related-party transaction. It is not the same as a buyer agreeing to pay that price, an investor funding the assets or a market assigning InfraNexia a separate valuation. Telkom did not sell the Phase 2 business to an outside infrastructure fund. It transferred a business segment to a controlled subsidiary and increased its own capital stake there.

The valuation and the consideration answer different questions

The independent appraiser used two methods: a discounted cash flow approach, weighted at 70%, and an adjusted net asset method, weighted at 30%. The filing says the DCF method reflects the business's ability to generate future returns; the adjusted-net-asset method reflects the capital-intensive nature of fibre infrastructure. The report values the segment as at 31 December 2025. It also explains that the transferred assets produce revenue through sharing arrangements between Telkomsel and Telkom.

Those methods are useful for estimating what the operating unit may be worth under stated assumptions. They do not create an arm's-length transaction. The buyer side and seller side remain within one corporate group, and Telkom's post-transfer holding in TIF is expected to reach 99.9999999%. Telkom will hold nearly every share after subscribing to new capital issued in return for the business. The transaction therefore creates an accounting and operating boundary, not an external ownership boundary.

The disclosed Phase 2 valuation also needs to be kept separate from the balance-sheet figures. On a pro forma basis as at the end of 2025, Telkom's consolidated assets, liabilities, equity and profit measures are unchanged by the transfer. At TIF level, the pro forma statement shows assets rising by Rp29.153 trillion, liabilities by Rp316 billion and equity by Rp28.837 trillion. These are not the same measure as the Rp49.858 trillion appraised value. The filing does not offer a simple bridge from the appraised value to those book-statement adjustments.

Treating either figure as cash proceeds would be wrong; treating them as directly comparable would also be wrong.

More fibre moves, while the group remains the economic owner

The September 30 shareholder meeting approved the Phase 2 plan and Telkom signed the spin-off deed that day. The meeting record reports 86.213 billion shares in favour, or 99.189% of the votes issued at the meeting, with 277.8 million against and 426.8 million abstaining. The report says there were no shareholder questions on the agenda. The vote establishes approval for the corporate action; it does not show that the assets have been repriced by an outside market.

The transaction documents describe the legal effective date as the date the Ministry of Law approves or receives notice of the TIF capital increase. A separate September 30 filing said the increase was expected to take effect on October 1 after that process. Telkom's newsroom described the transfer as completed and reported the scale it is meant to consolidate: more than 90% of Telkom's network infrastructure, about 112,000 kilometres of fibre and 26,000 kilometres of domestic submarine cable. The filings distinguish the deed, the expected date and the legal registration step; the article does not treat them as interchangeable.

The transfer is operationally consequential even though it is internal. The plan moves the business segment's assets, liabilities, operating responsibilities, customer and partner contracts and employees to TIF. It says customers should keep using the same products without immediate interruption or extra charge caused by the spin-off. Telkom describes InfraNexia as a wholesale platform serving both group companies and other operators. The corporate boundary may make investment and network decisions easier to isolate, measure and manage. It does not by itself make the business independent of Telkom's demand or control.

The operating base is real; outside price discovery is still ahead

InfraNexia already operates a substantial network, and Telkom's H1 2026 results give the market an initial operating baseline. The company reported Rp7.7 trillion in revenue and a 54.5% EBITDA margin. Revenue from customers outside TelkomGroup was Rp939 billion, up 31% from a year earlier. Telkom also said the overall revenue mix remained dominated by its group ecosystem. Those figures show an operating business with some external customers; they do not tell investors what a third party would pay for the Phase 2 assets or what return those transferred assets earn on a standalone basis.

This is where the word “monetization” needs a test. A transfer into a wholly controlled subsidiary can improve responsibility and cost visibility. It can create a platform for external contracts, partnerships or later capital raising. But until an unrelated party commits capital, buys a stake, or pays a disclosed wholesale price for capacity, the Rp49.858 trillion remains an appraised transaction value inside a group. The planned carrier-neutral model is a proposition.

Its commercial proof would be route-level service availability, published or contractually comparable terms, and outside-customer revenue and margins that can be separated from intra-group demand.

The distinction matters for shareholders. If InfraNexia later attracts a partner at a disclosed valuation, Telkom's current appraisal can be compared with a new price and the value of its retained stake. If external customers grow while Telkom remains the principal buyer, that is evidence of diversification but not necessarily of a market-clearing value for the network. If customer contracts move while pricing and investment decisions remain opaque, a legal split may change the org chart more than the economics.

Telkom's Phase 2 plan is therefore best read as an internal capital reorganisation with a carefully valued asset base. The reported total of about Rp85.7 trillion across the two phases combines the Phase 1 and Phase 2 valuations; it is not a sum of money raised. The next meaningful evidence will be external transactions and operating disclosures that connect the appraisal to revenue, costs, utilization and returns. Until then, the value has a method and a corporate destination, but no outside price.

Primary records