---
endpoint: analytics
pattern: Telecoms
status: done
latency_ms: 129896
conversation_id: 0a72c599-a83b-4806-bd5b-981209f09aed
citations: 10
created: 2026-05-31 21:11:57Z
---

# Who are the key customers and suppliers of Telkom?

**Telkom Indonesia (TLKM-ID) — Key Customers and Suppliers**

The question is interpreted as PT Telekomunikasi Indonesia (TLKM IJ / TLK US), Indonesia's state-controlled integrated telco. Internal RMS coverage (CLSA) was found mostly in Indonesia TMT weekly notes and broader sector reports; the dedicated customer/supplier framework lives primarily in TLKM's own filings (20-F, annual report, earnings call), summarized below.

---

## I. Key Customers

Telkom is structured as a B2C + B2B + wholesale telco. Its revenue is split across three customer-facing segments:

### 1. Consumer (largest revenue pool — via Telkomsel & IndiHome)
- **Indonesian mobile subscribers**: ~160 million via Telkomsel, the post-FMC integrated entity. Consumer fixed broadband (IndiHome / EZnet) reached **9.6 million subscribers** by Q4 2024, growing 2.5% QoQ [2].
- The consumer business is monetized via **Telkomsel Lite** (mass-market prepaid), **by.U** (digital-native young users), and **IndiHome** (premium FMC bundled household) — different customer cohorts within the consumer base.
- Customer engagement is supported by tie-ups with **content providers** (OTT/digital content partners) that stimulate data consumption [3].

### 2. Enterprise (B2B)
- **Enterprise segment revenue of IDR 20.6 trillion in 2024 (+5.6% YoY)**, driven by **Indibiz** (SME platform), **Satellite Services**, and the **e-Payment business** [4]. Customer base spans small/medium enterprises and large corporates.
- The newly formed **PT Telkom Infrastruktur Indonesia (TIF)** — Telkom's managed-service / InfraCo entity — booked its **first commercial sale to one of the major ASPs (Application Service Providers) in Indonesia** in December 2024 [1]. This positions hyperscaler/ASP buyers (cloud and platform players) as a new customer class.

### 3. Wholesale & International (via Telin and Mitratel)
- **Wholesale and international business: IDR 18 trillion in 2024 (+6.4% YoY)**, with growth from digital infrastructure and international wholesale voice carriage [2].
- **Mitratel** (tower subsidiary) ended 2024 with **IDR 9.3 trillion revenue (+7.2% YoY)** and tenancy ratio of 1.52× — its tower-tenancy customers are the other Indonesian mobile network operators: **Telkomsel, Indosat Ooredoo Hutchison (ISAT), XL Axiata (EXCL), Smartfren (FREN)** [2].
- **Telin** (international arm) serves wholesale, IP transit, data-center, and managed-services customers across **Singapore, Hong Kong, Timor Leste, Australia, Myanmar, Malaysia, Taiwan, the United States, Dubai**, plus sales reps in UK, Philippines, Vietnam, India, Canada [6].

---

## II. Key Suppliers / Strategic Partners

Telkom's supplier base falls into five clusters: network-equipment vendors, hyperscaler/cloud partners, tower-asset sellers, banks/lenders, and capital-markets underwriters.

### 1. Network Equipment & Technology Vendors
- **Cisco** — strategic cooperation with **NeutraDC** (Telkom's data-center arm) and **Naver Cloud** signed in 2023 [10].
- **Huawei** — formal **B2B cooperation between Telkom and Huawei initiated in late 2023** [10].
- **Microsoft** — Telkom "collaborates with the world's largest technology companies, namely Microsoft," with prior MoU and joint platform initiatives [7].

### 2. Tower / Infrastructure Suppliers
The Mitratel tower portfolio expansion was sourced through asset purchases from:
- **PT Indosat Ooredoo Hutchison** — Mitratel acquired **997 towers from Indosat for Rp1.6 trillion** in 2023 [5].
- **PT Gametraco Tunggal** — Mitratel acquired **803 towers for Rp1.8 trillion** in 2023 [5].
- In 2025 Mitratel paused tower M&A and focused on **organic build + selective fiber rollout** [5].

### 3. Banks & Lenders (working-capital and term-loan providers)
TelkomGroup's bank-loan counterparties at the operating-entity level (per the FY2025 20-F) include:
- **Bank Negara Indonesia (BNI), Bank Mandiri, BSI, BRI, BCA, DBS, Bank of China, Bank CIMB Niaga, Bank Permata, Bank Sinarmas, HSBC, Bank Danamon, Bank ANZ**, and syndicated USD facilities to Telin [8].
- Borrowing entities cover the parent (TLKM) plus subsidiaries **Mitratel, Telkomsel, Telin, PINS, Sigma, GSD, SSI, TLT, PST** [8].

### 4. Capital-Markets Underwriters (bond suppliers of debt capital)
- **PT Bahana Sekuritas, PT BRI Danareksa Sekuritas, PT Mandiri Sekuritas, PT Trimegah Sekuritas Indonesia** — joint underwriters on Telkom's Shelf Registered Bond I 2015 (Series B–D) [9]. Pefindo serves as the credit-rating supplier (idAAA).
- **PT Bank Permata Tbk** acts as bond trustee [9].

### 5. Cloud & Data-Center Ecosystem Partners
- **Naver Cloud** — joint NeutraDC cooperation in hyperscale / cloud connectivity [10].
- Combined with the Cisco/Microsoft/Huawei relationships, this forms Telkom's "Five Bold Moves" enabling vendor stack for FMC, hyperscale data centers, and B2B digital infrastructure [10][7].

---

## III. Summary Table

| Category | Counterparty | Role |
|---|---|---|
| Consumer customers | ~160m Telkomsel mobile subs; 9.6m IndiHome / EZnet broadband households [2] | End consumers |
| Enterprise customers | SMEs (Indibiz), corporates buying Satellite/e-Payment [4]; ASPs / hyperscalers via TIF [1] | B2B revenue |
| Wholesale customers | ISAT, EXCL, FREN (Mitratel tenants) [2]; global carriers via Telin [6] | Wholesale / international |
| Network vendors | Cisco, Huawei, Naver Cloud, Microsoft [10][7] | Equipment / cloud stack |
| Tower asset suppliers | Indosat Ooredoo Hutchison; PT Gametraco Tunggal [5] | Tower portfolio |
| Bank lenders | BNI, Mandiri, BSI, BRI, BCA, DBS, BoC, CIMB Niaga, Permata, Sinarmas, HSBC, Danamon, ANZ [8] | Debt financing |
| Bond underwriters | Bahana, BRI Danareksa, Mandiri, Trimegah Sekuritas [9] | Capital markets |

---

**Sources**
[1] TLKM Q4 2024 Earnings Call — TIF commercialization, ASP customer
[2] TLKM Q4 2024 Earnings Call — Wholesale & enterprise growth, Mitratel revenue, IndiHome subscribers
[3] TLKM Q4 2024 Earnings Call — Content provider partnerships, mobile dynamics
[4] TLKM Q4 2024 Earnings Call — Enterprise segment revenue (IDR 20.6tn), Indibiz / Satellite / e-Payment
[5] TLKM FY2025 20-F — Mitratel tower acquisitions from Indosat and Gametraco Tunggal
[6] TLKM 2023 Annual Report — Telin international footprint and wholesale services
[7] TLKM 2025 6-K — Microsoft collaboration, history of partnerships
[8] TLKM FY2025 20-F — Bank loan counterparties as of Dec 31, 2025
[9] TLKM 2023 Annual Report — Shelf-registered bond underwriters
[10] TLKM 2023 Annual Report — Strategic cooperation with NeutraDC, Naver Cloud, Cisco; Huawei B2B cooperation

## Citations

- [1] **Q4 2024 Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk** · external
- [2] **Q4 2024 Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk** · external
- [3] **Q4 2024 Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk** · external
- [4] **Q4 2024 Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk** · external
- [5] **FY 2025 Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk** · external
- [6] **PT Telkom Indonesia (Persero) Tbk (TLK-ID) - Annual Report for period end 31-Dec-2023 (English) - PDF** · external
- [7] **2025 6-K Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk** · external
- [8] **FY 2025 Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk** · external
- [9] **PT Telkom Indonesia (Persero) Tbk (TLK-ID) - Annual Report for period end 31-Dec-2023 (English) - PDF** · external
- [10] **PT Telkom Indonesia (Persero) Tbk (TLK-ID) - Annual Report for period end 31-Dec-2023 (English) - PDF** · external

