UBS rated XLSMART Telecom Sejahtera stock neutral

UBS had rated XLSMART Telecom Sejahtera stock neutral in research dated August 25, 2026, with a target price of IDR 2,910 per share, according to Kontan. Lang & Schwarz showed EUR 0.12 at 10:05 a.m. CEST on October 8, 2026, giving the stock a flat opening reference for German investors.

Analyst targets split the outlook

The same Kontan report said J.P. Morgan had maintained an underweight rating with an IDR 1,700 target in research dated August 12, 2026. The gap between the two targets puts execution at the center of the debate rather than network expansion alone.

UBS also estimated that five-year 5G capital spending could reach IDR 15 trillion, while the company had raised its 2026 capital expenditure plan from IDR 15 trillion to IDR 20 trillion, according to Kontan. That spending increases the importance of cash generation as the merged operator expands coverage.

Revenue improved as losses narrowed

XLSMART generated IDR 12.17 trillion of revenue in the second quarter of 2026, versus IDR 10.49 trillion a year earlier, an increase of 16.00 percent. Net loss narrowed from IDR 1.61 trillion in the second quarter of 2025 to IDR 277.22 billion in the second quarter of 2026, while net margin improved from minus 15.30 percent to minus 2.30 percent, according to Simply Wall St.

The improvement was substantial in absolute terms, but the company remained loss-making in the second quarter. For investors, the key measure is whether stronger revenue and better margins can offset the capital burden of the network buildout.

Capex raises the execution stakes

XLSMART had 5G service in more than 52 cities and regencies supported by more than 15,000 5G base stations, with coverage targeted at 88 to 101 locations by the end of 2026, according to Kontan. The company served 69.40 million customers, giving the investment plan a large existing base from which to pursue higher data usage and monetization.

The stock stays near its lower range

The primary listing was quoted at IDR 2,340 on the Indonesia Stock Exchange at 3:06 p.m. WIB on October 8, 2026. Its 52-week range was IDR 2,270 to IDR 4,550, while market capitalization stood at IDR 42.6 trillion on the same date.

At Lang & Schwarz, XLSMART was trading at EUR 0.12 at 10:05 a.m. CEST on October 8, 2026, unchanged versus the EUR 0.12 prior close of October 7, 2026. The further course of trading is shown by the continuously updated real-time quote of XLSMART Telecom Sejahtera stock.

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