UBS rates XLSMART Telecom Sejahtera stock neutral at IDR 2,910

XLSMART Telecom Sejahtera (ISIN ID1000102502) was trading at EUR 0.12 at Lang & Schwarz on October 7, 2026 at 9:27 a.m. CEST, unchanged versus the prior close of EUR 0.12. According to Kontan on September 8, 2026, UBS Global Research rated the stock neutral with a target price of IDR 2,910 per share, based on research dated August 25, 2026.

Revenue grows, wireless weakens

Kontan reported that second-quarter 2026 revenue reached IDR 12.20 trillion, up 3.00 percent from the prior quarter and 16.00 percent from a year earlier. The comparison is important because the revenue increase was driven largely by interconnection and other telecommunications services, rather than the core wireless business.

The same report said wireless revenue fell 0.50 percent quarter over quarter while average revenue per user declined 1.00 percent. XLSMART Telecom Sejahtera also lifted its capital expenditure target to IDR 20.00 trillion from IDR 15.00 trillion, with the additional spending directed toward 5G deployment.

5G scale meets cash pressure

According to CNBC Indonesia on September 27, 2026, the post-merger network capacity increase reached 2.50 times, while average revenue per user rose 23.00 percent, revenue increased 26.00 percent and earnings before interest, taxes, depreciation and amortization rose 19.00 percent in the company commentary.

That operating progress sits alongside a heavier investment cycle. Kontan said UBS expects cumulative 5G capital expenditure of IDR 15.00 trillion over five years and that free cash flow pressure could persist through 2027 and 2028. The report also put the customer base at 69.00 million in the second quarter of 2026.

Stock holds near yearly low

InvestPane identifies XLSMART Telecom Sejahtera as a Communication Services company listed on the Indonesia Stock Exchange and included in the LQ45 index. Its quoted 52-week range was IDR 2,270.00 to IDR 4,550.00 on September 29, 2026, placing the Indonesian-market reference near the lower end of that range.

For investors, the central tension is measurable: second-quarter revenue grew 16.00 percent year over year, but wireless revenue declined 0.50 percent quarter over quarter as capital expenditure rose to IDR 20.00 trillion. UBS therefore emphasized gradual margin recovery rather than a rapid post-merger improvement.

Trading remains flat in euros

At Lang & Schwarz, XLSMART Telecom Sejahtera was trading at EUR 0.12 on October 7, 2026 at 9:27 a.m. CEST, unchanged versus the EUR 0.12 prior close. The further course of trading is shown by the continuously updated real-time quote of XLSMART Telecom Sejahtera stock.

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