SGX Expands SDR Suite with 3 New Indonesia Names: IBKD, IICD, and ITKD

Tiger_SG
2025-10-16

SGX Expands SDR Suite with Three New Indonesia Names: Bank Central Asia, Indofood CBP, and Telkom Indonesia.

From 16 October 2025, SGX is expanding our suite of Singapore Depository Receipts (SDR) to cover Indonesia listed stocks with the introduction of 3 new names: $BBCA ID SDR 1to2(IBKD.SI)$ , $IDFD CBP ID SDR 1to2(IICD.SI)$ and $TLKM ID SDR 1to5(ITKD.SI)$ . The Indonesia SDR (ID SDR) will trade in Singapore dollars on SGX during local market hours, in board lot size of 100 units, and are fungible with the underlying security of the relevant stocks listed in Indonesia.

This takes the SDR suite to 26 names across Thai, Hong Kong and Indonesia underlyings, broadening investment options for investors. In September, SDRs achieved a record high daily turnover of S$16 million and AUM exceeding S$190 million, underscoring strong investor adoption of SDRs as a convenient access tool for foreign equities and portfolio diversification.

With the ID SDR addition, investors will now be able to conveniently access leading companies in sectors that are foundational to Indonesia’s fast-growing economy — including financial services, digital infrastructure, and consumer. One standout example is PT Telkom Indonesia, the country’s largest telecommunications and network service provider which is positioned as a key beneficiary of Indonesia’s digital transformation. Here are some highlights from Gerald Wong, CFA at Beansprout on how Telkom is positioning for long-term growth.

Full article attached.

  1. Telkomsel – Core earnings driver and digital pivot

  • PT Telkom Indonesia is 52% owned by the Indonesian government. Parent of Telkomsel, country’s largest cellular operator.

  • Telkomsel contributed 74% of PT Telkom’s total revenue in 1H25. Market leader with >50% mobile subscriber share as of 2024.

  • Digital business accounts for 90.6% of Telkomsel’s mobile revenue in June 2025, up from 89.9% a year ago.

  1. Expanding digital infrastructure and data centres

  • Strong growth in Indonesia’s data centre industry led by demand for reliable digital and data storage services.

  • Operates 35 data centres (44MW capacity) across 30 domestic and 5 overseas locations; utilization ~76%.

  • Targeting IDR100–150tn value unlock from InfraCo assets (data centres, fibre, towers).

  1. Strategic partnership with $Singtel 10(Z77.SI)$

  • Telkomsel is a joint venture (Telkom 70%, SingTel 30%).

  • Telkomsel contributed ~25% of SingTel’s regional associates’ profit after tax in the latest quarter.

  • Collaboration on hyperscale-ready data centres aimed at supporting regional cloud and AI demand.

  1. Financial performance and shareholder returns

  • 2Q25 revenue: IDR36.4 trillion (↓4% YoY); EBITDA margin: 49.1%. FY2025 guidance revised to flat revenue growth; EBITDA margin ~50%.

  • Attractive dividend profile: trailing yield 6.9%,~ 80% payout ratio.

  • Rp 3 trillion share buyback approved at AGM to enhance shareholder value.

  1. Key risks

  • Earnings could be impacted by weaker macroeconomic backdrop, ARPU pressure and rising capex for fibre, 5G, and data centres.

  • Competition from OTT services (WhatsApp, Netflix) may compress margins.

Investors in the Telkom Indonesia ID SDR (SGX: $TLKM ID SDR 1to5(ITKD.SI)$ ) can look out for further announcements by the company via IDX’s website and updates on the corporate action on the SDR via SGX’s website.

Learn more about SDRs here.

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Comment（1）

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  • Shyon
    ·2025-10-16
    TOP
    I think SGX’s move to expand its SDR suite into Indonesia is timely and strategic. The addition of Bank Central Asia, Indofood CBP, and Telkom Indonesia gives investors like me easy SGD access to leading Indonesian companies without dealing with foreign markets — a convenient way to tap into key growth sectors such as finance, consumer goods, and digital infrastructure.

    Among them, PT Telkom Indonesia stands out. As the country’s largest telecom provider and key player in digital transformation, it’s growing its digital and data centre businesses while partnering with Singtel to expand hyperscale infrastructure, positioning it well for future cloud and AI demand.

    Financially, Telkom offers steady margins, a strong ~7% dividend yield, and share buybacks. Though near-term risks like ARPU pressure and rising capex exist, I see long-term potential, and SGX’s new SDRs make such regional exposure much more accessible for investors like me.

    @Tiger_comments @TigerStars @Tiger_SG

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