CapIQ

Source: S&P Capital IQ consensus via Xpressfeed · Generated 2026-08-03.

Consensus Tape

The forward tape has been moving one way. FY2027 revenue consensus sits 15.6% above where it was six months ago and FY2027 normalized EPS 15.9% above, with both still edging up in the past month. The company has beaten the revenue consensus in all seven quarters this feed captures one for, by 6.7% to 16.7%. The ratings are unanimous — nine buys, three outperforms, nothing else — but the estimates behind them thin out fast past FY2027.

Source: derived from vendor data.

FY2027 estimates are ~16% higher than six months ago — revenue and EPS alike

Source: derived from vendor data.

Six months ago the street carried FY2027 revenue at IDR 32,797bn and normalized EPS at IDR 184.80. Today it carries IDR 37,927bn and IDR 214.21 — up 15.6% and 15.9%. Almost all of that arrived between the three-month mark and the one-month mark: revenue is up 11.0% over three months but only 0.2% over the past month, and EPS up 8.8% then 2.0%. Both lines moved by nearly the same proportion, so this reads as a top-line revision carried down to earnings rather than a change in what the street assumes about margin. FY2028 has no history beyond one month in this feed, and has not moved within it.

Seven revenue prints, seven beats — the street is behind the top line

Source: derived from vendor data.

Every revenue print in the record beat: the smallest by 6.7% in 3Q24, the largest by 16.7% in 2Q25, and the last five all in double digits. EPS is noisier — five beats in six priced quarters, including 55.7% in 4Q24 and 36.2% in the most recent print, against one miss. That miss, 3Q25 at -30.6%, rested on a single analyst's IDR 53.62 estimate while the same quarter's revenue still beat by 10.4%; it says more about a thin quarterly EPS sample than about the quarter. The 1Q25 print, reported at IDR 26.27, carries no captured consensus and so sits outside the record.

Read together with the section above, the two signals agree rather than conflict: the street is raising numbers and still being beaten on the top line.

FY2027 is a pause year across every line the street models

Source: derived from vendor data. FY2025 levels are reported actuals; later years are consensus means.

Consensus revenue steps up 24.8% in FY2026 to IDR 36,979bn, then stalls at 2.6% in FY2027 before reaccelerating to 11.1% in FY2028. EBITDA follows the same profile at 27.5%, 6.3% and 14.6%, and EPS at 33.9%, 12.6% and 16.1%. The pause is therefore in the whole P&L, not in one line of it — and it is worth noting the FY2027 revenue mean is the number that has been revised hardest upward, so the flat year is flat against a FY2026 base that also rose. Earnings outgrow revenue in each year, consistent with the gross margin the street carries: 32.3% for FY2025 rising to 39.7% by FY2028.

The FY2027 EBITDA range is IDR 10,947bn to IDR 18,211bn on nine estimates

Source: derived from vendor data.

The FY2027 EBITDA mean of IDR 13,976bn sits inside a range running from IDR 10,947bn to IDR 18,211bn — the high is around two-thirds above the low, on nine estimates. That is real disagreement about the earnings power of the forward book, not rounding. Revenue is tighter in proportion, and EPS expresses the same argument per share.

Source: derived from vendor data.

Note where the counts fall away: eight to ten contributors on FY2026 and FY2027, four to five on FY2028. The widening of the range in the outer year is partly disagreement and partly the arithmetic of a smaller sample.

Cash turns net-positive by FY2027, and the payout ramps with it

Source: derived from vendor data. Currency amounts in IDR bn; dividend per share in IDR.

Source: derived from vendor data.

Consensus has operating cash flow at IDR 12,608bn for FY2025 rising to IDR 14,953bn by FY2028, against capex held between IDR 1,483bn and IDR 1,901bn a year. Net debt of IDR 7,412bn in FY2025 becomes net cash of IDR 6,687bn in FY2027 and IDR 14,295bn in FY2028 on these means, and the dividend rises with it, from IDR 34.62 per share for FY2025 to IDR 84.86 for FY2028. One caveat carries across this whole section: none of these lines carries an analyst count in the feed, so they are means over an unstated and probably small sample — treat them as directional, not as the same quality of consensus as revenue and EPS.

Eleven targets spanning IDR 1,200 to IDR 1,900, and not one hold

Source: derived from vendor data.

Eleven price targets run from IDR 1,200 to IDR 1,900, with a mean of IDR 1,631 and a median of IDR 1,594 — the mean above the median, so the spread is skewed by the top of the range rather than the bottom. The rating mix carries none of that dispersion: nine buys, three outperforms, no hold, sell or underperform anywhere in the set. This feed carries no share price, so nothing here implies an upside or a downside; the targets are useful only as a measure of how wide the band the street is underwriting has become.