CHANGE Global's Thea Jamison Says This Indonesian Telecom Company Could Nearly Double As Reform Arrives

CHANGE Global founder and managing director Thea Jamison, speaking at Sohn Tokyo 2026, made the case that Indonesia's dominant telecom operator is poised to rise as governance reforms take hold. She pointed to Japan's stock market, which sits near an all-time high, and to Korea, which is following the same path, as evidence that corporate governance matters for valuations. Her target for the telecom stock implies roughly 90% upside, and the shares offer a dividend yield of about 10% while investors wait for a re-rating. The stock currently trades near a 20-year low and two standard deviations below its average valuation, according to her analysis.

Jamison, who started her career at Nicholas Applegate Capital Management, later part of Allianz, founded CHANGE Global in 2013 to run developing-market portfolios for pension funds, foundations, family offices and consultants. She is a CFA charterholder with an MBA from Stanford and says she has researched opportunities in more than 90 countries and invested directly on 60 local stock exchanges.

Her argument is set against a difficult year for Indonesia's capital markets. In January, according to Jamison, MSCI announced it was considering removing Indonesia from its emerging market benchmark over free float and ownership concerns. Trading was halted, and the heads of the stock exchange and the financial regulator resigned. Reforms have since followed, including plans to raise the minimum free float from 7.5% to 15% and to require disclosure of shareholders holding more than 1%. Jamison said these measures have not gone far enough or fast enough. The night before her talk, MSCI added further scrutiny and a new threat that Indonesia could be removed from its global benchmarks.