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Introduction: The purpose of this study is to identify the current and future CFU Enterprise sub-holding business portfolio of PT Telekomunikasi Indonesia Tbk (Telkom), mapping key success factors from each industry in which strategic units operate, identify strengths and weaknesses and the ability of each SBU to respond to external strategic issues, as well as the business portfolio strategy of the Telkom CFU Enterprise business group 2020-2023. Telkom is a BUMN in the field of information and communication technology (ICT) services with a TIMES business portfolio (Telecommunications, Information, Media, Edutaintment and Services). Since 2016 Telkom has changed the organization from a core and adjacent-based business to a customer-centric based, known as the Customer Facing Unit / Functional Unit (CFU / FU), which aims to consolidate and manage group (divisions) and subsidiary businesses according to the portfolio one that is needed to serve its customers, one of which is CFU Enterprise which focuses on the corporate market, which consists of nine Business Unit Subsidiries (BUS). Methods: This research uses descriptive qualitative method. Data was collected through interviews with leaders at the CFU Enterprise Sub-Holding level and leaders at nine SBUs, as well as studies of public documents and company internal data. The analysis in this study uses the IE Matrix (Internal Factor Evaluation / IFE Matrix and External Factor Evaluation / EFE Matrix), PESTEL Analysis and Five Porter Strengths, which are used for company internal and external scanning. The BCG matrix is used to map the portfolio of nine SBU businesses. Results: This research has been able to map the business portfolio of a subsidiary / SBU from Telkom CFU Enterprise. This research has identified the key success factors in each industry in which the SBU / CFU Enterprise Subsidiary operates. Basically the nine SBUs are in the same business stream, namely ICT (information and communication technology) services with key success factors including: professional workforce and international certification; Wide Coverage, Strong Sales & Service Network; Networking & good cooperation with technology principals; Strong engineering / Technology capability; and flexible financial capacity and budgeting processes. This research has identified the strengths and weaknesses of Subsidiaries / SBU in the CFU Enterprise environment. With functional analysis which includes four factors: human resources and organization; marketing; operational; and financials, which are then mapped into the IFE Matrix. This research has identified the ability of each SBU to respond to external strategic issues. With PESTEL and Porters Five Forces analysis, opportunities and threats have been mapped which are then mapped in the EFE Matrix. Conclusion: This research has mapped the business portfolio strategy of the Telkom CFU Enterprise business group 2020-2023: (1) Product development strategy (diversification)