Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Kamis, 28 April 2011

PT TELKOM (TLKM): Share buy-back as trading support – Watch EGM May 19th! - Credit Suisse

We continue to reiterate Consolidation in Industry continue to benefit the Top-3 Incumbents and therefore we reiterate Overweight Indonesia Cellular. Given this Share buy-back plan, I personally recommend Trading Buy TLKM (@Rp7,550- 11.9x 2011F PER with 29% upside to DCF Rp9,750)! However, I continue to see TLKM ADR/Stock as a Short Candidate for Long-Short Strategy.

· Colin McCallum (Daily attached): PT Telkom has issued a circular to shareholders in advance of the 19 May 2011 AGM. The circular sets out the proposal for a fourth share buyback scheme. The scheme proposes the purchase of 416.7 mn shares (representing 2.07% of the current shares in issue) in the open market.

· We view the purchase of shares in PT Telkom, which we value at Rp9,750/share using DCF, as a very good use of the company’s strong balance sheet (and far preferable to overseas investment). Furthermore, the buyback is set to have a positive impact on the company’s EPS and ROE. On a pro-forma basis for FY10 (i.e. as if the buyback had occurred on 1 January 2010), it would have raised FY10 EPS by 1.0%, ROA by 0.3% and ROE by 1.8%.

· Confirmation of the capital management plans represents the delivery of the first catalyst we have been expecting for PT Telkom, and supports our OUTPERFORM rating on the name. We now await the evidence of an improved revenue performance from cellular subsidiary Telkomsel (not listed) as promotional tariffs are lifted.

Tidak ada komentar:

Posting Komentar