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Kamis, 07 April 2011

Telekomunikasi Indonesia (HOLD) - Challenging times ahead - Kim Eng

Telkom’s President Director expects the company to book a bottom line growth rate of 5-7% in FY11. One of the key revenue growth drivers is IPTV that will be launched in May 2011. As seen in other parts of the world, Indonesia’s IPTV industry has vast potential and Telkom will have first-mover advantage in Indonesia. The additional revenue, however, would still be small in the immediate future. Telkom’s President Director mentioned that the company will spend only ca. Rp50b in 2011 for the launch of IPTV. Telkom is planning to spend Rp151 trillion during the 2011-2015 period. The capex figures for this period are significantly higher than those of previous years, thus making Telkom the largest capex spender in the industry by far. The figures are likely to have covered expenditure for M&A as Telkom is aiming to grow from un-organic sources given the tight competition. Thus, we see that Telkom’s future will depend to a large extent on the expansion it undergoes.

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