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Rabu, 18 Mei 2011

Telekomunikasi Indonesia: Hold; Rp7,700; TP Rp7,700; TLKM IJ Preparing Mitratel’s IPO - DBS Vickers

It is reported that Telkom is preparing its subsidiary, PT Dayamitra Telecommunications (Mitratel), to be listed on IDX. Telkom is looking to finalize the process in the coming 6 to 9 months. It is likely that Mitratel will only go public in 2012. Mitratel will be spin-off as a pure tower company. Hence, prior to the listing, Mitratel will need to add more towers into its portfolio. Currently, Mitratel has less than 1,000 towers. Telkom is looking to add another 1,000 towers by the end of this year. Telkom is also planning to inject c.9,000 towers into the company. These 9,000 towers are currently under SingTel management.

Overall Telkomsel has close to 22K towers versus Indosat’s 12K and XL’s 10K, but the company is not keen on divesting all of them due to strategic reasons. Unless the negotiation on the pricing for towers with SingTel is resolved, Telkom may not be able to list Mitratel. At best, this may happen in 2012 or even later. Given large market cap of Telkom, divestment of only 2K towers will not have a big impact.

We believe that Indosat will be the first company to divest its tower business in 2011 (by selling towers) in order to generate much required free cash flow. Our BUY call on Indosat is mainly premised on potential sale of towers in 2011, which should benefit Indosat significantly.

We have a HOLD call on Telkom for its low-growth prospects coupled with only 4% yield.

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