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Sabtu, 21 Mei 2011

Telkom Indonesia: Increase buyback value to Rp5.0tn, AGM approved Rp295.8/share dividend (TLKM, Rp7,600, Neutral, TP: Rp7,600) - Mandiri

􀂄 PT Telkom Indonesia (TLKM) decided to increase its buyback plan up to Rp5.0tn from the previous plan of Rp3.0tn, or equivalent to 3.2% of total shares (previously 2.07%). The buyback will still be covered by its retained earnings and will be executed on 18 months period.
􀂄 It is also said in Kontan that TLKM will execute the buyback plan at Rp7,750/shares. We view that the step is reasonable given that TLKM still has abundant of cash as of 1Q11 (Rp10.6tn). However, for us it is better for TLKM to allocate its money in expanding data and internet network infrastructure.
􀂄 In addition, TLKM announced that the AGM has approved final dividend of Rp5.8tn or Rp295.8/share, which is equivalent to 3.9% dividend yield. We also noted that TLKM’s payout ratio of 55% is also higher than previous years of 50% as proposed by Ministry of SOE.
􀂄 We still maintain Neutral recommendation on TLKM, currently traded at PER11F 12.2x and PBV11F 2.7x.
Posted by Saham Pilihan at 22.04

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