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Senin, 27 Juni 2011

Indosat: To sell towers and use major parts to repay debt; will pay dividend of Rp59.55/share (ISAT, Rp5,150, Neutral, TP: Rp5,400) - Mandiri

􀂄 Indosat (ISAT) admitted that it plans to divest some of its towers in order to repay its debt amounting to around 4,000 towers or equivalent to US$500mn. It is estimated that debt and interest expense may reduced by 18% and 16% respectively.
􀂄 Noted that we have expected such plan in our last report on ISAT, where we estimated ISAT would sell about US$453mn based on market value of independent listed tower companies. Should this plan is finally realized, it is estimated that debt and interest expense may lower by 18% and 16% respectively, which may result in potential upside in FY11F bottom line of 14.8%
􀂄 In addition to that, during latest AGM, shareholders approved 50% dividend payout with payment of Rp59.55/share or equivalent to 1.15% dividend yield. The cum date will be on 22 July 2011, while payment date is on 5 August 2011
􀂄 We still maintain Neutral on ISAT (TP: Rp5,400) however we view that the plan is positive for ISAT’s performance as lower debt burden may give breathing space to face tough competition in telecom industry. ISAT is traded at PER11F 21.0x and PBV 1.5x

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