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Senin, 27 Juni 2011

Telkom Indonesia (TLKM IJ) urged to submit a new interconnection tariff by Dee Senaratne - CLSA

As the biggest telecom operator in the country, TLKM is urged by the remaining operators to submit the new interconnection fee. Other operators need to pay a certain interconnection fee to TLKM when TLKM subscribers receive a call from another operator's subscribers. On a separate note, TLKM has spent Rp5.49tn capex as of June 2011. Total capex budgeted for the entire year is Rp13.7tn. The capex is spent on building few base transceiver stations (BTS).

Comment: Interconnection revenues account for around about 4% of total revenues for TLKM. A cut in the interconnection rate would have a negative impact on TLKM however its not that material. On capex we are forecasting 17.5tr for the full year which is above the company's guidance. Capex can be lumpy and back-end loaded so I wouldn't read to much into a half yearly figure. However generally the Indonesian telcos are very capex intensive given the challenging geography in which to roll out networks.

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