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Kamis, 28 Juli 2011

ASIAN TELECOM SECTOR: ADDING TELKOM with INDOSAT as Top Buy, ADDING BTEL as Top Sell - Credit Suisse

In Asian Telecom Sector, Colin is overweight Indonesian Telecom, which has laggard both Indonesia market and Asian Telecom (especially China and India ). Colin is recommending Buy ISAT/EXCL and trading Buy TLKM (share buy-back has started despite only less than 10% being spent of US$600m budget). Cellulars Operators are currently trading at half EV/EBITDA than Towers Operators therefore ISAT will be expected to divest its towers as unlocking its tower hidden value.

· Colin McCallum, CA (Daily attached): We are removing Idea from our top five regional telco picks after its strong run of performance relative to the sector. In its place we add more Indonesian exposure, in the form of PT Telkom. The share buyback programme has only just begun and we expect a return to QoQ cellular revenue growth in 2Q11.

· We retain Indosat as a top outperform call, and we also retain Axiata, which offers some Indonesian exposure through its subsidiary XL, as well as indirect exposure to Idea.

· We have removed SmarTone from our top UNDERPERFORM calls, and in its place inserted Bakrie Telecom, which we believe has more pressing fundamental issues, despite its strong management team. We retain both True Corp and TM as top UNDERPERFORM calls.

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