Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Jumat, 19 Agustus 2011

Corporate Result Flash Indosat - Bahana

2Q11 performance
§ ISAT reported poor 2Q11 operating results which were below our and consensus expectations, although net profit was roughly in line with our estimate helped by FX gain of IDR218b.

§ 2Q11 cellular revenue growth of 7.5% q-q resulted in overall revenue growth of 6% q-q and 5% y-y, in line with our and consensus forecasts. This brought 1H11 total top line to IDR10t, up 4% y-y.

§ As growth in operating expenses outstripped top line growth, ISAT experienced margin deterioration across the board with 2Q EBITDA margin down to 44% from 45.6% in 1Q11 and operating margin contraction to 12.9% from 13.7% in 1Q11.

Outlook
EXCL is keen on taking over ISAT’s no. 2 market share status this year. This is likely to result in further operating weakness in our view. Additionally, we retain our view that ISAT, not as the No. 2 player behind Telkomsel to foray outside of Java, will continue to struggle in 2011-12. With 1H11 capex of IDR2.5t, down 16% y-y, we expect acceleration in spending ahead to cater to surging data requirements.

Recommendation and valuation
With 1H11 net gearing of 110%, interest charges will be a challenge, making the company’s tower divestment crucial to improve its negative 1H11 cashflow. Although 1H11 bottom line were some 10-12% higher than consensus, we are not impressed by ISAT’s operating performance. On valuation, the stock remains unattractive on 2012 EV/EBITDA of 5.2x and 21.7x 2012 PE. Maintain REDUCE.
Posted by Saham Pilihan at 04.51

Tidak ada komentar:

Posting Komentar

Langganan: Posting Komentar (Atom)