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Jumat, 19 Agustus 2011

Indosat: 1H11 result 51% ours, 62% consensus (ISAT, Rp5,750, Neutral, Rp5,600) - Mandiri

􀂄 Indosat (ISAT) reported a surge in net profit to Rp682bn (+137.5%yoy, -45.8%qoq), mainly due to commitment in hedging strategy which resulted in forex gains of Rp678bn. This is inline with our estimate, but above consensus.
􀂄 If we take out the forex gain, ISAT only book Rp228bn core profit. On EBITDA level, ISAT also maintains its performance inline with our and consensus estimate. Yet, operating margin sliced to 13.3% (vs 16.6% 1H10) mainly due to one-off Voluntary Separation Scheme (employee lay-off) in 1Q11.
􀂄 In terms of operational, we highlight the decline in MoU to 95.2bn minutes (-15.4%yoy), especially ISAT booked 25.1% yoy subscribers growth; as a result of reduce bundled minutes.
􀂄 We still maintain our Neutral call on ISAT, currently traded at PER11F-12F 23.4x and 16.3x respectively.

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