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Jumat, 19 Agustus 2011

Indosat (ISAT IJ) 1H11 results were a bit soft by HoR Dee Senaratne - CLSA

While the top line was in-line, the company has experienced pressure at the cost line. 1H11 ebitda was just 46% of our full year forecast. Please see file for more details.

Net income line was skewed by one offs - forex gains (they have a lot of USD debt)
This results confirms our negative view on the Indonesian telecoms sector
While the result is somewhat weak the stock sentiment will continue to be dominated by newsflow around their tower auction process.
ISAT is looking to sell 4,000 of its total 11,000 tower portfolio.
The key bidders are the indpendent tower cos (towr, tbig) and we expect that finalisation of the deal will be towards the end of the year.
This is exactly why I remain negative on this sector - there is no end in sight to the competitive intensity in the sector.
ISAT also has the lowest ROE of the big 3 at below around 6-7 per cent despite having gearing above 100%.

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