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

Rabu, 18 Mei 2011

Telekomunikasi Indonesia: Hold; Rp7,700; TP Rp7,700; TLKM IJ Preparing Mitratel’s IPO - DBS Vickers

It is reported that Telkom is preparing its subsidiary, PT Dayamitra Telecommunications (Mitratel), to be listed on IDX. Telkom is looking to finalize the process in the coming 6 to 9 months. It is likely that Mitratel will only go public in 2012. Mitratel will be spin-off as a pure tower company. Hence, prior to the listing, Mitratel will need to add more towers into its portfolio. Currently, Mitratel has less than 1,000 towers. Telkom is looking to add another 1,000 towers by the end of this year. Telkom is also planning to inject c.9,000 towers into the company. These 9,000 towers are currently under SingTel management.

Overall Telkomsel has close to 22K towers versus Indosat’s 12K and XL’s 10K, but the company is not keen on divesting all of them due to strategic reasons. Unless the negotiation on the pricing for towers with SingTel is resolved, Telkom may not be able to list Mitratel. At best, this may happen in 2012 or even later. Given large market cap of Telkom, divestment of only 2K towers will not have a big impact.

We believe that Indosat will be the first company to divest its tower business in 2011 (by selling towers) in order to generate much required free cash flow. Our BUY call on Indosat is mainly premised on potential sale of towers in 2011, which should benefit Indosat significantly.

We have a HOLD call on Telkom for its low-growth prospects coupled with only 4% yield.
Posted by Saham Pilihan at 23.03

Tidak ada komentar:

Posting Komentar

Langganan: Posting Komentar (Atom)