4Q08 Results – Indosat – Good cost-savings
Indosat's FY08 core net profit exceeds our forecast and consensus expectations by 6% and 4%, due to lower-than-expected opex and depreciation. The results were characterised by strong wireless data growth; and low opex and depreciation.Indosat
did not issue any guidance or discuss its outlook for 2009, in compliance with Qatar Telecom's group-wide disclosure policy, but one will be released at end-March. We are adjusting our FY09-10 core net profit forecasts by -3% to 3% to reflect lower revenue growth assumptions but higher EBITDA margins. Our DCF-based target price remains Rp4,900. We maintain NEUTRAL on Indosat as we feel that the stock lacks catalysts. Switch to Telkom Indonesia.
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