Indosat (ISAT IJ - Rp4,350 - UPF). Second largest mobile operator in Indonesia. Mkt Cap US$2bn.
Indosat result is at the high end of expectation. Net profit came in at Rp1.88tn including Rp817bn net FX loss from its US$660m debt that are partly (68%) hedged. Excluding FX loss, net profit would be Rp2.45tn (vs. our expectation of Rp1.91tn.
Ebit came in at Rp4.73tn vs. our expectation of Rp4.46tn. Ebit margin at 25% in FY08 vs. 24.4% in 9m08 implying a margin expansion in 4Q08.
Ebitda margin also expanded slightly from 49.2% in 9m08 to 49.7% in FY08, implying a Ebitda margin of 51% in 4Q08.
Total subscriber 36.5m at YE08, adding only 1.03m net add in 4Q08 vs. 3.1m in 3Q08 and 2.5m net add in 4Q07.
The result shows that Indosat is holding up better (especially after the poor result of #3 operator Excelcomindo), thus there is a chance of good recovery in the coming quarters as competition rationalised and tariff pressure abating.
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