>>MSCI – Two additions to MSCI Indonesia: Charoen Pokphand Indonesia (CPIN) and Kalbe Farma (KLBF). Estimated buying volume for CPIN is 43.5mn shares, for KLBF is 133mn shares.>>>
"إِنَّا مَكَّنَّا لَهُۥ فِى ٱلْأَرْضِ وَءَاتَيْنَهُ مِن كُلِّ شَىْءٍۢ سَبَبًۭا فَأَتْبَعَ سَبَبًا Sesungguhnya Kami telah memberi kekuasaan kepadanya di (muka) bumi, dan Kami telah memberikan kepadanya jalan (untuk mencapai) segala sesuatu, maka diapun menempuh suatu jalan." (QS. AL KAHFI:84-85)
>> Saham Agung Podomoro Dilepas Rp365 per Unit >>> INDY: After mkt close the major shareholders placed out a USD 200m block of stock, or about 10% of cap at 3675 (range 3600-3725) at a 5.7% discount. The placement was said to be 3X subscribed to.

My Family

Sabtu, 04 April 2009

CIMB Telekomunikasi Indonesia

Company update - Robust growth but largely priced in - by Kelvin Goh CFA
(TLKM IJ / TLKM.JK, NEUTRAL - Downgraded, Rp7,300 - Tgt. Rp8,500, Telecommunications)

We downgrade Telkom Indonesia to NEUTRAL from Outperform after a recent surge in its share price and recommend investors to switch into cyclicals. The stock has outpaced the JCI by 44% since our upgrade to Outperform in Aug 08. We remain positive on Telkom given: 1) its stronger net adds in Jan-Feb 09; 2) potential benefits from a revamp in spectrum fees; and 3) easing competition. However, our key concern is that usage in commodity-driven areas has softened. Our forecasts remain unchanged but we are raising our DCF-based target price from Rp7,300 to Rp8,500 after lowering our WACC assumption to 12.3% from 13.1% on lower competitive risks and the possibility of a new spectrum fee regime. Telkom's forward P/E has surged from a sharp 25% discount to a 10% premium over the JCI, and near its previous peak of 20%, suggesting that further outperformance prospects are diminishing.

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