(TLKM IJ / TLKM.JK, NEUTRAL - Maintained, Rp7,800 - Tgt. Rp7,800, Telecommunications)
We visited Telkomsel recently and continue to believe Telkom lacks re-rating catalysts. We gather that 2Q09 revenue has been stronger qoq, not a surprise given that 1Q is seasonally the weakest. Its proposal to spin off its towers to a tower company faces shareholding issues, and a deal may not be concluded very soon. A much-awaited spectrum fee revamp is still in the works, although Telkomsel believes the outcome will be positive. Faced with a more challenging economic environment, the telco is scrutinising spending a lot more closely. While Telkom is our top Indonesian telco pick, it remains a NEUTRAL with a DCF-based target price of Rp7,800 (WACC 12.5%). We prefer higher-beta stocks given our bullish view on the stock market.
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