Telkom will have a capex of US$2bn or Rp19tn in FY10. Out of this 60% will be used for Telkomsel (65% of FY09 capex used for Telkomsel), and 30% for Telkom. The funds will be financed from internal cash and debt. Telkom will hold a beauty contest for the banks to select the bank from which they are going to take the loan from. We think the amount of capex Telkom is spending in FY10 is large and it will support TLKM’s growth.
We hold a positive view for TLKM in its plans to acquire companies to diversify its revenues base, given that cellular and fixed-line revenue growth is slowing down. We estimate revenues to grow by 3.4%yoy and Net profit by 8.5%yoy in FY10. We maintain buy a Buy for TLKM currently trading at PER10F of 15.1x.
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