(TLKM IJ / TLKM.JK, OUTPERFORM - Maintained, Rp8,700 - Tgt. Rp10,100, Telecommunications)
Telkom Indonesia's President Commissioner, Tanri Abeng said the telco's revenue should grow 10-15% in 2010. He thinks industry consolidation is imminent and could happen as early as 1Q10. The 10-15% growth is substantially above CIMB's forecast of 6% and within consensus of 11%. We agree that competition is benign but do not think consolidation will take place so soon, apart from the take-over of Mobile-8 by Smart Telecom. We maintain OUTPERFORM on Telkom with a target price of Rp10,100. It remains our top Indonesian telco pick as we expect Telkomsel to thrive in a benign competitive environment.
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