BTEL booked net revenue FY09 of Rp2.7tn (+25%yoy) in line with our estimates but lower than consensus. Gross revenues from telecommunication went up by 24.5%yoy, supported by Esia-prepaid service, which grew by 29.2%yoy. Net revenues from interconnection service amounted to Rp77bn (+348%yoy).
Operating expenses went up by 34.6%yoy, due to high depreciation expense, which up by 126.5% amounted to Rp979.2bn. The high expense was triggered from changes in accounting methodology of fixed assets. Hence, net fixed asset went up by 75.6%yoy.
Consequently, net income fell to Rp98bn (-28%yoy) and lower margin compared with previous year.
Subscribers at end 2009 were 10.6mn (+45.2%yoy) and targeted to become 14mn at end of 2010. BTEL plans to issue dollar denominated bonds worth up to US$250mn in 1H10. The fund will be used to finance capex 2010, which has allocated of US$200mn, and the remaining will be used to finance the operation.
BTEL trades at PER10F of 26.0x and EV/EBITDA10F of 6.3x, pricey for a stock which has underperformed and missed expectations widely.
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