• Indosat CEO, Mr. Harry Sasongko, hinted that Indosat managed to book net income of Rp258.9bn during the 1Q10, which was 139.2% higher than Rp119.5bn achieved during 1Q09. Revenue is up slightly by 5.1% to Rp4.73tn from Rp4.50tn, with 75% of revenue from cellular. Consensus full-year expectation for net income and revenue was Rp1,694.8bn and Rp20.51tn.
• The company budgets 70% of the total US$550-700mn of capex for infrastructure development, among them to modernize network and telecommunication equipment.
• ISAT is trading at 2010F consensus PER of 17.6x and EV/EBITDA of 5.3x.
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