NISP Indosat net income more than doubles in the first quarter (ISAT, Rp5,600)

• 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.