• Indosat shared its plan to issue US$500mn of global bonds in order to support the company’s capex this year. The company sets a lower capex of around US$500mn in contrast with US$700mn in 2009. In 2010, Indosat has to repay its maturing loans of Rp4.5tn this year that may affect the company’s budget on capex.
• It is reported that Indosat has appointed three underwriters to support the issuance and this plan has already been submitted to Bapepam.
• ISAT is trading at 2010F consensus PER of 17.6x and EV/EBITDA of 5.2x.
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