
We’ve conducted a detailed study of all operating and financial trends post 2Q10 results. We are also moving our price targets to Dec-11. Indonesia: Remains the best structural market, in our view, given strong price stability. More of these positives are in the price for TLKM than before, however. ISAT is becoming more interesting, but we think it is still too early to buy. We raise our PT for EXCL to Rp7,300 from Rp5,600, and are 45% ahead of 2011E street EPS. Key upside risks: Market consolidation. Key downside risks: ISAT ignites a price war if its cost-cutting strategy bears fruit.
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