Over the last 3-4 trading days we have seen buying interests picking-up on the telco space. Fundamentally, the turnaround could have been driven by fundamental reasons: (1) PT Telkom’s wireless ARPU rose 1.1% QoQ, voice ARPM up 15.4% YoY. (2) Excelcomindo raised voice tariffs by 31% QoQ to Rp117/min, MOU’s declined 27% QoQ. Top down, the US GDP downward revision could attract incremental bears and defensive interests (while view on potential IDR strengthening, which benefits telcos, should remain firm).
TLKM – trades on 12.9x and 11.3x FY10-11 P/E, PxT of Rp9800 implies 9% upside
ISAT – trades on 18.8x and 13.5x FY10-11 P/E, PxT of Rp4500 implies 3% downside
EXCL – trades on 13.4x and 9.9x FY10-11 P/E, PxT of Rp5600 implies 13% upside
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