Revenue 1H10 booked at Rp1.4tn (+3.5%yoy,-5.7%QoQ)below ours target and consensus
Operating profit at Rp174.6bn (+6.0%yoy,-31.0%QoQ)due to declining of marketing and selling expenses by 19.7%yoy to Rp165.1bn
Interest expense increase by 38.5%to Rp214.2bn,resulting net profit Rp2.7bn (-96.3%yoy,-190.6%QoQ),below our target and consensus.In 2Q10,Bakrie Telecom Pte.Ltd a 100%owned subsidiary release a US$250mn guaranteed senior notes maturing in 2015.
Subscribers in 1H10 totaling 11.1mn (+24.7%yoy)
We have a Neutral call on BTEL,currently it trades at PER10F-11F of 28.7x and 19.4x,respectively.
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