Revenue 1H10 at Rp32.6tn (+5.0%yoy,6.4%QoQ)in line with our and consensus.Revenue from cellular up by 3.1%yoy (contributes 42.0%of revenue),data revenue up by 18.0%yoy (contributes 29.9%of revenue);meanwhile fixed line down 10.2%yoy (contributes 19.5%of revenue)
Operating profit slightly declined due to increase in maintenance expenses by 20%yoy and depreciation expense by 11%yoy as a result of higher capex.At the non-operating level,TLKM booked gain on foreign exchange at Rp111.3bn (-79.8%yoy)
Net income at Rp6.0tn (-0.7%yoy,+16.2%QoQ),in line with our estimates and consensus.
On subscriber numbers;cellular subscribers at 88.3mn (+16.2%yoy,7.6%qoq)ARPU Rp43k vs Rp47k (yoy);fixed line subscribers at 24.3mn (+9.4%yoy,0%q0q)and broadband subscribers (speedy)at 1.4mn (+73.6%yoy,9%yoy)
TLKM trades at PER10F of 14.3x,we currently have a buy on Telkom.
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