H110 EBITDA came in at Rp4.6 tn (+7% YoY) represents 46% of UBS 2010 estimate of Rp10.2 tn. H110 net income accounts for only 19% of UBS 2010 forecast of Rp1.5 tn.
Operationsl-wise, ISAT H110 result is in-line with UBS and Street's estimates. ISAT's H110 net income, however, is below expectations. We believe this could be due to one-off charges below the operating line. ISAT is currently undergoing a limited review, and the full H110 financials will be released on Aug 24, 2010 when the management will also host a conference call – details tba.
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