James Sullivan upgrading ISAT / TLKM / TEL. We are upgrading ISAT to OW with a TP of Rp6,600 and estimated total return of 18%. Our 2Q10 Deep Dive report highlighted a potential turnaround in core operating statistics; all of these trends showed continued improvement in 3Q10, driving our upgrade. We are also
upgrading TLKM and TEL PM to OW (TP of Rp9,800 and Php2,600 respectively) after recent underperformance.
Indonesia wireless growing faster then forecast: All three wireless operators beat our 3Q10 net addition numbers by 24-46%. This provides evidence supporting our contention that rising rural wage growth will start to positively impact telecom industry revenue growth in developing Asia, particularly once penetration hits 100% and lower incremental ARPU no longer drags down the average. We now have an OW recommendation on all three larger Indonesian telco operators.
https://mm.jpmorgan.com/PubServlet?action=open&doc=GPS-503647-0.pdf
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