• PT Telekomunikasi Indonesia Tbk has booked net income of Rp2.78tn for 1Q10, 13% YoY increase from Rp2.46tn the previous year. Operational revenue grew less at a rate of 6.2% to Rp16.59tn. Net income and revenue came only 24% and 22% of market full year expectation for 2010F of Rp12.68tn and Rp71.01tn.
• CEO of Telkom, Mr. Sudiro Asno, credited the increase in net profit to higher revenue from data and multimedia services, which rose 25% to around Rp5.0tn and gains due to the favorable foreign-exchange rate of Rp164b. Cellular revenue only increased by 3.0% to Rp6.69tn while fixed line revenue dropped by 6.7% YoY to Rp3.34tn.
• The company shared that it had submitted its plan to issue Rp3.0tn bonds to Bapepam and hopes that the body will respond with an effective statement on June 24th, 2010. The company’s outstanding debt position at the end of March 2010 reaches Rp19.6tn, Rp7.8tn of which will mature this year.
• TLKM is trading at 2010F consensus PER of 12.3x and EV/EBITDA of 4.6x.
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