Mansek EXCL has allocated Rp4.5tn for network expansion (EXCL,Rp4,100,Buy,TP: Rp4,300)

EXCL has allocated Rp4.5tn for net work expansion.In 2010,EXCL targets to build 1,500-2,000 tower and BTS,while in 1H10 it has already built 900 units valued at Rp2,3tn.This year,the company allocated total capex of US$450mn.By end of Mar 2010,EXCL had 19,904 BTS which cover 90%of Indonesia and number of subscribers of 32.5mn.EXCL targets total BTS of more than 20,000 units by end 2010 and number of subscribers of 38- 39mn.EXCL trades at PER10F-11F of 15.7x and 12.2x,we have Buy
recommendation.