PT Indosat Tbk’s (Indosat) revenues were in line with our estimate, while EBITDA margin was above our estimate and operating margin was below our estimate. Considering the surge in price since our last update report, coupled with mixed FY 2009 performance we maintain our SELL rating for the common stock. We will reassess the common stock rating for Indosat in the coming weeks....

After two consecutive quarters of subscriber-losses attributable to Indosat’s volume-for-value strategy, 3Q 09 brought some respite as September witnessed healthy net-additions due to the festive season. As the majority of the clean-up has been completed by 3Q 09 we expect Indosat to register net additions from the next quarter with the majority of them from post-paid segment. Going forward, ARPU is expected to head northwards due to an increase in ARPM due to the…

PT Indosat Tbk's (Indosat) posted weak y-o-y revenue growth in 9M 09, in line with our estimate. However, EBITDA declined 5.4%, below our expectation. Going forward, due to an anticipated increase in competition and considering 9M 09 performance, we reiterate our rating for the common stock. We will reassess the common stock rating in our next update report. Although we expect positive currency impact on the ADR over the next 6-24 months as the current price supports…