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TLK.N

ISIN: US7156841063
SEDOL: 2882228

Rating:

BUY

Target Price:

32.46 USD

Investment Horizon:

6 to 24 months
21st May 2009 View Report   Download

FY 2008 and 1Q 09 Update Report

Amid intensifying competition, PT Telkom was successful in maintaining its leadership position in all product lines. In 1Q 09 PT Telkom carried out a tariff reduction programme in order to attract new subscribers and maintain existing subscriber-base, reflected by robust expansion in cellular subscriber-base. However, we expect revenue growth to be restricted due to an anticipated decline in Average Revenue Per User (ARPU)....

11th May 2009 View Report   Download

FY 2008 & 1Q 09 News Alert

PT Telekomunikasi Indonesia Tbk.'s (PT Telkom) FY 2008 revenues, EBITDA and adjusted net income were in line with our estimates, while operating income was below our estimates. In FY 2008, unimpressive performance by the Fixed-line and Interconnection segments affected top-line growth. Going forward, we expect lower tariffs to result in declining Average Revenue Per User (ARPU). Furthermore, we expect operating margin to remain under pressure due to increased competition…

30th Dec 2008 View Report   Download

9M 08 Update Report

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PT Telekomunikasi Indonesia Tbk. (PT Telkom) recorded weak performance in 9M 08, marginally below our estimate due to greater competition and tariff alteration, coupled with rising frequency fees and repair and maintenance costs. In addition increasing pension costs resulted in high personnel costs, applying pressure on margins. Going forward, lower tariffs are expected to stimulate Minutes of Usage (MoU) growth....

16th Dec 2008 View Report   Download

Company News Alert

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PT Telekomunikasi Indonesia Tbk (PT Telekom) achieved our target price on 15 December. Going forward we expect ARPM to decline in light of increased competition and margins to be suppressed in anticipation of fast paced network roll outs. As the current common stock price does not support a BUY rating we are temporarily downgrading the common stock rating from a BUY to a HOLD. As the target price supports a BUY rating at current levels…

31st Oct 2008 View Report   Download

9M 08 News Alert

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PT Telekomunikasi Indonesia Tbk.’s (PT Telkom) 9M 08 results were below our estimates. During 9M 08, margins remained under pressure due to higher than expected operations & maintenance expenses. In light of the weak 9M 08 numbers we are likely to revise our estimates and target price downwards. However, the recent decline in stock prices due to heightened volatility in the equity markets offers a lucrative investment opportunity at…