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P H
Apr 28,2016 08:42:32
Indosat Ooredoo delivered strong growth for the quarter, driven by data revenue. Revenue increased by 6% to QAR 1,837 million compared to QAR 1,732 million in Q1 2015. The company delivered strong EBITDA growth of 8% to QAR 848 million (Q1 2015: QAR 786 million), with EBITDA margin also improving by one percentage point to 46%. In local currency terms both Revenue (+12%) and EBITDA (+14%) showed double digit growth. Indosat Ooredoo reported Net Profit of QAR 69 million compared with a Net Loss of QAR 121 million in Q1 2015, reflecting operational improvements and a stabilization of the Indonesian Rupiah.
Indosat Ooredoo increased its customer base by 5% to 69.8 million compared with 66.5 million in the first quarter of 2015 with customers being attracted by its modern network and innovative product offers. Indosat Ooredoo’s 4G network is now available in over 20 cities, covering a population of more than 40 million
Following its rebrand to Indosat Ooredoo in November 2015, the company is focused on improving its brand awareness to become the leading digital telco provider in Indonesia.
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P H
Mar 21,2016 13:35:39
Telco: Boost from Lower Frequency Charge

Pemerintah menurunkan BHP (Biaya Hak Penggunaan) Frekuensi pada 2.100 dan 2.300 Mhz untuk mendorong industri telekomunikasi. Kami meyakini hal ini positif untuk seluruh emiten telekomunikasi, dimana biaya BHP frekuensi merupakan salah satu komponen biaya terbesar dalam satu tahun. Pada 2015, $TLKM membayar BHP frekuensi hingga Rp3,6 triliun, $EXCL Rp2,8 triliun, dan $ISAT sekitar Rp2,6 triliun.

Kami memperkirakan hal ini akan mendorong laba bersih perusahaan telekomunikasi tahun ini. Kami memprediksi laba bersih TLKM berpotensi tumbuh 14,6% tahun ini, sementara EXCL berpotensi mencatat laba positif dari tahun lalu yang mencatat kerugian. Selain itu, rupiah yang stabil juga akan membantu laba bersih EXCL seiring tidak adanya rugi selisih kurs yang signifikan. EXCL juga berencana melakukan rights issue dengan target dana minimal USD 500 juta tahun ini untuk melunasi utang USD.

Kami optimis terhadap industri telekomunikasi. Kami melihat tahun 2016 merupakan tahun positif bagi telekomunikasi, kami merekokmendasikan BELI untuk TLKM dengan target harga Rp3.900, mengimplikasikan EV/EBITDA 6,5x, dan juga BELI untuk EXCL dengan target harga Rp4.700, mengimplikasikan EV/EBITDA 5,0x.
Bull
P H
Mar 01,2016 12:27:31
Staying Connected – February 2016

Spectrum developments dotted the Asean-4 telco landscape in recent weeks. Concerns over a competitive spectrum auction spooked MY investors just as the TH telcos prepare for the first tranche of spectrum payouts. We downgraded TH sector to UNDERWEIGHT on earnings concerns and intensifying competition. The MY telcos were earlier downgraded on auction fears albeit the about-turn in policy (spectrum assignment vs auction) prompted us to restore our NEUTRAL stance. The INDO telco sector remains the sole OVERWEIGHT of the Asean-4 telcos.

¨ ASEAN-4 telcos down 2.5% YTD. The strongest declines were see in MY (-11.6%) and SG (-5.2%) while both INDO and TH telcos gained 6-9%.

¨ Lost in translation. The announcement of a spectrum bidding exercise during the tabling of the revised Budget 2016 on 28 Jan clearly spooked investors. It was only a month earlier that the Thai Government raised a whopping USD6.5bn (MYR28bn) from an auction of the 900MHz band. A competitive bidding (a first for Malaysia) would have been value destructive for the sector. On 1 Feb, the Government announced that the 900/1800MHz spectrum would be re-allocated to Maxis, DiGi.Com (Digi), Celcom and U-Mobile under a new spectrum framework (kindly refer to our report dated 3 Feb – Telecommunications : A Fuzzy Line Restored). While the ‘awards’ ruled-out a cataclysmic auction, the ‘change of heart’ costs the telcos some MYR14bn in market capitalisation. Expect further details on the spectrum fees in the coming months. The remaining 5MHz on the 900MHz is likely reserved for the high speed rail (HSR).

¨ Singapore confirms a fourth mobile entrant. The Infocomm Development Authority (IDA) has set aside 60MHz for a new operator in a two-stage spectrum auction scheduled for 3Q16. This follows the announcement of the revised spectrum framework on 18 Feb (kindly refer to our report dated 19 Feb – Firing The Fourth Cylinder)

¨ Results season well underway – shaping up to be another lacklustre quarter. INDO telcos are seen to continue outperforming with the last of the results due late March. 4Q15 earnings season has ended for the SG telcos. Key takeaways were: i) the continuing sluggish mobile revenue from weak usage/roaming revenues, and ii) ARPU pressure from a stronger take-up of SIM-only plans. While the usual seasonality in subscriber acquisition cost (SAC) pummelled 4Q15 EBITDA, the impact was particularly acute for StarHub due to additional provisions and costs. It was also another lacklustre quarter for the Malaysian and Thai mobile operators due to weak consumer sentiment and heightened competition, with the TH telcos ramping-up handset subsidies to drive 3G/4G upgrades ahead of the spectrum transfers. The bright spot continues to be in Indonesia where a steady competitive environment and rapid mobile data take-up have hitherto driven the superior mobile revenue growth.

$IHSG $TLKM $EXCL $ISAT
Bull
Quotes delayed, except where indicated otherwise.
ISAT
6,450.00 0.00 (0.00%)
Indosat Tbk.
Last Update 19:06:57