TLKM IJ / TLKM.JK | NEUTRAL - Maintained | Share Price Rp7550 - Tgt. Rp7800
Telco - Integrated | - by Kelvin GOH, CFA
Telkom’s FY12 revenue-growth target is a little above our estimate due to its higher expectations for non-mobile growth. We think its non-mobile projections are a tad optimistic as they assume a big rebound in revenue, which has been falling for three straight years. Telkom is also looking to buy a telecom infrastructure company which we are a little cautious on given its lack of track record. We maintain our forecasts, DCF target price (WACC 12.2%) and Neutral rating, preferring Indosat and XL Axiata to Telkom.
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