FR CGS-CIMB (YU) : Telekomunikasi Indonesia | PDF
1Q18: Weak but expected
TLKM IJ / TLKM.JK | ADD - Maintained | Rp3,830.00 tp:Rp4,600.00
Mkt.Cap:US$27,748.00m | Avg.Daily Vol:US$25.05m | Free Float:39.50%
Telco - Integrated
Author(s):Choong Chen FOONG +60 (3) 2261 9081,
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■ 1Q18’s results were in line. Mobile revenue declined qoq due to keen competition while fixed revenue improved 38% qoq from the stronger enterprise business.
■ 1Q18’s EBITDA margin recovered 3.2% pts qoq on lower marketing and G&A costs.
■ Maintain Add with an unchanged DCF-based target price of Rp4,600.
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