【出版时间及名称】：2009年11月印尼电信行业研究报告
        【作者】：汇丰银行
        【文件格式】：PDF
        【页数】：32
        【目录或简介】：
Investment summary 3
Telco sector outlook 3
Macro outlook 3
PT Telkom 3
Valuation and risks 4
PT Indosat 4
Valuation and risks 5
Sector overview 7
Background 7
Future growth outlook 8
Macro outlook 10
Economics team view 10
Equity strategy team view 10
PT Telkom (TKLM) 12
Wireless dominance 12
Attractive domestic play 14
3G capex 15
Tower Consolidation Catalyst 15
Change in estimates 15
Where are we vs consensus? 16
Valuation and risks 16
Risks 17
PT Indosat (ISAT) 18
New management, new strategy 18
EBITDA margin pressure 20
FCF turnaround in FY10 21
Views from our credit team 21
Change in estimates 22
Where are we vs consensus? 22
Valuation and risks 22
Risks 23
Financials & valuation: 24
Financials & valuation: 25
Disclosure appendix 27
Disclaimer 31