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PP 9484/12/2012 (031413)
Do not discount that 2G DR agreement will also be terminated Price Performance 1M 3M 12M
once U Mobile has achieved comfortable population coverage Absolute -13.2 -12.9 -3.4
with its newly allocated spectrum. Relative -13.1 -14.1 -10.9
Catalysts Higher smartphone penetration and LTE coverage boosting Major shareholders
data ARPU, network infrastructure outsourcing. Binariang GSM 64.9%
EPF 9.7%
Continuous momentum of Hotlink FAST and MaxisOne Plan. ASB 8.4%
Indonesia
PT Telekom Dec 4,520 455,615,983.7 34,149.0 19.5 17.2 4.7 4.4 24.4 25.2 3.2
Indosat Dec 6,500 35,320,567.8 2,647.3 19.5 13.3 2.4 2.1 12.8 16.1 2.1
XL Dec 3,410 36,445,945.0 2,731.7 95.5 34.2 1.7 1.5 1.3 3.8 0.7
Average 44.8 21.6 2.9 2.7 12.8 15.0 2.0
Singapore
Singtel Mar 3.83 62,540.7 45,110.1 15.3 14.6 2.2 2.1 14.3 14.4 4.8
Starhub Dec 2.75 4,754.6 3,429.4 17.5 18.5 26.4 28.1 142.0 144.6 5.8
M1 Dec 2.18 2,027.7 1,462.5 14.6 16.3 4.7 4.4 34.0 29.0 5.5
Average 15.8 16.4 11.1 11.5 63.4 62.7 5.4
South Korea
SKT Dec 266,000 21,478,359.1 18,776.4 9.7 9.5 1.2 1.1 13.2 11.5 3.8
KTC Dec 32,650 8,525,300.5 7,452.8 10.1 9.3 0.7 0.6 6.9 7.2 3.0
LGU Dec 15,950 6,963,951.2 6,087.9 13.0 11.8 1.3 1.2 10.8 11.1 2.5
Average 10.9 10.2 1.1 1.0 10.3 9.9 3.1
Thailand
AIS Dec 177.00 526,237.9 15,474.9 17.8 16.7 10.6 9.1 63.5 58.4 4.1
True Dec 6.15 205,214.4 6,034.7 -96.1 361.8 1.6 1.6 -1.5 0.5 0.0
Average -39.1 189.2 6.1 5.3 31.0 29.5 2.1
China
China Mobile Dec 82.90 1,697,417.5 249,631.2 14.6 13.6 1.6 1.5 11.5 11.6 3.2
China Telecom Dec 3.75 303,496.4 44,633.8 15.1 13.5 0.9 0.9 6.2 6.6 2.7
China Unicom Dec 11.62 278,265.1 40,923.1 51.9 27.9 1.2 1.1 2.2 3.9 0.6
Average 27.2 18.3 1.2 1.2 6.6 7.4 2.2
India
Bharti Mar 372.1 1,487,432.5 23,018.6 45.6 30.7 2.1 2.0 4.9 6.5 0.6
RCOM Mar 21.2 52,766.4 816.6 -2.5 -2.9 0.2 0.2 -6.5 -5.2 0.1
Idea Mar 81.4 293,531.7 4,542.5 -13.0 -14.2 1.3 1.5 -9.2 -9.3 0.3
Average 10.0 4.6 1.2 1.2 -3.6 -2.7 0.3
Bloomberg
PATAMI 1,739 2,013 1,904 2,022 2,076 PATAMI 518.0 488.0 503.0 504.0 505.0
Adj PATAMI 1,919 1,963 1,904 2,022 2,076 Adj PATAMI 482.0 426.0 512.0 543.0 510.0
Basic Shares (m) 7,811 7,811 7,811 7,811 7,811 Basic Shares (m) 7,811 7,811 7,811 7,811 7,811
Rep. EPS sen 22.3 25.8 24.4 25.9 26.6 Rep. EPS sen 6.632 6.248 6.440 6.452 6.465
Adj. EPS sen 24.6 25.1 24.4 25.9 26.6 Adj. EPS sen 6.171 5.454 6.555 6.952 6.529
Adj. FD EPS sen 24.6 25.1 24.4 25.9 26.6 Adj. FD EPS sen 6.171 5.454 6.555 6.952 6.529
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