Revenue from Indihome was the main pillar of the company’s growth. Indihome contributed revenue of IDR18.3 trillion (28.1% YoY), followed by data, internet and IT services revenue of IDR72.8 trillion (11.0% YoY). We estimate FY20 revenue to reach IDR138.7 trillion while FY20’s P/E ratio is at 19.3x. Based on these facts, we put a BUY recommendation with a target price of IDR3,800.
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