PT Indosat Tbk (ISAT) 12 August 2020

1H20: Splendid Operating Profit

INDONESIA | TELECOMMUNICATION | COMPANY UPDATE BUY
MARKET PRICE IDR 2,350
1H20 Financial Results TARGET PRICE IDR 3,300
ISAT reported revenues of IDR 13,45 tn, up 9.4% YoY, 6.2% QoQ, largely in line with our POTENTIAL UPSIDE +40.4%
forecast. Net Loss came at IDR341.1 bn, slightly bigger than a net loss of IDR331.9 bn in 1H19.
COMPANY DATA
O/S SHARES (BN) : 5.43
Revenues from the cellular segment jumped 11.8% YoY, as an increase in Data revenue
MARKET CAP (IDR TN) : 12.99
(+27.8% YoY), offset the vanishing revenues in voice and SMS (-35.2% YoY). MIDI revenues MARKET CAP (USD BN) : 0.88
crept up 2.4% YoY as a result of the revenue increase in overall services. Fixed telecom 52 - WK HI/LO (IDR) : 3,950/1,190
revenues plummeted 19.8% YoY due to a decline in incoming traffic. 3M AVG. VOLUME (MN SHARES): 8.54
PAR VALUE (IDR) : 100
Costs were tightly kept in check with operating expenses (Opex) inched up only 7.6% YoY. as
MAJOR SHAREHOLDERS, %
a spike in Personnel Expense (+43.1% YoY) was canceled out by a 36.6% YoY drop in General OOREDO ASIA PTE LTD 65.00%
and Administration (G&A) expense. REPUBLIC OF INDONESIA 14.29%
NORGES BANK 0.66%
Operating Profit skyrocketed 36.5% YoY and 354.1% QoQ. EBITDA reached IDR 5.4 tn, a INVESCO LTD 0.33%
22.5% improvement YoY, leading to EBITDA Margin of 40.4%, an improvement by 4.3 ppt DIMENSIONAL FUND ADVISORS LP 0.31%
ALLIANZ SE 0.20%
from last year.
PRICE VS. JCI
ISAT continues to have a strong and healthy balance sheet with net debt to EBITDA improved
to 1.35x vs 2.81x in 1H19.

Solid Operational Performance

Cellular subscribers in 1H20 stood at 57.2 million (+0.9% YoY). Throughout 2Q20, subscribers
increased by 1.8% (QoQ) thanks to better product offerings combined with the improved
network quality.

Blended Average Revenue per User (ARPU) increased to IDR31.400, from previously
IDR27.900 in 1H 2019. Data traffic also surged 60.8% YoY to 2,216 petabytes. Average Source: PSI Research, Bloomberg
Minutes of Usage (MOU) per customer shrank to 29.5 minutes (-16.8% YoY), in line with the
negative industry trend of traditional voice services. KEY FINANCIALS

IDR Bn FY18 FY19 FY20F FY21F FY22F

Capital Expenditure (Capex) was down 22.4% YoY due to a slower rollout at the start of this Revenue 23,140 26,118 28,211 30,229 32,414
year. ISAT accelerated its network rollout in 2Q20 by quadrupling its Capex to IDR2.63 tn EBITDA 7,784 9,856 11,161 11,622 12,670
from IDR634 bn in 1Q20, indicating its commitment to meet the FY2020 Capex guidance (2,404) 1,569 (1,243) (1,130)
between IDR 8.5 tn to IDR 9.5 tn. (442) 289 (229) (208) (194)
(3.8) 10.2 (10.3) (11.3) (12.1)
As of June 2020, ISAT operated 124,944 BTS (+44.7% YoY) fewer than the number of BTS P/BV, x
(133,186) it operated in 1Q20 as the company shifted its focus on 4G expansion by adjusting
ROE, % (19.8) 11.4 (9.9) (9.7)
frequency allocation and adding more BTS. In 1H20, ISAT increased the number of 4G BTS to
ROA, %
52,776 while at the same time reducing, the number of 3G BTS (-11% QOQ), and 2G BTS (- 0
10.76% QoQ).
Source: Phillip Sekuritas Indonesia Research
Valuation
We reaffirm our Buy recommendation on ISAT but raise our target price to IDR 3,300 (from Valuation Method: Discounted Cash Flow (DCF)
IDR 3,150 previously) to reflect ISAT strong growth momentum in 2020-22F and its healthier
balance sheet. Our new target price offers 40.4% upside to the current price and implies Stefanus Adrian Chandra (+62 57900800)
FY20F EV/EBITDA of 4.16x which slightly above ISAT 5 year historical average of 4.0x. The risk stefchandra@phillip.co.id
to our call is slower revenue growth, tighter industry competition, and higher cost from
network expansion.

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 PT INDOSAT TBK COMPANY UPDATES

Figure 1 – ISAT 6M20 Earning Reviews

(IDR Bn) 6M19 6M20 %YOY 1Q20 2Q20 %QOQ %FY20F

Revenue 12,292 13,451 9.4% 6,523 6,928 6.2% 48%

Operating Profit 797 1,088 36.5% 196 892 355% 83%
EBITDA 4,433 5,430 22.5% 2,380 3,050 28.2% 49%

Net Income (332) (341) (2.8%) (606) 265 N/A

Revenue Breakdown
Data 7,308 9,342 27.8% 4,397 4,945 12.5%

Voice & SMS 1,866 1,208 (35.2%) 641 567 (11.5%)

Others 2,392 1,647 (31,1%) 840 807 (3.9%)

MIDI 1,988 2,036 2.4% 1,008 1,028 2.0%

Fixed Telecommunication 342 274 (19.8%) 144 130 (9.5%)

Margins
Operating Margin 6.5% 8.1% 3.0% 12.9%
EBITDA Margin 36.1% 40.4% 36.5% 44.0%
Net Margin (2.7%) (2.5%) (9.3%) 3.8%

Source: Company, Phillip Sekuritas Indonesia Research

Figure 2 – ISAT Quarterly EBITDA (Bn) and EBITDA Margin Figure 3 – ISAT Net Debt to EBITDA

*Net debt excludes obligation under financial lease

Source: Company, Phillip Sekuritas Indonesia Research

Figure 4 – ISAT EV/EBITDA BAND

Source: Company, Phillip Sekuritas Indonesia Research

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 PT INDOSAT TBK COMPANY UPDATES

Financials
FYE 2018A 2019A 2020F 2021F 2022F
Income Statement (IDR Bn)
Revenue 23,140 26,118 28,211 30,229 32,414
COGS (Ex D&A) 12,043 12,343 13,123 14,097 15,086
SG & A and Others (Ex D&A) 4,596 3,919 4,117 4,510 4,658
D&A 8,249 9,570 9,661 10,081 10,873
Operating profit / EBIT (465) 286 1,310 1,541 1,798
EBITDA 7,784 9,856 11,161 11,622 12,670
Interest expense 2,125 2,761 2,779 2,846 2,988
Non-Operating Income (74) 120 0 0 0
EBT 39,128 43,110 48,308 54,433 60,109
Tax expenses (578) (43) (367) (326) (297)
Minority Interest 319 61 141 151 162
Net Income (2,404) 1,569 (1,243) (1,130) (1,054)

Revenue Breakdown (IDR Bn)

Data 12,519 15,376 17,643 19,928 22,001
SMS & Voice 6,073 3,416 2,187 1,571 1,272
Others 4,658 4,747 4,664 4,695 4,743
MIDI 4,383 4,781 5,033 5,245 5,474
Fixed Telecommunication 729 662 643 623 605

Balance Sheet (IDR Bn)

Cash and equivalents 1,045 5,881 3,028 1,723 1,848
Account Receivable 2,963 3,043 3,287 3,522 3,777
Inventories 48 29 31 34 36
PPE - net 36,899 42,753 45,807 47,836 49,296
Other assets 12,184 11,106 11,272 11,481 11,502
Total assets 53,140 62,813 63,426 64,595 66,459
Account Payable 7,779 8,962 9,528 10,236 10,954
Accrued Expenses 3,322 4,187 4,398 4,819 4,977
Short Term Debt 550 0 0 4,978 4,588
Current Maturities 5,428 5,675 7,846 4,650 7,941
Long Term Debt 15,075 15,932 14,085 13,435 12,494
Other Liability 8,850 14,350 14,962 14,850 14,771
Total liabilities 41,003 49,106 50,820 52,968 55,724
Total Equity 12,136 13,707 12,606 11,627 10,734

Source: PSI Research

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 PT INDOSAT TBK COMPANY UPDATES

FYE 2018A 2019A 2020F 2021F 2022F

Cash Flow Statement (IDR Bn)
Net income (2,404) 1,569 (1,243) (1,130) (1,054)
Depreciation & Amortization 8,249 9,570 9,661 10,081 10,873
Changes in WC 4,036 3,479 346 520 479
Other 433 28 753 74 108
Cash Flow from Operations 9,434 14,786 9,517 9,655 10,483
Capex (8,534) (9,567) (12,695) (12,092) (12,317)
Other (3,182) 0 0 0 0
Cash Flow from Investing (11,716) (10,406) (12,695) (12,092) (12,317)
Change in Debt 1,864 554 325 1,132 1,959
Dividend (397) 0 0 0 0
Dividend to Minority Interest (80) 0 0 0 0
Other 265 0 0 0 0
Cash Flow from Financing 1,653 457 325 1,132 1,959
Net change in cash (630) 4,836 (2,853) (1,305) 125
Cash Ending 1,045 5,881 3,028 1,723 1,848

Valuation Ratios
P/E (X) (3.8) 10.2 (10.3) (11.3) (12.1)
P/B (X) 0.8 1.2 1.0 1.1 1.2
EV/EBITDA (X) 4.3 4.2 3.7 3.8 3.6
Dividend Yield 0.0 0.0 0.0 0.0 0.0
Growth & Margins
Growth
Revenue (22.7%) 12.9% 8.0% 7.2% 7.2%
Operating profit (111.5%) N/A 357.7% 17.6% 16.7%
EBITDA (39.6%) 26.6% 13.2% 4.1% 9.0%
Net Income (311.6%) 165.3% 179.2% 9.1% 6.7%
Margins
Operating Margin (2.0%) 1.1% 4.6% 5.1% 5.5%
EBITDA Margin 33.6% 37.7% 39.6% 38.4% 39.1%
Net Profit Margin (10.4%) 6.0% (4.4%) (3.7%) (3.3%)
Key ratios
ROA (4.5%) 2.5% (2.0%) (1.7%) (1.6%)
ROE (19.8%) 11.4% (9.9%) (9.7%) (9.8%)
Net Gearing 173.5% 157.6% 174.0% 198.4% 233.1%
Per share data (IDR)
EPS (442) 289 (229) (208) (194)
DPS 73 0 0 0 0
BVPS 2,233 2,523 2,320 2,140 1,975

Source: Phillip Sekuritas Indonesia Research

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 PT INDOSAT TBK COMPANY UPDATES

Important Information
Rating for Sectors:
Overweight : We expect the industry to perform better than the primary market index (JCI) over the next 12
months.
Neutral : We expect the industry to perform in line with the primary market index (JCI) over the next 12
months.
Underweight : We expect the industry to under-perform the primary market index (JCI) over the next 12 months.

Rating for Stocks:

Buy : The stock is expected to give total return (price appreciation + dividend yield) of > +10% over the next.
12 months.
Hold : The stock is expected to give total return of > 0% to ≤ +10% over the next 12 months.
Sell : The stock is expected to give total return of < 0% over the next 12 months.
Outperform : The stock is expected to do slightly better than the market return. Equal to “moderate buy”
Underperform : The stock is expected to do slightly worse than the market return. Equal to “moderate sell”

Analyst Certification
The research analyst(s) primarily responsible for the preparation of this research report hereby certify that all of the views expressed
in this research report accurately reflect their personal views about any and all of the subject securities or issuers. The research
analyst(s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific
recommendations or views expressed in this research report.

Disclaimers
This document has been prepared for general circulation based on information obtained from sources believed to be reliable. But
we do not make any representations as to its accuracy or completeness. Phillip Sekuritas Indonesia (PSI) accept no liability
whatsoever for any direct or consequential loss arising from any use of this document or any solicitations of an offer to buy or sell
any securities. PSI and its directors, officials and/or employees may have positions in, and may affect transactions in securities
mentioned herein from time to time in the open market or otherwise, and may receive brokerage fees or act as principal or agent
in dealing with respect to these companies. PSI may also seek investment banking business with companies covered in its research
reports. As a result investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this
report. Investors should consider this report as only a single factor in making their investment decision.

Disclosure
Phillip Sekuritas Indonesia, or persons associated with or connected to Phillip Sekuritas Indonesia, including but not limited to its
officers, directors, employees or persons involved in the issuance of this report, may provide an array of financial services to a large
number of corporations in Indonesia and worldwide, including but not limited to commercial / investment banking activities
(including sponsorship, financial advisory or underwriting activities), brokerage or securities trading activities. Phillip Sekuritas
Indonesia, or persons associated with or connected to Phillip Sekuritas Indonesia, including but not limited to its officers, directors,
employees or persons involved in the issuance of this report, may have participated in or invested in transactions with the issuer(s)
of the securities mentioned in this report, and may have performed services for or solicited business from such issuers. Additionally,
Phillip Sekuritas Indonesia, or persons associated with or connected to Phillip Sekuritas Indonesia, including but not limited to its
officers, directors, employees or persons involved in the issuance of this report, may have provided advice or investment services to
such companies and investments or related investments, as may be mentioned in this report.

Investment Banking and Advisory activities: In the preceding 12 months, Phillip Sekuritas Indonesia and/or an affiliate is not
involved in any investment banking activities with PT. Indosat Tbk.
Market Maker and Liquidity Provider: Phillip Sekuritas Indonesia and/or an affiliate is not a market maker / liquidity provider in
securities issued by PT. Indosat Tbk.
Other Financial Interests: Phillip Sekuritas Indonesia owns 0 shares in PT. Indosat Tbk.

Analyst’s Disclosure:
Share Ownership: The analyst who wrote and published this report owns 0 shares in PT. Indosat Tbk.
Affiliation: The analyst who wrote and published this report is not affiliated with PT. Indosat and any of the affiliates of PT. Indosat
Tbk.

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Management
Jasa Adhimulya
(Head, Research - Equities)
Macro | Strategy | Banks
Jasa Adhimulya +62 21 57 900 800
jamulya@phillip.co.id
Technical Analyst
Muhammad Syahrizannas
ichan@phillip.co.id
AUSTRALIA
PhillipCapital Limited
Level 10, 330 Collins Street
Melbourne VIC 3000
Australia
Tel (61) 3 8633 9800
Fax (61) 3 9629 8882
Website: www.phillipcapital.com.au
FRANCE
King &Shaxson Capital Limited
3rd Floor, 35 Rue de la Bienfaisance 75008
Paris France
Tel (33-1 45633100)
Fax (33-1) 45636017
Website: www.kingandshaxson.com
INDONESIA
PT Phillip Sekuritas Indonesia
ANZ Tower Level 23B,
JlJendSudirmanKav. 33A
Jakarta 10220 – Indonesia
Tel (62-21) 5790 0800
Fax (62-21) 5790 0809
Website:www.phillip.co.id
MALAYSIA
Phillip Capital Management SdnBhd
B-3-6 Block B Level 3 Megan Avenue II,
No. 12, Jalan Yap Kwan Seng, 50450
Kuala Lumpur
Tel (603) 2162 8841
Fax +603 2166 5099
Website: www.poems.com.my
THAILAND
Phillip Securities (Thailand) Public Co. Ltd
15th Floor, Vorawat Building, 849 Silom Road, Silom,
Bangrak
Bangkok 10500 Thailand
Tel (66-2) 635 1700 / 268 0999
Fax (66-2) 268 0921
Website: www.phillip.co.th
UNITED STATES
Phillip Capital Inc
141 W Jackson Blvd Ste 3050
Chicago Board of Trade Building
Chicago, IL 60604 USA
Tel 1 (312) 356 9000
Fax 1 (312) 356 9005
Website: www.phillipcapital.com
PT INDOSAT TBK COMPANY UPDATES
+62 21 57 900 800
jamulya@phillip.co.id
Cement| Precast
Anugerah Zamzami Nasr +62 21 57 900 800
anugerah.zamzami@phillip.co.id
Plantation
Michael Filbery +62 21 57 900 800
michael.filbery@phillip.co.id
CAMBODIA
Phillip Bank PLC
#27DEF, Preah Monivong Blvd - Sangkat
SrahChork, Khan Daun Penh
Phnom Penh, Cambodia
Tel (855) 23 862 777
Fax (855) 23 862 727
Website: www.phillipbank.com.kh
HONG KONG
Phillip Securities (HK) Ltd
11/F United Centre 95 Queensway
Hong Kong
Tel (852) 2277 6600
Fax (852) 2868 5307
Websites: www.phillip.com.hk
JAPAN
Phillip Securities Japan, Ltd.
4-2 NihonbashiKabuto-cho Chuo-ku,
Tokyo 103-0026
Tel (81-3) 3666 2101
Fax (81-3) 36678806
Website: www.phillip.co.jp
SINGAPORE
Phillip Securities Pte Ltd
250 North Bridge Road, #06-00 Raffles City Tower
Singapore 179 101
Tel (65) 6533 6001 (General)
Fax (65) 6535 3834
Website: www.phillip.com.sg
TURKEY
Phillip Capital MenkulDegerler
Dr. CemilBengu Cad. Hak Is Merkezi
No. 2 kat 6A. Caglayan
34403 Istanbul, Turkey
Tel (0212) 296 8484
Fax (0212) 233 6969
Website: www.phillip.com.tr
Muhammad Syahrizannas +62 21 57 900 800
(Research Administrator) Ichan@phillip.co.id
Telecommunication
Stefanus A. Chandra +62 21 57 900 800
stefchandra@phillip.co.id
CHINA
Phillip Financial Advisory (Shanghai) Co Ltd
No. 436 Heng Feng Road - Greentech Tower Unit
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Shanghai, China
Tel (86-21) 5169 9400
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INDIA
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No.1, 18th Floor, Urmi Estate
95, Ganpatrao Kadam Marg, Lower Parel
WestMumbai 400-013 - Maharashtra, India
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Tel 2 (91) 22 2300 2999
Toll Free No. 1800 22 1331
Fax (91) 22 2300 2969
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UNITED KINGDOM
King &Shaxson Capital Limited
6th Floor, Candlewick House,
120 Cannon Street,
London, EC4N 6AS
Tel (44-20) 7426 5950
Fax (44-20) 7626 1757
Website: www.kingandshaxson.com
SRI LANKA
Asha Phillip Securities Ltd
2nd Floor, Lakshmans Building, No. 321
Galle Road, Colombo 03
Sri Lanka
Tel (94) 11 2429 100
Fax (94) 11 2429 199
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UNITED ARAB EMIRATES
Phillip Futures DMCC
Member of the Dubai Gold and Commodities
Exchange (DGCX)
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Tel (971) 433 25052
Fax (971) 433 28895
Website: www.phillip.in
Page | 6 | PHILLIP SEKURITAS INDONESIA
 PT INDOSAT TBK COMPANY UPDATES

ANZ Tower Level 23B, Jl. Jendral Sudirman Kav 33A, Jakarta, 10220 - Indonesia
Telp. (62-21) 57 900 800, Fax. (62-21) 57 900 809, Email: customercare@phillip.co.id Website: www.phillip.co.id | www.poems.co.id | www.poems.web.id

Komp. Ruko Mega Grosir Cempaka Mas Mangga Dua

Jl. Let. Jend. Soeprapto Ruko Bahan Bangunan Mangga Dua Blok F1/8
Blok D No. 7 Jakarta, 10640 Jl. Mangga Dua Selatan Jakarta 10730
Telp. (021) 4288 5051 / 50; Fax. (62-21) 4288 5050 Telp. (021) 6220 3589; Fax. (021) 6220 3602
E-Mail: franky@phillip.co.id E-Mail: yosen.tjong@phillip.co.id

Puri Roxy
Metro Park Residence Tower Milan LG 16 Pusat Niaga Roxy Mas Blok B2/2
Jl. Pilar Mas Raya Kav. 28 – Jakarta Barat, 11520 Jl. KH. Hasyim Ashari - Jakarta Barat
Telp. (021) 2258 1073 Telp. (021) 6386 8308; Fax. (021) 6333 420
E-Mail: hendra.k@phillip.co.id E-Mail: dicky@phillip.co.id

Pantai Indah Kapuk Taman Palem

Jl. Pantai Indah Barat Rukan Ekslusif BGM Blok B-6 Citypark Business District, Blok B2 No. 12, Cengkareng, Jakbar 11730
Telp. (021) 5694 5791/92/93; Fax. (021) 56945790 Telp. (021) 22522147/48
E-Mail: pik.admin@phillip.co.id E-Mail: adminpalem@phillip.co.id

Tanah Abang Kelapa Gading

Pusat Grosir Metro Tanah Abang (PGMTA) Zona 3 Lt. 5, No. 001 Jl. K.H Hasyim, Tanah Abang Jl. Boulevard Raya Blok WB2/27 Kelapa Gading Jakarta Utara
- Jakarta Pusat 10250 Telp. (62-21) 7070 0050/4587/9264; Fax. (62-21) 453 2939;
Telp : (021) 5010 1638; Fax : (021) 3003 6748 E-Mail: tjandrabuana@phillip.co.id
E-Mail: tarjo.kapita@yahoo.com

Citra Garden 2 Alam Sutera

Komp. Citra – Blok A/12, Kalideres, JakBar, 11830 Ruko Prominence Blok 38 - G No. 18
Telp. (021) 5437 4635 Jl. Sutra Barat Boulevard Alam Sutra 15143, Tangerang
E-Mail: dtandy08@yahoo.com No. Telp : (021) 50314300
E-Mail: adminserpong@phillip.co.id

Purwokerto Yogyakarta
Jln. Perintis Kemerdekaan No. 38 Kantor Perwakilan (KP) BEI Yogyakarta
Purwokerto - Jawa Tengah, 53110 Jl. Mangkubumi No. 111 Yogyakarta
Telp. (0281) 626 899 Telp. (0274) 557367
E-Mail: haddy1812@gmail.com E-mail: sugiyanto@phillip.co.id

Semarang Tegal
Jl. Karang Wulan Timur No. 2 - 4 Semarang Kompleks Nirmala Square Blok C no.7
Indonesia Jl. YosSudarso - Tegal 52121
Telp. (024) 3555959; Fax. (024) 3513194 Telp. (0283) 340774
E-Mail: adminsmg@phillip.co.id E-mail: ary@phillip.co.id

Bandung Batam
Komp. Paskal Hypersquare Blok D-40 Kompleks Mahkota Raya
Telp. (022) 8606 0765; Fax : (022) 860 61 120 Blok A no. 10 Batam Centre, Kota Batam 29456, Kepri
E-Mail: adminbandung@phillip.co.id; felix@phillip.co.id Telp. (62-778) 748 3337/3030/3131; Fax. (62-778) 7483117
E-Mail: phillip_batam2@yahoo.com

Surabaya Pontianak
Jln. Flores No. 11 Surabaya, 60281 Kantor Perwakilan (KP) BEI Pontianak - Komplek Perkantoran Central Perdana Blok A2-A3
Telp. (031) 5015777; Fax. (031) 5010567 Jalan Perdana – Pontianak, 78124
E-Mail: kadim.phillip@gmail.com Telp. (0561) 8102257
E-Mail: andi.abdi@phillip.co.id

Jambi Denpasar
Jln. GR. Djamin Datuk Bagindo No. 56A Kantor Perwakilan (KP) BEI Denpasar
Jambi, 36142 Jl. P.B. Sudirman 10 X Kav. 2
Telp. (0741) 7555 699 Denpasar - Bali
E-Mail: mimi.phillip@yahoo.com Telp. (0361) 255 900
E-Mail: phillipdps@gmail.com

Bandar Lampung Palembang

Jl. Pangeran Diponegoro 36A - Bandar Lampung, 35214 Kantor Perwakilan (KP) BEI Palembang
Telp. (0721) 474 234; Fax. (0721) 474 108 Jalan Angkatan 45 No.13 - 14 – Palembang, 30137
E-Mail: kk_lampung@yahoo.com Telp. (0711) 564 092 60
E-Mail: peni@phillip.co.id

Manado Yogyakarta
Kantor Perwakilan (KP) BEI Manado – Ruko Mega Style, Blok 1C No. 9, Kompleks Mega Mas, Kantor Perwakilan (KP) BEI Yogyakarta
Jalan Pierre Tendean Boulevard – Manado, 95000 Jalan Mangkubumi No. 111, Yogyakarta – Jawa Tengah
Telp. (0431) 882 0390 Telp. (0274) 557 367
E-Mail: chlief@phillip.co.id E-Mail: sugiyanto@phillip.co.id

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 PT INDOSAT TBK COMPANY UPDATES

Jayapura Banjarmasin
Kantor Perwakilan (KP) BEI Jayapura - Komp. Ruko Pasifik Permai Blok. H-19, Jayapura Jl. A. Yani Km. 5,5 No. 2A
99112, Papua Banjarmasin 70249
Telp. (0967) 532 414 Telp. (0511) 6744 204
E-Mail: fitria.novita@phillip.co.id E-Mail: yunisasmita@phillip.co.id

Ambon Medan
Kantor Perwakilan (KP)- BEI Ambon Kompleks Multatuli Indah
Jln. Philip Latumahina, No. 16, Ruko C. Jl. Multatuli Blok CC No. 5 & 6
Kel. Honipopu, Kec. Sirimau, Ambon 97115 Medan 20151
Telp. (0911) 382 3336 Telp. (061) 457 4033, 457 4055
E-Mail: rahma@phillip.co.id E-Mail: adminmedan@phillip.co.id

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