ID : Indosat - Solid 1Q21; further growth in 2Q-4Q21F

Indosat’s (ISAT) 1Q21 EBITDA and core EPS beat expectations due to better-than-expected mobile service revenue and EBITDA margin. Mobile service revenue dipped 0.9% qoq on weaker seasonality, stiff competition and soft economy; data traffic growth offset the yield decline. Reiterate Add, with a 2% higher DCF-based target price of Rp9,200.

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