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We think: 1. The sharp rally in the share price of 42% (+42% over the past 12 months) has priced in the mid-term positive prospects on the stock; 2. Indosat’s strong growth in 1H16 is likely to normalise going forward with the realignment of post Lebaran packages. Positive catalysts will come from the active sharing.

We continue to like Telekomunikasi Indonesia as (i) we expect a strong revenue growth on the back of strong data demand and healthy competition. We expect revenue to rise 11.6%/10.3%/9% in FY16/FY17/FY18 respectively; surpassing XL and Indosat. (ii) the stock is a proxy to foreign inflow from tax amnesty program. We view that, Telkom’s EV/EBITDA.

We reinitiate coverage on Tower Bersamawith a NEUTRAL rating and DCF-derived TP of IDR6,450 (3% downside). We think the following factors could crimp tenancy growth and lease rates going forward: 1. The pressure on lease rentals amidst intensifying competition; 2. The consolidation of the telcosector; 3. Falling capex intensity; 4. The company’s over-leveraged balance sheet.

Pressure on lease rates… XL Axiata’s (XL) (EXCL IJ, BUY, TP: IDR4,550)and Sarana Menara Nusantara’s (SMN) (TOWR IJ, BUY, TP: IDR4,700)Protelindo subsidiary’srecent sale and leaseback deal for 2,500 towers suggests that industry lease rentals remain under pressure. We think XL’s IDR10m per month/site rental has become the new industry benchmark for future lease rental negotiations.

On this week trading, there were at least three issuers who stated to get the bond issuance out this year. Modernland Tbk (MDLN:IJ idA/Stable) seeks for the second tranche issuance this year following the first tranche release last year. The issuance will be part of IDR2 trn bond program of which IDR 750bn has been.

Total Indonesia corporate bonds issuances reached IDR62.57Trn in full year 2015, higher by 33.5% than the last year issuance. There are 37 entities with a total of 116 series bonds issued this year. The biggest bond issuer is Indonesia Eximbank which released a total of IDR8Trn bond this year and followed by PT Telekomunikasi Indonesia.

BII Finance Center is currently offering two new series bond under the program of Shelf Registered Bond I Tranche I. Two offering bonds are; Series A (3 years) priced at 10.35% and Series B (5 years) at 10.90% coupon rate with the face value of IDR 300 billion and IDR 200 billion respectively. The bond.

We initiate coverage on Link Net, a leading cable broadband and pay TV services provider with networks in affluent areas, with a BUY and DCF-based IDR6,250 TP (20% upside), implying 30x/23.2x FY15F/FY16F P/Es. It is in a significantly advantageous position to benefit from the internet boom in Indonesia as it could bank on rising wealth,.

We initiate coverage on MNC Sky Vision with a SELL and DCF-derived IDR1,100 TP, implying 11.5x/10.7x FY15F/FY16F EV/EBITDA. FY14 performance has been poor as subs growth has been muted (2.5m subs). We expect only 4.0% additional subs growth in FY15 on domestic economic headwinds, piracy and a clean-up of subs. We see competition remaining fierce.

While the growth of Indonesia’s media industry has slowed down to 9% (from a 21% mean in 2010-2014), media is still the most effective tool to promote consumer products, due to its long-term prospects. We believe ad spending may improve when the economy recovers. We initiate coverage on the sector with a NEUTRAL rating and.