Telkom Seeks IDR5trn External Fund

Telekomunikasi Indonesia (TLKM IJ, BUY, TP: IDR2,650) is seeking IDR5trn of external fund by 3Q14 that will be used for expansion and refinancing purposes. The company allocates IDR20.5trn for FY14F capex where IDR12.3-14.35trn will be taken from internal cash and the rest from external fund. The company intends to install underwater communication cable system and upgrading network infrastructure.