Positive mobile trends - Ciptadana
Robust operational figures despite widening net loss
In 1Q20, Indosat Ooredoo (ISAT) clocked-in Rp6.5 tn revenue, went up by +7.9% YoY, forming 23.5%/23.6% of our and Consensus estimates. Mobile business (+10.6% YoY) was the key driver, propelled by the strong data revenue growth of 27.0% YoY. On the other hand, MIDI business revenue dipped by -1.8% YoY, likely due to slowing general business activity. On the cost side, save for the personnel expenses, costs-discipline was commendable as all cost items were well-contained. Personnel costs jumped 141.9% YoY owing to a one-off termination benefits of Rp379 bn. Reported EBITDA came-in at Rp2.4 tn (+10.4% YoY) with 36.5% margin, slightly below at 22.0%/22.6% of our and Consensus estimates. However, adjusting for the one-off, adjusted EBITDA would have been at Rp2.8 tn, implying a robust 27.9% YoY growth with 42.3% margin. We believe, the strong adjusted EBITDA was also helped by the IFRS 16 adoption. On the bottom line, 1Q20 net loss of Rp606 (49.6%/47.2% of our and Consensus estimates) was wider YoY on higher interest expense and lower one-off gains.
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