INDONESIA'S PT TELECOM(TLK) Message Board

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Technology Stocks : INDONESIA'S PT TELECOM(TLK)

TLK 20.93

-0.9%

Nov 21 9:30 AM EST

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To: tom who wrote (212)	2/3/1998 1:16:00 PM
From: Jyoti sharma	Read Replies (2) of 947

Hi Tom, You can not value TLK based on depressed earnings per share. To get a better measure you have to look at the replacement value of the assets and normal earnings power. In addition telephone density in Indonesia being very low one can consider it a growth stock. I agree earnings in 1998 will be very low perhaps much lower than your estimates. Revenue in 1998 may also be much lower than 1997. One should only invest in TLK if you believe the worst is over in Indonesia otherwise TLK will trade at lower prices. IMHO the replacement value of assets per ADR is close to twenty dollars perhaps higher. If things get back to normal within a year TLK will reach that level. If Indonesia falls apart and Suharto is removed or gets sick TLK may easily trade below 5. TLK is a high risk/reward situation and a good bet on return to normalcy in Indonesia. Best wishes and good investing. Jyoti

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