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Technology Stocks : INDONESIA'S PT TELECOM(TLK)
TLK 19.90-1.9%Feb 5 3:59 PM EST
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To: jason who wrote (496)5/6/1998 1:37:00 PM
From: tom  Read Replies (2) of 947
 
TLK is still selling at 11% premium to the local stock but for reasons I don't understand the local stock shoots up whenever the currency collapses so this may correct itself tomorrow. In January TLK bottomed on the 8th even though the currency didn't bottom until 26th - 10,000 Rupiah later!! so maybe its right to start accumulating now even though the worst of the currency crisis is yet to come (and believe me - it will get worse unless they sort something out quickly)

I think TLK is still very expensive given its business outlook (oversupply - or at least misallocation - of phone lines, margin squeeze etc). Still it always seems to be a good Rupiah hedge. A lot of investors use the ADR as a way of playing the Rupiah although it is not nearly as geared as you would expect.

Have fun
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