Reuters: Hot Stocks: STOCKS NEWS INDONESIA-UOB ups Indosat to hold

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STOCKS NEWS INDONESIA-UOB ups Indosat to hold Oct 24th 2012, 03:13 Tue Oct 23, 2012 11:13pm EDT UOB Kay Hian Research raised its rating on PT Indosat Tbk to 'hold' from 'sell', citing strong growth in mobile services and addition of new subscribers. "Renewed marketing for new packages has generated healthy growth in volume of reloads and new subscribers. Growth momentum for mobile services is expected to pick up in 2H12," analysts Jonathan Koh and Chng Simin wrote in a note on Wednesday. Indosat launched 3G services based on 900MHz in Padang and Bukit Tinggi in early October and will be extending the services to more areas, UOB said. UOB also said the telecom service provider's new Chief Commercial Officer, Alexander Rusli is driving a commercial turnaround and has revived marketing efforts on its Mentari cellular card brand. The research house raised its target price on Indosat to 6,250 rupiah from 4,740 rupiah, backed by higher 2012 and 2013 net profit forecasts due to stabilisation in average revenue per user and sustainable reduction in costs. Indosat's shares were down 0.81 percent at 6,100 rupiah, while the broader index was down 0.06 percent. 1009 (0309 GMT) (Reporting by Andjarsari Paramaditha, Editing by xx) Link this Share this Digg this Email Reprints

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