PT Indosat Tbk's (Indosat) posted weak y-o-y revenue growth in 9M 09, in line with our estimate. However, EBITDA declined 5.4%, below our expectation. Going forward, due to an anticipated increase in competition and considering 9M 09 performance, we reiterate our rating for the common stock. We will reassess the common stock rating in our next update report. Although we expect positive currency impact on the ADR over the next 6-24 months as the current price supports a Sell rating, we downgrade the ADR from a HOLD to a SELL. We will reassess the ADR rating in our next update report.

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