The board of PT Telkom (TLKM) Tbk expects completion of TiPhone Mobile (TELE) acquisition this year. The plan has lifted TELE shares by 35.5% year-to-date to make a market capitalization of Rp4.66 trillion, bigger than Erajaya Swasembada (ERAA), which operates Erafone retail outlets. What are potential gains and risks of the acquisition?

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