Analisa Saham TOWR | 15 Februari 2019

PT Sarana Menara Nusantara Tbk (TOWR)

Towering Sky High

Background. PT Sarana Menara Nusantara Tbk (TOWR) was established in June 2008 with a primary focus to invest in operating companies that specialize in owning and operating telecommunication towers for wireless operators. TOWR’s activities are conducted through its subsidiary, PT Profesional Telekomunikasi Indonesia (Protelindo). Protelindo which was established in 2003 has become the largest-independent owner and operator of towers for wireless operators in Indonesia. Protelindo currently owns and operates more than 17,400 towers in Indonesia.

Continuous Strong Demand for Data Services will Propel Collocation/BTS Points Demand from Operators. Smartphone penetration in Indonesia continue to increase as it has reached 81% in 2018F according to data from WCIS (World Cellular Information Service). This condition eventually leads to a data consumption surge which WCIS expects to reach 19,497 PB (Petabyte) in 2021F, growing by 227.3% from 5,957 PB in 2018F. Driven by this condition, TOWR revealed that the telco industry will need around 10,000 points of collocation/BTS in 2019 as telco operators continue their aggressive data expansion. TOWR management is optimistic that TOWR will be able to add another 3,000 collocation/BTS within this year.

Strong Balance Sheet to Support Organic and Inorganic Growth. TOWR currently own solid balance sheet with the lowest financing costs in the industry. TOWR’s Net Debt/LQA (Last Quarter Annualized) EBITDA in 3Q2018 has reached 1.8x which is lower than industrial average at 3.8x. TOWR also obtained Global Investment Grade ratings from all 3 international rating agencies (Moody’s, Fitch and S&P). TOWR’s strong position eventually will support a combination of organic and inorganic growth opportunity in the midst of strong demand for data services.

Fiber Optics could Complement Tower Business. In-line with the increasing demand for data services, demand for fiber optic connections also grows rapidly as investment in fiber optics as of December 2018 has reached 9,400 km. Currently TOWR has on hand orders for long term fiber lease for approximately 13,600 km for tower fiberisation.

Valuation. On the back of TOWR’s strong balance sheet position to support both organic and inorganic growth opportunity, we recommend overweight in TOWR. We derived our TP at IDR 1,055 as we use EV/EBITDA Band methodology based on 5 year historical data. We apply -1SD for the TP which is equal to 8.9x of 2019 EV/EBITDA.

Best Regards,

Teuku Hendry Andrean

Research Manager

PT Shinhan Sekuritas Indonesia

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