Analisa Saham SMRA dan TOWR

Maybank (ZP) on SMRA BUY TP 1550

SMRA’s 3M19 earnings of IDR42b (+0% YoY) is seasonally below, forming only 9% of MKE FY19 estimates and 11% consensus estimates. Gross margins is higher in 3M19 as SMRA recognised more sales  from commercial properties (land plot and shophouses). Similar like last year, the high level of income for minority shareholder is due to accounting policy of its opex which will be reversed by the end of period. SMRA is expected to book a strong 4M19 presales at IDR1.5t (+134% YoY), forming 37.5% of its FY19 target. Next big launches will be in Bekasi and Karawang in 2Q19. We expect FY19F EPS to grow by 9.5% YoY. Reiterate BUY with TP of IDR1,550.

Deutsche (DB) on TOWR BUY TP 1000

We retain our Buy rating on TOWR. We still believe that TOWR is poised to garner more organic growth in the coming quarters as telco operators continue their high capex expansion (and rising overlaying ratio). Thus, more new sites should come in 2019 – the company targets net tenancies growth of approx 2500-3000 this year. We also anticipate that major telcos will allocate more orders to large tower cos such as TOWR as rental rate gaps between major tower cos and smaller ones have narrowed.