Sarana Menara Nusantara (TOWR IJ): Consolidates an affiliate

Sarana Menara Nusantara (TOWR IJ)
BUY / TP: IDR:610 (+81.5%)
Analyst: Chandra Pasaribu

Consolidates an affiliate
• Within expectation despite newly consolidated affiliates
• Defending revenues
• Downgrading earnings forecast
• Re-iterate BUY with a lower TP of IDR610