Corporate Updates

Sarana Menara Nusantara (TOWR IJ): Inflection seen in rental rates

Sarana Menara Nusantara (TOWR IJ)
BUY / TP: IDR:1,045 (+22.2%)
Analyst: Chandra Pasaribu

Inflection seen in rental rates
• Cost outpaced revenue growth, below expectation
• Consolidation of tower revenue
• Limited room for accelerated debt repayment
• Our new downgraded TP is IDR1,045 (US$0.07), re-iterate BUY

Corporate Updates

Sarana Menara Nusantara (TOWR IJ): Inflection seen in rental rates

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