Sarana Menara Nusantara (TOWR IJ): Post rights issue

Sarana Menara Nusantara (TOWR IJ)
BUY / TP: IDR:790 (+37.4%)
Analyst: Chandra Pasaribu

Post rights issue
• Rights issue out of money
• Use of proceeds for debt repayment
• Dilution impact and reduced TP to IDR790
• Re-iterate BUY recommendation