Sarana Menara (TOWR IJ): Fading headwinds

Sarana Menara (TOWR IJ)
BUY / TP: IDR:540 (+53.4%)
Analyst: Chandra Pasaribu

Fading headwinds
• Within expectation
• Stabilization of operations and growth from non-tower segment
• Strong balance sheet, partly exposed to higher interest
• Re-iterate BUY – TP trimmed to IDR540