Aequitas Research - PT Dayamitra Telekomunikasi (1319Z IJ) Dayamitra (Mitratel) IPO - Decent upside at the low-end

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Aequitas Research

Zhen Zhou Toh

EUR 93.10 For Business Accounts Only

Dayamitra (Mitratel) IPO - Decent upside at the low-end

Dayamitra Telekomunikasi is looking to raise up to US$1.3bn in its Indonesia IPO.

Dayamitra Telekomunikasi (Mitratel) is a tower leasing unit of Telkom Indonesia. As of September 2021, the company managed just over 28,000 telecommunication towers across indonesia. It generated revenue through two main services, tower leasing and tower related business.

Mitratel is offered at 10.6 - 12.6x FY22 EV/EBITDA compared to the global towerco peer average of 25.2x whereas Indonesia peers traded at an average of 12.7x.

In this note, we will look at deal dynamics, assumptions, and share our thoughts on valuation.

Our previous coverage of the IPO:

Dayamitra (Mitratel) Pre-IPO - Largest telco tower provider with a strong backing
Dayamitra (Mitratel) Pre-IPO - Industry and Competitive Landscape

09/11/2021 4 EN

Underlying

PT Dayamitra Telekomunikasi

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Provider

Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.

Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.

Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

See profile

Analysts

Zhen Zhou Toh

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Dayamitra (Mitratel) IPO - Decent upside at the low-end

ECM Weekly (14th November 2021)

Dayamitra (Mitratel) Pre-IPO - Largest telco tower provider with a strong backing

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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