New Street: Mitratel (TP: IDR935) IPO priced at IDR 800, prefer Telekom Indo and Protelindo
Ahead of its IPO we initiate on Mitratel with a price target of IDR 935. Given the IPO price of IDR 800, we would therefore be moderately positive on the stock once it lists. However, although we like Towers in principle and Indonesian Towers in particular we would prefer to play Mitratel through its parent Telekom Indonesia (Buy, pt IDR 7,450), and pure play Indonesian towers through Protelindo (Buy, pt IDR 1,900).
Sarana Menara Nusantara Tbk PT. PT Sarana Menara Nusantara Tbk is an Indonesia-based company engaged in telecommunications infrastructure industry. The Company owns and operates tower sites and repeater sites for lease to wireless communications companies in Indonesia through its subsidiary, PT Profesional Telekomunikasi Indonesia (Protelindo). As of December 31, 2011, Protelindo owned and operated 6,363 tower sites (6,325 tower sites and 38 indoor repeater sites) located all over Indonesia, with its concentration of tower sites in Java, Sumatra, Sulawesi and Kalimantan.
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