New Street: Protelindo (Sarana Menara) (Buy, TP: IDR1,900, +60%) Q3 21 Quick take: ARP/Tenant improves again
Protelindo (Sarana Menara) has reported a good set of Q3 2021 figures with ARP/Tenant improving again which led to an acceleration in revenue and EBITDA growth. Protelindo shares have traded off since August, this provides a good opportunity for investors who have been on the sidelines as we continue to think the market is underestimating the long term growth opportunity in Indonesian towers, we remain bullish on the space.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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