New Street: Protelindo (Buy, TP: IDR 1,900, +55%) Q2 22: Mixed quarter; in-line headline but a weaker bottom line
Protelindo reported a mixed set of Q2 results today with decent headline trends but weak bottom line on higher financing and forex costs. Headline YoY trends remain in line with our expectation for the full year. Protelindo remains our preferred name in the EM Tower spaceSarana 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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