New Street Research - PT Sarana Menara Nusantara Tbk (TOWR) Protelindo (Buy, TP: IDR1,500, +88%) Q3 24 Quick Take: Faster topline and EBITDA driven by the IBST consolidation

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New Street Research

Chris Hoare

EUR 9218.00 For Business Accounts Only

Protelindo (Buy, TP: IDR1,500, +88%) Q3 24 Quick Take: Faster topline and EBITDA driven by the IBST consolidation

Protelindo saw revenue and EBITDA trends accelerate this quarter helped by the IBST consolidation. As a result, revenue YTD are now trending above the 4-6% guidance. There was some slowdown in FTTT this quarter but growth remained robust.

31/10/2024 1 EN

Underlying

PT Sarana Menara Nusantara Tbk

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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ID1000128804 Indonesian Stock Exchange Indonesia

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Analysts

Chris Hoare

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Protelindo (Buy, TP: IDR1,500, +88%) Q3 24 Quick Take: Faster topline and EBITDA driven by the IBST consolidation

Regional Morning Meeting Notes: Monday, October 07, 2024

Sarana Menara Nusantara (TOWR IJ) - 2Q24: Revenue From Non-tower Business Jumps 30% yoy

Amazon (AMZN, Buy, $225 target) First Take: Is this the new normal for Retail margins?

Reddit (RDDT, Neutral, $105 target) 3Q24 Model Update (Neutral, raising target to $105 from $68)

Comcast Post-3Q24 Model Update

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