New Street Research - PT Sarana Menara Nusantara Tbk (TOWR) Sarana Menara Nusantara (Buy, IDR 780, +18%) Q2 25 Quick Take: YTD performance tracks guidance but non-Tower momentum slower

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New Street Research

Chris Hoare

Sarana Menara Nusantara (Buy, IDR 780, +18%) Q2 25 Quick Take: YTD performance tracks guidance but non-Tower momentum slower

TOWR saw a slower revenue trend in Q2 across all segments, except for Tower which maintained growth at just under 3%. This was aided by the consolidation of IBST in 3Q24. Although YTD performance is still aligned with the full year’s guidance, there is risk of further slowdown as it laps the IBST consolidation next quarter if the pace of non-Towers growth remains unchanged.

31/07/2025 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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Chris Hoare

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Sarana Menara Nusantara (Buy, IDR 780, +18%) Q2 25 Quick Take: YTD performance tracks guidance but non-Tower momentum slower

Global EM Towers - A Consistent Approach to EFCF and Shareholder Remuneration

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SATS: How should Investors Interpret the Sounds of Silence?

Kuaishou 2Q25 Results: E-commerce Remains Resilient in 3Q

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