reports
- Chris Hoare
EM Towers Q1 CY24 review: Better overall; trimmed price targets for I...
The outperformer this quarter was China Tower, with stronger trends across the board. Indus continues to grow at a faster pace, but we think the market is too optimistic on Indus’ ability to turn this into cash as it is driven by single tenancy towers. In Indonesia the big news is that XL and Smartfren are in talks which has the potential to be significant for both TBIG and TOWR, and so despite better trends we downgrade price targets
- Chris Hoare
EM Tower Trends Q3 CY23 review: Strong in Africa and China; Power dyn...
Amongst our EM Tower coverage, African TowerCos like IHS continue to trend well on topline and EBITDA, with capex expected to come down next FY; topline for Indonesian towers was driven by inorganic growth at Mitratel; China Tower was better on all fronts, with double-digit profit growth again. Indian Towers saw better EBITDA performance on lower bad debt costs, but towers revenue was weaker off Indus’ decline. We see some evidence that Telcos are seeing better bargaining power.
- Chris Hoare
Tower Bersama (Neutral, TP: IDR 2,200, +5%) Q3 23 Quick Take: Better,...
Tower Bersama reported a better result today, as ARP/Tenant growth inflected, following last two quarters of decline. Despite being more exposed to the Towers business, which is impacted by the Indosat’s network reconfiguration, Towers revenue performed better than Protelindo (+3.4% YoY vs -3.3%). Given the near-term weakness in the Tower space, as well as concerns over its shares liquidity, we remain Neutral at IDR 2,200.
- Chris Hoare
- David Lopes
EM Tower Trends Faster quarter in Africa and Indonesia; IHS’ MTN Nige...
Amongst our EM Tower coverage, African TowerCos like IHS continue to trend well on topline and EBITDA; Indonesian towers reported faster EBITDA growth ahead of topline again; China Tower slowed again as Towers revenue were impacted by MSA renegotiation effective from 2023; its Two Wings business continue to show healthy growth, however. Indian towers reported better numbers, supported by Indus performance as the lower bad debt costs helped offset its higher energy costs.
- Chris Hoare
EM Tower Trends Africa outperforming; Q1 CY2023 review
Amongst our EM Tower coverage, African TowerCos continue to outperform. At this stage, we prefer IHS as it offers the best EBITDA growth profile, coupled with its Project Green and considering that diesel prices in Nigeria are falling, we should see meaningful pull through for the year, despite the recent devaluation of the Naira.
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- David Lopes
New Street: EM Towers Q3 CY2022 review: A decent quarter for the EM s...
Q3 was a decent quarter overall for EM Tower companies. In Indonesia, headline growth slowed due to TBIG’s 2012 contract expiration but was otherwise healthy on an organic basis, up mid-single digits. There was a small slowdown in top line trends for Indus and China Tower, but performance was broadly in line with our expectations.
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