reports
- Andrew Agita Buntoro
- Willinoy Sitorus
Sarana Menara Nusantara (TOWR IJ) - Stable Outlook With Potential Tail...
Company Update | Sarana Menara Nusantara (TOWR IJ/BUY/Rp496/Target: Rp620) We upgrade our call to BUY from HOLD with a target price of Rp620, revised from Rp600, based on 7.5x 2026 EV/EBITDA (-1.5SD to its five-year average). TOWR’s disciplined expansion, stable 2025 earnings, and strong balance sheet support its defensive profile. Near-term colocation growth faces pressure from industry consolidation, while improving tenancy quality, rising data traffic, and potential 5G/FWA rollout should supp...
- Andrew Agita Buntoro
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Thursday, April 9, 2026
Economics | Indonesia’s Foreign Reserves Hit Two-Year Low On Rupiah Defence Foreign reserves fell to US$148.2b (lowest since Jul 24), pushing the import coverage ratio below its historical average. This weakens rupiah defence, raises vulnerability to speculative attacks, and erodes confidence in BI’s forex intervention capacity. The rupiah sank to an all-time low of Rp17,100, pressured by a strong US dollar, Middle East tensions, rapid M2 growth, and widening fiscal and current account deficits....
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Greater China Research Team
- Jonathan Koh
- Kitpon Praipaisarnkit
- Lester Siew
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, April 9, 2026
Greater China Sector Update | Banking China banks generally delivered resilient revenue and earnings growth in 4Q25, supported by stabilising NII and accelerated fee income growth. SOE banks outperformed JSBs, driven by stronger other non-NII growth from profit-taking on AC and FVOCI bonds. Asset quality indicators were broadly stable, although retail asset quality risks remain elevated. Given the improving topline growth and solid dividend yields, we upgrade the sector to OVERWEIGHT as a de...
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
TOWR PT SARANA MENARA NUSANTARA TBK
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
PEP PPB GROUP BERHAD
DELTA DELTA ELECTRONICS
- Chris Hoare
- Chris Hoare
- Andrew Agita Buntoro
- Willinoy Sitorus
Telecommunications - Implications Of Indonesia’s FWA Rollout With WIFI...
Sector Update | Telecommunications Indonesia’s fixed-broadband market is entering a transition phase as the 1.4GHz spectrum enables low-cost FWA rollout from 2026 onwards. WIFI is positioned to scale quickly through backbone ownership and potential LINK integration, while ecosystem synergies with INET, PADA, KETR, IRSX and DOOH support rapid expansion. Tower operators may gain tenancy upside, while fixed-broadband ARPU faces pressure. Ultimately, real impact remains dependent on rollout executio...
- Andrew Agita Buntoro
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Monday, December 1, 2025
Sector Update | Telecommunications Indonesia’s fixed-broadband market is entering a transition phase as the 1.4GHz spectrum enables low-cost FWA rollout from 2026 onwards. WIFI is positioned to scale quickly through backbone ownership and potential LINK integration, while ecosystem synergies with INET, PADA, KETR, IRSX and DOOH support rapid expansion. Tower operators may gain tenancy upside, while fixed-broadband ARPU faces pressure. Ultimately, real impact remains dependent on rollout executio...
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Ejann Hiew
- Jonathan Koh
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, December 01, 2025
Greater China Economics | PMI November PMI undershot expectations; manufacturing PMI was at 49.2 (+0.2pt mom) and non-manufacturing PMI slipped to 49.5 (-0.6pt mom), the first contraction in nearly three years. With the services industry index weakened to 49.5 (-0.7pt mom). PMI data confirms growth momentum is easing, so expect more supportive policies to be rolled out soon, but for economic confidence to return, we need a sustainable bottom in the real estate sector. Sector Update | Heal...
1023 CIMB GROUP HOLDINGS BHD
01093 CSPC PHARMACEUTICAL GROUP LIMITED
ISAT INDOSAT
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
TOWR PT SARANA MENARA NUSANTARA TBK
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
5347 TENAGA NASIONAL BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
TENAGA CDL HOSPITALITY TRUSTS
CDREIT MEITUAN CLASS B
03690 SUNTECH SA
SUN KEPPEL REIT
KREIT MAPLETREE LOGISTICS TRUST
MLT PARKWAYLIFE REAL ESTATE
PREIT MAPLETREE INDUSTRIAL TRUST
MINT CHINA SHINEWAY PHARMACEUTICA
2877 INNOVENT BIOLOGICS INC.
01801 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1833 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
300760 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603882 CSPC PHARMACEUTICAL GROUP LTD
1093 UNITED HAMPSHIRE US REIT
UHU SASSEUR REIT (S CHIP)
CRPU CAPITALAND INTEGRATED COMMERCIAL TRUST
CICT SCG PACKAGING PCL
SCGP LENDLEASE GLOBAL COMMERCIAL REIT
LREIT SP WUXI BIOLOGICS (CAYMAN) INC.
2269 PRIME US REIT
OXMU ASCOTT RESIDENCE TRUST
HMN CAPITALAND CHINA TRUST
CLCT KEPPEL PACIFIC OAK US REIT
KORE HANSOH PHARMACEUTICAL GROUP
3692 BEIGENE LTD.
06160 WUXI APPTEC CO. LTD. CLASS H
EXCL XL AXIATA (EXCELCOMINDO)
300765 CSPC INNOVATION PHARMACEUTICAL CO L
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
300244 DIAN DIAGNOSTICS GROUP CO
ONC@US@ XLSMART TELECOM SEJAHTERA
BEONE MEDICINE INC
- Chris Hoare
- Chris Hoare
Mitratel (Buy, IDR 740, +35%) Q3 25 Quick Take: Strong additions but ...
Mitratel reported much softer revenue and EBITDA trends on lower ARP/Tenant pricing, partially offset by decent Fiber growth. The TowerCo surpassed the 40k towers mark with accelerated tower and tenancy additions this quarter, led by operators’ ex-Java rollout. We continue to rate Mitratel a Buy with a IDR 740 price target for its ex-Java exposure
- Chris Hoare
Sarana Menara Nusantara (Buy, IDR 780, +42%) Q3 25 Quick Take: Weaker...
Improved trends in Connectivity and FTTH were offset by Tower’s decline after lapping last year’s IBST acquisition. As a result, revenue came in flat while EBITDA slid lower. However, earnings growth improved to mid-single digits on lower D&A and non-operational costs. Our brief takeaway of the results below.
- Andrew Agita Buntoro
- Willinoy Sitorus
Telecommunications - Upcoming Spectrum Auctions
Highlights • FWA expansion. The 1.4 GHz auction this 13 October targets low-cost fixed wireless access with Telkom, DSSA, and WIFI competing. • Tower upside. The 1.4 GHz rollout provides clear incremental tenancy opportunities for tower operators, potentially improving tenancy ratios.
- Andrew Agita Buntoro
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Friday, October 10, 2025
Economics | Indonesian Consumer Activity: Assessing 3Q Slowdown And Path To 4Q Recovery Indonesian consumer activity weakened in Aug 25, with retail sales growth slowing to 3.5% yoy. This was driven by eroding purchasing power and low consumer confidence due to layoffs. The impact is evident in the pressured retail, automobile and banking sectors. Consequently, 3Q25 economic growth is projected to stagnate at 4.9-5.1%. A recovery to 5.2-5.5% is forecast for 4Q25, fuelled by accelerated governmen...
- Chris Hoare
EM Tower Trends Q2 CY25 review: Stable; Upgrade IHS and Helios price...
Tower revenue trends were stable at a slower pace across the board except for India’s Indus Tower as it benefited from VIL’s network catch up spend. However, EBITDA margins continue to generally improve except in Indonesia which faces the near-term pressure of the XL-Smartfren consolidation. We continue to see IHS as our preferred EM Towerco as it recovers from the numerous challenges of the past few years. We have upgraded our price targets for HIS (to US$10) and Helios (to £1.80).
- Chris Hoare
- Chris Hoare
Sarana Menara Nusantara (Buy, IDR 780, +18%) Q2 25 Quick Take: YTD pe...
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.
- Chris Hoare
Mitratel (Buy, IDR 740, +30%) Q2 25 Quick Take: Momentum expected to ...
Trends improved in Q2, supported by strong tower orders from Telkomsel and Indosat – largely driven by ex-Java rollout. Management appears upbeat on second half momentum, underpinned by the BTS pipeline and potential fiber M&A deals. Guidance was maintained.
- Chris Hoare
Global EM Towers - A Consistent Approach to EFCF and Shareholder Remun...
Following a similar note we published on the EM Telco sector, we apply the same consistent approach to Equity FCF for Global EM Towers. We have preferred Telcos over Towers for some time, as the drivers of upside for the Telcos (consolidation and declining capital intensity) is a headwind for the Towers.
- Chris Hoare
EM Towers Q1 CY25 review: Steady as she goes
Tower revenue trends were slower across the board except for India’s Indus Tower as it benefited from VIL’s network catch up spend. However, EBITDA margins are improving except in Indonesia which faces the near-term pressure of the XL-Smartfren consolidation.
- Chris Hoare
Sarana Menara Nusantara (Buy, IDR 1,500, +165%) Q1 25 Quick Take: Slo...
TOWR reported on Friday evening. Tower revenue growth slowed and we expect this to continue over the near term as a result of consolidation. To some extent, this will be offset by growing contribution from FTTT and FTTH businesses as telcos expand into the home broadband and into rural Indonesia.
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