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P H
Dec 05,2016 15:00:50

TBIG aims to add 2,500 tenants in 2017

Tower Bersama Infrastructure ($TBIG) targets to add 2,000-2,500 tenants in 2017 and 2,000 tenants in 2016. Furthermore, TBIG has allocated IDR1-1.25tn to build 1,000-1,250 towers in 2017. (Kontan)

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P H
Dec 01,2016 23:19:07

TBIG 3Q16 results: In-line with our expectation

Tower Bersama Infrastructure ($TBIG) reported 3Q16 net profit amounting to IDR96bn, down 57.4% y-y but up 0.9% q-q, bringing 9M16 net profit to IDR938bn, up 17.8% y-y (9M15: net profit of IDR796bn). On the top line, TBIG booked 3Q16 revenue of IDR942bn, +2.8% q-q and +8.4% y-y, resulting in 9M16 revenue of IDR2.8tn, +8.6% y-y, in line with our forecast (97%), driven by tenants increase of 1,137 to 21,552 in 9M16. At the operating level, TBIG booked 3Q16 operating profit of around IDR756bn, +2.7% q-q and +15.5% y-y, resulting in 9M16 operating profit of around IDR2.2tn, +13% y-y, also in-line with our projection (101%). (Company, Bahana)

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P H
Dec 01,2016 16:18:50

$TBIG - 3Q16 results – inline, by Jonathan Mardjuki

 
Market Cap, ADV: US$1.9bn, US$2.2m

Rec, TP: O/PF, Rp7,200/Sh

Event: 3Q16 results – in line

 

3Q16 Result highlights

  • Revenue Rp942bn, (+)3% QoQ, (+)8% YoY (75% of 16CL, 74% 16Cons)
  • Gross Profit Rp835bn, (+)3% QoQ, (+)13%YoY (75% of 16CL, 75% of Cons)
  • EBIT Rp756bn, (+) 4% QoQ, (+)15% YoY (75% 16CL, 75% Cons)
  • EBITDA Rp818bn, (+)3% QoQ, (+)11% YoY (75% 16CL, 75% Cons)
  • NPAT Rp96bn, (+)1%QoQ, (-)46%YoY (83% of 16CL, 74% of 16Cons)                                          


Comment:

  • Revenue in 3Q16 grew 3% QoQ and 8% YoY as tenancy increased 3% QoQ and 9% YoY, and lease rates stayed flat QoQ. TBIG also added 397 telco sites in the quarter and tenancy ratio stood at 1.65 in 3Q, from 1.66 in 2Q.
  • Ebitda grew 3% QoQ and 11% YoY, as the Ebitda margin was 87%. Ebitda margin was flat QoQ but on yearly basis, it expanded from 85% in 3Q15.
     
  • While revenue Ebit and Ebitda grew stable, NPAT grew slower at 1% QoQ. It came at 83% of 16CL, partly because we expect tax expense of Rp130bn, while the company still booked tax benefit of Rp19bn in 9M16. NPAT dropped 46% YoY, due to higher tax expense in 3Q.
     
  • The stock is currently trading at 14.1x/12.9x EV/Ebitda for 16/17CL.
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P H
May 13,2016 09:24:01

TBIG Akan Menerbitkan Obligasi Rp5 Triliun

Bisnis Indonesia memberitakan emiten sewa menara milik Grup Saratoga, PT Tower Bersama Infrastructure Tbk., tengah memproses penawaran umum berkelanjutan obligasi berdenominasi rupiah senilai Rp5 triliun.

 

Helmy Yusman Santoso, Direktur Keuangan Tower Bersama Infrastructure, mengatakan perseroan sudah memasukkan pendaftaran penawaran umum berkelanjutan (PUB) obligasi maksimal Rp5 triliun ke Otoritas Jasa Keuangan (OJK).

 

Berdasarkan data Bursa Efek Indonesia. TBIG sudah memasukkan pendaftaran untuk penerbitan obligasi tahap I senilai Rp1 triliun. "Nantinya, jika kami mengeluarkan obligasi, hasil penerbitan obligasi akan dipakai untuk refinancing pinjaman," kata Helmy, Rabu, (11/5).

 

Namun, hingga saat ini emiten sewa menara berkode saham TBIG itu belum memastikan pinjaman mana yang akan direstrukturisasi. Ditambah lagi, tahun ini TBIG tidak memiliki pinjaman jatuh tempo.

 

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P H
Apr 17,2016 23:08:01
Sarana Menara Nusantara (TOWR): Biggest in class
 
-  Raising 2015-17F revenue Cagr to 13% on newly acquired towers: Following the acquisition of 2.5k towers from EXCL back in 1H15, TOWR will strengthen its claim as the biggest Indonesian independent tower provider with 14.7k towers, above the second biggest TBIG with around 12k towers. At a valuation of IDR1.4bn/tower, the tower transaction is cheaper than EXCL’s previous transaction of IDR1.6bn/tower with SUPR despite having a 20% inflation adjustment of its IDR10mn/month leasing rate. Due to the new tower addition, we increase our 2016-17F revenue CAGR for TOWR from 9% y-y to 13% y-y.

-  Well positioned to win tenders: We believe that companies in the telco sector will continue to pursue an asset-light business model and to sell non-core assets such as towers to other companies. Thus, we believe ISAT and EXCL will continue to sell their towers in the near future. For the tenders in the near future, we believe TOWR is best positioned to win the tenders due to its huge tower base and its relatively low 2016 net gearing level of 91% (TBIG: 481%). Furthermore, S&P just upgraded TOWR’s rating to investment-grade, making TOWR one of three Indonesian firms apart from Telkomsel and ASII in this category. This will likely lower TOWR’s interest rate, which currently stands at around 8.5%.

-  Change in accounting policy: Following the push by the Financial Services Authority (OJK) to change its tower accounting policies to be similar to its peers, TOWR is currently not depreciating its towers but rather is valuing them annually. This move should not only improve net profit levels and making TOWR’s net profit comparable to its peers’, but also raise the company’s leverage capability given higher equity levels.

Outlook: Entering a high-growth phase
Due to the telco operators’ asset-light strategies, we expect TOWR to continue to experience solid EBITDA growth, reaching a 2016-17 EBITDA CAGR of 22%. Benefitting from huge operating leverage, we expect TOWR’s EBITDA margin to hover around 84% in 2016-17. With additional towers from EXCL, TOWR has improved its exposure to the big three telco incumbents from 40% to 42%. We expect TOWR’s 2016 tenants to reach 21k, up 5% y-y, before continuing to improve to 22k tenants, up 5% y-y in 2017. Furthermore, we believe there is upside from our 2017 projection as TOWR could benefit from acquisition opportunities.

Recommendation: Reaffirm BUY and raise TP to IDR5,600
On sustainable revenue from telco operators due to solid data growth, coupled with lower interest rate expectations, we expect sentiment on TOWR to improve, allowing for a turnaround in its market underperformance of 9 ytd (exhibit 4). In line with our 26-30% earnings upgrades (exhibit 8) on new tower acquisition, we maintain our BUY recommendation on the stock and raise our DCF based 12-month target price from IDR5,000 to IDR5,600, reflecting a 2016F EV/EBITDA of 15.7x, a 7% discount to regional peers. Risks include greater-than-expected competition and operating costs as well as a stronger-than-expected USD.

$TOWR $TBIG
Bull