Sarana Menara Nusantara (TOWR.IJ) Emerging from the Trough
We initiate Buy on TOWR with TP of Rp610 (implying 6.6x EV/ EBITDA); DATA consolidation could add further upside.EXCL merger impact largely contained.
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Primer: Sarana Menara Nusantara (TOWR IJ) - Aug 2026
Market Leader Facing Headwinds: Sarana Menara Nusantara (TOWR), through its subsidiary Protelindo, is a dominant force in the Indonesian...
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Indonesia Stabilizes: Three Stocks with Relative Upside
Indonesian equities are stabilizing on an absolute and relative basis. We're considering small positions and selected three relative strength stocks.
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Telco & Tower Sectoral Update July 23, 2025
Telco companies are projected to increase capex ~15% YoY in FY25E to strengthen network modernization and expand 5G infrastructure.
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Telco & Tower Sectoral Update May 21, 2025
In 1Q25, EXCL and ISAT outperformed TLKM, driven by network integration and marketing synergies, although data growth and ARPU slowed down
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