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Strength:
Positive revenue growth in 3Q24 of +10.5% YoY, driven by increased number of towers, tenants, and the expansion of MTEL’s fiber optic network.; higher lease rate thanks to MTEL’s new service, Power-as-a-Service (PaaS), which has been bundled into 1,647 of its towers
Weakness:
-13.8% QoQ decline in 3Q24 earnings, mainly due to interest changes from the IDR 1.6tn bank loans taken to support expansions; higher net gearing ratio of 0.52x in 3Q24 (2Q24: 0.46x)
Opportunity:
MNOs’ expansion to cover underserved areas (such as Eastern Indonesia) may increase demand for Build-to-Suit towers; intense competition among MNOs could boost tenancy ratios of tower companies; YTD market underperformance may result in buying opportunities
Threat:
Slower-than-expected MNO expansion due to intense price war, high regulatory risk, and lack of incentive may hinder tower companies’ growth; MNO consolidation could lead to discontinuation of some lease contracts; possible continued market underperformance on the back of the aforementioned threats
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
