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Company Reports

01 November 2024

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MTEL: BUY (Maintain) – TP at IDR 780 – 3Q24 Results

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

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MTEL One Page 3Q24

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MTEL One Page 3Q24

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