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Strength
3Q24 fiber optic revenue grew to IDR 140bn (+3.3% QoQ; +30.1% YoY), contributing to overall revenue growth; forex gain of IDR 16.9bn in 3Q24 (2Q24: -IDR 8.3bn forex loss) and IDR 10bn from recovery of expected credit losses boosted bottom-line growth to +14.6% QoQ.
Weakness
Slight decline in 3Q24 lease rate to IDR 12.4mn (vs. IDR 12.5mn in 2Q24) and the drop in tenancy ratio to 1.80x (from 1.82x in 2Q24) resulted in lower tower leasing revenue of IDR 1,572bn (-0.1% QoQ).
Opportunity
Competition among MNOs to expand coverage in underserved areas could support TBIG’s growth and boost its tenancy ratio; government regulations aimed at enhancing coverage, particularly in Eastern Indonesia, should provide TBIG with further growth opportunities.
Threat
Slower-than-expected growth among MNOs, driven by lack of incentives, high regulatory risk, and intense price competition, may adversely impact TBIG’s future performance; continued YTD market underperformance despite recent outperformance.
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