TOWR Placement - A Chance to Get Exposure to Indonesia Towercos at an Inexpensive Valuation

Tower Bersama - Cohabitation Pays Off - On the Ground in J-Town

Indonesian Towercos Still Show Revenue and Profit Growth.

Indonesian Telecoms: Market Share Still Moving to Telkomsel

Indonesian Telecom Market Repair: Revenues Growing, Margins Rising.

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New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Equity Bottom-Up

Sarana Menara Nusantara / Equity Bottom-Up

<p>While 2016 was a quiet year for the Indonesian towercos, we remain positive on their long-term prospects. <a href="https://www.smartkarma.com/entities/6848" target="_blank" data-smartkarma-citation="entities:6848:1">Protelindo (TOWR IJ)</a> announced FY16 results in-line with expectations. Revenue growth of +11% YoY was largely driven by the purchase of 2,500 towers from <a href="https://www.smartkarma.com/entities/15028" target="_blank" data-smartkarma-citation="entities:15028:1">XL Axiata (EXCL IJ)</a> in 2016. We estimate underlying growth was close to +5% YoY. There was good news on the small cells side, with  I-Forte reporting 2H16 revenue growth of 67% YoY, and now representing 5-6% of total revenue.  We see…</p>

While 2016 was a quiet year for the Indonesian towercos, we remain positive on their long-term prospects. Protelindo (TOWR IJ) announced FY16 results in-line with expectations. Revenue growth of +11% YoY was largely driven by the purchase of 2,500 towers from XL Axiata (EXCL IJ) in 2016. We estimate underlying growth was close to +5% YoY. There was good news on the small cells side, with  I-Forte reporting 2H16 revenue growth of 67% YoY, and now representing 5-6% of total revenue.  We see…

Indonesian Towers: Protelindo (TOWR IJ) Targets Shareholder Returns While Still Looking for Growth.