Sarana Menara Nusantar (TOWR:IJ) The Leading Indonesian Tower Company at Attractive Valuations

Quality-Value Investing

Marc Melendez, CFA

Emerging Market Small and Mid Cap Equities

Reperio Capital

Reperio Capital Research was founded in 2013 with the goal of better serving the investment community with in-depth, high quality, value oriented research.

Reperio means to discover in latin. Using value investing principles, we aim to discover a minimum of 12 investment opportunities per year within the Emerging Markets Small and Mid Cap universe.

We take a business owners perspective with a long term investment horizon. We conduct bottom up, fundamental research. We focus on downside risks and require a significant margin of safety in any investment to prevent the permanent loss of capital. All factors differentiating our research from the short term, trading focus of traditional research providers.

Equity Bottom-Up

Sarana Menara Nusantara / Equity Bottom-Up

<h2>Q1 2018 RESULTS REVIEW</h2><p><a href="https://www.smartkarma.com/entities/6848" target="_blank" data-smartkarma-citation="entities:6848:1">Sarana Menara Nusantara Pt (TOWR IJ)</a> (SMN) recently reported Q1 2018 results. Compared to Q1 2017, revenue grew by 3.7% due to average tower growth of 2.4%, average tenancy ratio increasing from 1.67 to 1.68 and a 58 basis point decline in the average revenue per tenant.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/052/872/original/Revenue%20Drivers.png?1526875916" class="editor-image img-responsive" data-smartkarma-image-id="52872"></figure><p>Tower growth will continue with the addition of 1,400 towers acquired with the closing of the KIN acquisition. The additional 1,400 towers equates to 9.3% of the current tower portfolio. Additional tower…</p>

Q1 2018 RESULTS REVIEWSarana Menara Nusantara Pt (TOWR IJ) (SMN) recently reported Q1 2018 results. Compared to Q1 2017, revenue grew by 3.7% due to average tower growth of 2.4%, average tenancy ratio increasing from 1.67 to 1.68 and a 58 basis point decline in the average revenue per tenant.Tower growth will continue with the addition of 1,400 towers acquired with the closing of the KIN acquisition. The additional 1,400 towers equates to 9.3% of the current tower portfolio. Additional tower…

Sarana Menara Nusantra TOWR:IJ Q1 2018 Results Review