External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Equity Bottom-Up

Sarana Menara Nusantara / Equity Bottom-Up

<ul><li>In 1Q24, TOWR booked a revenue of IDR3.05trillion (+0.85% QoQ/+6.35% YoY), representing each 24.67%/24.69% of our target and consensus.</li><li>The tower segment grew flattish (-1.05% QoQ/+0.97% YoY) while the non-tower business improved well (+5.23% QoQ/+20.17% YoY).</li><li>Our estimations for the total revenue to grow by +5.20%/+7.07% YoY in FY24E/FY25F.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

In 1Q24, TOWR booked a revenue of IDR3.05trillion (+0.85% QoQ/+6.35% YoY), representing each 24.67%/24.69% of our target and consensus.The tower segment grew flattish (-1.05% QoQ/+0.97% YoY) while the non-tower business improved well (+5.23% QoQ/+20.17% YoY).Our estimations for the total revenue to grow by +5.20%/+7.07% YoY in FY24E/FY25F.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TOWR IJ - Unpacking TOWR’s Performance Metrics and Strategic Acquisition