JAKARTA - Recently, tower company PT Solusi Tunas Pratama Tbk (SUPR) merged into PT Sarana Menara Nusantara Tbk (TOWR) which is a business unit of the Djarum Group owned by conglomerates Hartono Brothers.
This SUPR annexation has the potential to encourage TOWR to become a candidate for the king of towers in Indonesia. The reason is, both in terms of assets and fundamental performance, TOWR can outperform other competitors such as PT Tower Bersama Infrastructure Tbk (TBIG) and PT Dayamitra Telekomunikasi Tbk (MTEL) aka Mitratel.
For the record, TOWR managed to print revenue of Rp6.06 trillion in the third quarter of 2021. This number increased 9.1 percent compared to the previous year of Rp5.55 trillion.
Tower rental revenue is still the main engine for TOWR's achievement in the third quarter of 2021 with a score of Rp5.63 trillion. The main customer is PT XL Axiata Tbk (EXCL) amounting to Rp1.7 trillion or 28 percent of the total revenue. Then, PT Hutchison 3 Indonesia Rp1.6 trillion, equivalent to a contribution of 26 percent.
Then there is a subsidiary of PT Telkom Indonesia Tbk (TLKM), namely Telkomsel, which is also a contributor with a score of 14 percent which is equivalent to Rp848.9 billion.
In addition to successfully "gassing" at the topline, TOWR is also able to reduce loads. Among these are sales and marketing expenses of 26.27 percent year-on-year (yoy), finance costs of 10.18 percent yoy, and other operating expenses of 95 percent.
After deducting other expenses and taxes, TOWR's total net profit was Rp2.57 trillion. That number increased by 28.78 percent compared to the previous year of Rp1.98 trillion.
Keep in mind, on October 1, 2021, Protelindo has completed the share takeover transaction of PT Solusi Tunas Pratama Tbk (SUPR) of 1.06 billion shares or equal to 94.03 percent of the issued and paid-up capital.
This share acquisition was carried out through a competitive auction process for 4 months, and Protelindo has been selected as the winner of the auction. The share purchase price by TOWR is Rp15,640 per share. Thus, the Djarum Group business unit issued capital of up to Rp16.72 trillion.
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Based on TOWR's financial report, the company received a number of loan facilities from several banks. Among them are PT Bank HSBC Indonesia amounting to Rp1 trillion, PT Bank Mandiri (Persero) Tbk Rp2 trillion, PT Bank Mizuho Indonesia Rp2 trillion, and PT Bank CIMB Niaga Tbk Rp1 trillion.
As of the end of 2020, SUPR has 6,422 towers with 12,145 tower site leases. In addition, the tower rental ratio is 1.89 times with a fiber optic cable network of 6,277 kilometers.
As many as 63 percent of the SUPR towers are centered in Java with 13 percent of them being in Jakarta. While the remaining 24 percents are in Sumatra and the other 13 percent are in Eastern Indonesia.
Quoting Bisnis.com, Sucor Sekuritas analyst Hendriko Gani said he had set a target for TOWR's share price to be Rp2,150 higher than the previous position of Rp1,170.
"We also raised TOWR's revenue assumption by adding 6,410 new towers and 1.87 times the collocation given by SUPR," he said.
Next year, Hendriko estimates that TOWR's revenue will reach Rp10.24 trillion with a net profit of Rp3.9 trillion. In addition, the price earning ratio is in the range of 14.9 times with a dividend yield of 2.9 percent.
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