(Mirae Asset Sekuritas Indonesia) Telecommunication Infrastructure Industry Update PDF

[Indonesia]
Telecommunication Infrastructure (Overweight/Maintain)

Potential synergy with satellite devices amid industry network
consolidation
Mirae Asset Sekuritas Indonesia

Robertus Hardy robertus.hardy@miraeasset.co.id
erhububrebreub
B
Industry update Industry network consolidation is expected to continue
 There's an interesting point from ISAT's guidance during the recent analyst meeting: the core network
consolidation process with Tri for the areas outside of Java is expected to be completed before the end of
the year, and the consolidation for the network on the Java island will begin next year.
 This could pose a further threat to TOWR and TBIG, in our view, as ISAT's contribution to revenue in 1H23
reached 38.5% and 29.5% respectively. However, on the other hand, it provides a risk limitation in terms of
limited downside for MTEL, which only receives a 19.5% revenue contribution from ISAT.
 Regarding the introduction of Starlink technology to Indonesia, even though it has managed to enter
neighboring countries like Malaysia and the Philippines without user segment restrictions, the business
model for Starlink in Indonesia seems to follow what has already been implemented in Australia since July
2023, where it partners with a local telecommunications provider, Telstra.
 Therefore, despite the potential threat posed by Starlink technology to players in the tower, fiber optic, and
telecommunications industry in general, with the limitations on expansion through the state-owned
enterprise subsidiary Telkomsat, and the operational areas restricted primarily to remote regions, we see
that beyond the relatively small potential threats to existing players, this product could potentially become
an accelerator for economic growth in the rural village, agricultural, and mining areas across the country.
Recommendation Maintaining an Overweight rating due to the potential synergy with the latest technological
developments in satellite devices
 We still maintain an Overweight recommendation for the Telecommunication Infrastructure sector with
MTEL as our top pick.
 The company is more competitive than TOWR and TBIG, in our view, due to its more robust 1H23 EBITDA
growth, reaching 16.7% YoY compared to TOWR's +7.5% and TBIG's -1.5% YoY growth, respectively.
 This demonstrates MTEL's business resilience amidst the telecommunications industry consolidation. The
significant EBITDA growth of MTEL in 1H23 is supported by the increase in the number of tenants by 23.2%
YoY (including reseller), in contrast to TOWR's -1.7% and TBIG's +2.8% YoY growth in this aspect.
 MTEL’s assets are currently valued at a modest rate of only IDR2.08bn for its 23F EV/tower. This represents a
discount of over 35% and 36% compared to TOWR’s and TBIG’s valuations, respectively. We also favor MTEL
due to its significantly lower net gearing of only 46.3% vs. TOWR and TBIG of 266.2% and 227.3%,
respectively.
 In the future, we see the potential for synergy among tower networks, fiber optics, and satellite devices to
enhance overall network quality, especially if this low-earth orbit satellite technology can also be utilized by
other players in the industry.
Key investment metrics

Market cap Current price Target price Upside EV/EBITDA (x) EBITDA margin (%) Net gearing (%)
Company Ticker Rating
(IDRbn) (IDR/share) (IDR/share) (%) FY22 FY23F FY22 FY23F FY22 FY23F
Dayamitra Telekomunikasi MTEL 62,637 Trading Buy 750 890 18.7 12.0 11.5 79.3 81.5 33.0 46.3
Sarana Menara Nusantara TOWR 52,545 Trading Buy 1,030 1,200 16.5 10.2 9.9 86.2 84.6 309.5 266.2
Tower Bersama Infrastructure TBIG 47,580 Trading Buy 2,100 2,400 14.3 12.7 12.9 86.8 87.5 224.3 227.3
Note: share prices as of August 31, 2023 closing
Source: Company data, IDX, Mirae Asset Sekuritas Indonesia Research estimate
PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES AND DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.
September 1, 2023 Telecommunication Infrastructure
C O N T E N T S
Industry update 3
Starlink’s technology as a network growth accelerator in rural areas 3
A brief explanation of Starlink’s technology 3
MTEL’s undemanding valuation of assets despite relatively healthier balance sheet 5
Dayamitra Telekomunikasi 6
MTEL’s important data exhibits 7
Sarana Menara Nusantara 10

TOWR’s important data exhibits 11
Tower Bersama Infrastructure 14

TBIG’s important data exhibits 15
Mirae Asset Sekuritas Indonesia Research 2

Industry update
Starlink’s technology as a network growth accelerator in rural areas

Since June 2022, the Ministry of Communication and Information Technology of Indonesia
has granted landing rights to the Starlink satellite to Telkomsat (a subsidiary of TLKM) to
connect TLKM's fiber optic backbone with the company's BTS towers and WiFi infrastructure.
Recently, Telkomsat has introduced several Starlink-based products, including VSAT Star and
MangoStar, offering speeds of up to 500 Mbps and latency equivalent to fiber optic
connections. These solutions are essential for SMEs, companies, and government entities that
require unlimited and fast internet connectivity, especially in remote areas.
While Starlink has managed to enter neighboring countries like Malaysia and the Philippines
without user segment restrictions, the business model for Starlink in Indonesia seems to be
following a similar approach as it has in Australia since July 2023, where it partners with local
telecommunications providers such as Telstra.
Therefore, despite the fact that Starlink's technology could be perceived as a threat to existing
players in the tower, fiber optic, and telecommunications industries, the expansion is limited
through state-owned enterprise subsidiaries and operational areas restricted to remote
regions. This means that beyond the relatively small potential threats to existing players, we
see this product as a potential accelerator for economic growth in several rural village,
plantation, and mining areas across the country.
A brief explanation of Starlink’s technology

Starlink claims to be the world's most advanced broadband satellite internet service. It
operates the first and largest satellite constellation located in low Earth orbit, delivering
broadband internet capable of supporting streaming, online gaming, video calls, and more.
By utilizing advanced satellites and user hardware, coupled with its deep experience in
spacecraft and on-orbit operations, Starlink delivers high-speed, low-latency internet with
global coverage. Due to its ability to serve unlimited locations, it is particularly well-suited for
rural and remote areas.
Most satellite internet services rely on single geostationary satellites orbiting the planet at a
distance of 35,786 km. Consequently, the round-trip data time between users and these
satellites, known as latency, is high, making it nearly impossible to support activities such as
streaming, online gaming, and video calls that require high data rates. In contrast, Starlink
consists of a constellation of thousands of satellites orbiting the planet much closer, at
around 550 km, providing global coverage. Thanks to their low orbit, Starlink satellites
achieve significantly lower latency—only around 25 ms compared to the usual 600+ ms for
traditional satellite inter0net.
Regarding its ground receiver antenna, it is self-orienting and can establish a connection
within minutes, as long as it has a clear view of the sky. Despite being in close proximity to
every SpaceX rocket launch, it is claimed to withstand extreme cold, heat, hail, sleet, heavy
rain, gale force winds, and even rocket engine exhaust, showcasing proven durability.
Starlink is backed by SpaceX, a company with regular access to space. Being a leading
provider of launch services, SpaceX is the sole satellite operator capable of launching its own
satellites as needed. With frequent and cost-effective launches, Starlink satellites continually
benefit from the latest technology updates.

Figure 2. Starlink’s receiver antenna and its additional

Figure 1. Starlink’s receiver antenna
equipment (WiFi box, etc)
Source: Company data, Mirae Asset Sekuritas Indonesia Research Source: Company data, Mirae Asset Sekuritas Indonesia Research
Figure 4. Starlink is claimed to be able to finish up to 70 data

Figure 3. Starlink’s mobile app dashboard
roundtrip for every trip made by ordinary geo satellite

MTEL’s undemanding valuation of assets despite relatively healthier

balance sheet
MTEL’s assets are currently valued at a modest rate of only IDR2.08bn for its 23F EV/tower.
This represents a discount of over 35% and 36% compared to TOWR’s and TBIG’s valuations,
respectively.
We also favor MTEL due to its significantly lower net gearing of only 46.3% vs. TOWR and TBIG
of 266.2% and 227.3%, respectively.
Table 1. Valuation and number of tower assets (IDRbn)

Relative valuation (IDRbn): MTEL TOWR TBIG
22A 23F 22A 23F 22A 23F
EV/Tower 2.08 2.08 3.26 3.23 3.30 3.27
EV/Tenant 1.42 1.39 1.80 1.80 1.76 1.66
EV/EBITDA (x) 12.0 11.5 10.2 9.9 12.7 12.9
Net gearing (%) 33.0 46.3 309.5 266.2 224.3 227.3
Number of: MTEL TOWR TBIG
22A 23F 22A 23F 22A 23F
Towers 35,418 37,760 29,794 29,796 21,870 22,839
Tenants 52,006 56,454 53,967 53,614 40,884 44,830
Tenancy ratio (x) 1.47 1.50 1.81 1.80 1.87 1.96
Source: Company data, Mirae Asset Sekuritas Indonesia Research estimate
Figure 5. MTEL’s fwd EV/EBITDA band Figure 6. TOWR’s fwd EV/EBITDA band Figure 7. TBIG’s fwd EV/EBITDA band
EV/EBITDA Average +1SD EV/EBITDA Average +1SD
(x) +2SD -1SD -2SD (x) +2SD -1SD -2SD

19 23
17 21
15 19
13 17
11 15
9 13
7 11
5 9
3 7
8/18 8/19 8/20 8/21 8/22 8/23 1/19 1/20 1/21 1/22 1/23
Source: IDX, Company data, Mirae Asset Sekuritas Source: IDX, Company data, Mirae Asset Sekuritas Source: IDX, Company data, Mirae Asset Sekuritas
Indonesia Research Indonesia Research Indonesia Research
Figure 8. MTEL’s revenue from tenants Figure 9. TOWR’s revenue from tenants Figure 10. TBIG’s revenue from tenants
as of 1H23 as of 1H23 as of 1H23
Source: IDX, Company data, Mirae Asset Sekuritas Source: IDX, Company data, Mirae Asset Sekuritas Source: IDX, Company data, Mirae Asset Sekuritas
Indonesia Research Indonesia Research Indonesia Research

[Indonesia] Telecommunication Infrastructure
Dayamitra Telekomunikasi
Dayamitra Telekomunikasi
Trading Buy
(MTEL IJ) (Maintain)
Lower exposure to the potential negative impact of TP: IDR890

ISAT's network consolidation Upside: 18.7%

Recent financial and Resilient performances amid industry network consolidation

operational
 MTEL's revenue and EBITDA for 2Q23 only managed to grow slightly by 0.9% and 0.05% QoQ, reaching
performances
IDR2.1tr and IDR1.7tr, respectively. This growth was achieved despite a 2.8% QoQ decrease in rental rates,
offset by a 2.5% QoQ increase in the total number of tenants to 57,536.
 Cumulatively, in 1H23, MTEL's revenue and EBITDA still surged by 10.8% and 16.7% YoY, reaching IDR4.1tr
and IDR3.3tr, respectively, driven by the relatively low base in 1H22.
 The number of tenants increased by 23.2% YoY to 57,536 in 1H23, following a 27.6% YoY addition in the
number of towers, totaling 36,719 units. These achievements reflect MTEL's resilience amid the network
consolidation carried out by ISAT. In fact, the revenue contribution from ISAT in 1H23 grew by 9% YoY to
IDR803 billion, constituting 19.5% of MTEL's consolidated revenue.
 Telkomsel and other entities within the TLKM group contributed 57.7% and 7.1%, respectively, followed by
EXCL (8.4%) and Others (7.4%).
 MTEL's 1H23 revenue and EBITDA account for 48.1% and 49.2% of our previously projected figures for its
FY23. Therefore, these results are considered relatively in-line.
Recommendation Maintaining a Trading Buy recommendation due to its lower exposure to the potential negative impact
of ISAT's network consolidation
• Looking ahead, due to its reduced exposure (relative to its peers) to the potential negative impact from
ISAT's network consolidation rollout in Java next year, we project that MTEL's revenue and EBITDA for 23F
can still grow by 7.9% and 10.9%, respectively, reaching IDR8.3tr and IDR6.8tr.
• Additionally, we favor the company for its strong presence in the outer Java area, with 58% of its total tower
assets located in the aforementioned region.
• As a result, we have decided to maintain our Trading Buy recommendation for MTEL, with a slightly higher
TP of IDR890 due to a slightly higher adjustment we made to its 23F net profit figure. Our latest TP is
implying 13.3x/12.1x of its 23F/24F EV/EBITDA ratio, reflecting +1.25SD from its average EV/EBITDA in the
past 3 years.
Key data
150
50
(D-1yr=100)
(D-1yr=100) JCI
JCI PTBA
MTEL Share Price (8/31/2023, IDR) 750 Market Cap (IDRbn) 62,637
115
Consensus EBITDA (23F, IDRbn) 6,964 Shares Outstanding (mn) 83,515
100 EBITDA MASI vs. consensus (23F, %) -2.4 Free Float (%) 15.3
EBITDA Growth (23F, %) 10.9 Beta (Adjusted, 24M) 0.5
85
EV/EBITDA (23F, x) 11.5 52-Week Low (IDR) 620
70 Industry EV/EBITDA median (23F, x) 8.1 52-Week High (IDR) 805
8/22 10/22 12/22 2/23 4/23 6/23 8/23
Benchmark EV/EBITDA (23F, x) 12.0
Share performance Earnings and valuation metrics

(%) 1M 6M 12M (FY Dec. 31) 2019 2020 2021 2022 2023F 2024F
Absolute 12.8 9.5 -5.1 Revenue (IDRbn) 5,326 6,187 6,870 7,729 8,342 9,093
Relative 11.8 7.4 -1.9 EBITDA (IDRbn) 2,629 4,174 5,202 6,126 6,797 7,422
Net profit (IDRbn) 493 602 1,381 1,785 2,123 2,402
EV/EBITDA (x) 27.0 18.1 12.2 12.0 11.5 10.5
P/E (x) 127.0 104.1 45.4 35.1 29.5 26.1
P/B (x) 8.1 7.7 1.9 1.9 1.8 1.8
ROE (%) 6.4 7.4 4.1 5.3 6.2 6.8
Dividend yield (%) 0.1 0.2 3.5 1.5 2.8 2.4
Note: Valuation multiple as of August 31, 2023 closing price
Sources: Company data, Mirae Asset Sekuritas Indonesia Research estimates
MTEL’s important data exhibits
Table 2. MTEL's 1H23 financial performances (IDRbn)

Accounts 1Q23 2Q23 1H22 1H23 2023PF QoQ (%) YoY (%) 1H23 run rate (%)
Revenue 2,055 2,074 3,726 4,130 8,594 0.9 10.8 48.1
Gross income 1,079 966 1,789 2,045 4,106 -10.5 14.3 49.8
margin (%) 52.5 46.6 48.0 49.5 47.8
Operating Profit 950 834 1,540 1,784 3,537 -12.3 15.9 50.5
margin (%) 46.2 40.2 41.3 43.2 41.2
EBITDA 1,678 1,679 2,877 3,357 6,825 0.05 16.7 49.2
margin (%) 81.6 80.9 77.2 81.3 79.4
Net Profit 501 521 892 1,022 2,080 4.0 14.7 49.1
margin (%) 24.4 25.1 23.9 24.8 24.2
Table 3. MTEL's 1H23 operational performances (Units)

Accounts 1Q23 2Q23 1H22 1H23 QoQ (%) YoY (%)
Number of:
Tower 36,439 36,719 28,787 36,719 0.8 27.6
Colocation 16,878 17,999 15,113 17,999 6.6 19.1
Tenant 53,317 54,718 43,900 54,718 2.6 24.6
Reseller 2,818 2,818 2,816 2,818 0.0 0.1
Tenant Inc. Reseller 56,135 57,536 46,716 57,536 2.5 23.2
Tenancy Ratio (x) 1.46 1.49 1.52 1.49
Tenancy Ratio Inc. Reseller (x) 1.54 1.57 1.62 1.57
Rental rate* (IDRmn/month) 11.4 11.1 11.9 11.1 -2.8 -6.1
*Note: Average revenue from tower rental/tower/month
Source: Company data, Mirae Asset Sekuritas Indonesia Research
Table 4. Changes to our forecasts (IDRbn)

Accounts 2023PF 2023CF Chg (%)
Revenue 8,594 8,342 -2.9
Gross income 4,106 4,173 1.6
margin (%) 47.8 50.0
Operating Profit 3,537 3,652 3.3
margin (%) 41.2 43.8
EBITDA 6,825 6,797 -0.4
margin (%) 79.4 81.5
Net Profit 2,080 2,123 2.1
margin (%) 24.2 25.5
Note: PF (previous forecast), CF (current forecast)

Figure 11. MTEL’s revenue and number of tenants Figure 12. MTEL’s revenue and rental rate
Revenue (IDRbn, L) Number of tenants (Units, R) Revenue (IDRbn, L) Rental rate (IDRmn, R)
4,500 60,000 4,500 12.0

+10.8% YoY +10.8% YoY
4,000 58,000 4,000 11.9
56,000 11.8
3,500 3,500
54,000 11.7
3,000 52,000 3,000 11.6
2,500 +0.9% QoQ 50,000 2,500 +0.9% QoQ 11.5
2,000 48,000 2,000 11.4

46,000 11.3
1,500 1,500
44,000 11.2
1,000 42,000 1,000 11.1
500 40,000 500 11.0
1Q23 2Q23 1H22 1H23 1Q23 2Q23 1H22 1H23
Figure 13. MTEL’s EBITDA and EBITDA margin Figure 14. MTEL’s EBITDA and rental rate
EBITDA (IDRbn, L) EBITDA margin (%, R) EBITDA (IDRbn, L) Rental rate (IDRmn, R)
3,500 +16.7% YoY 85.0 3,500 +16.7% YoY 12.0

11.9
3,000 80.0 3,000
11.8
11.7
2,500 75.0 2,500
11.6
2,000 70.0 2,000 +0.05% QoQ 11.5
+0.05% QoQ
11.4
1,500 65.0 1,500
11.3
11.2
1,000 60.0 1,000
11.1
500 55.0 500 11.0
1Q23 2Q23 1H22 1H23 1Q23 2Q23 1H22 1H23

Dayamitra Telekomunikasi (MTEL IJ)
Income statement (summarized, IDRbn) Balance sheet (summarized, IDRbn)

(FY Dec. 31) 12/21 12/22 12/23F 12/24F (FY Dec. 31) 12/21 12/22 12/23F 12/24F
Revenue 6,870 7,729 8,342 9,093 Cash 19,133 6,339 2,399 2,683
EBITDA 5,202 6,126 6,797 7,422 Trade rcvbls 1,118 1,050 1,479 1,494
Gross profit 3,218 3,654 4,173 4,593 Prepaid taxes & others 1,052 497 1,046 1,057
Operating profit 2,757 3,137 3,652 4,030 Total Current Assets 21,303 7,886 4,924 5,234
EBIT 2,740 3,153 3,645 4,023 Fixed assets 29,568 39,328 41,675 42,092
Net profit 1,381 1,785 2,123 2,402 Others 6,857 8,857 9,307 9,400
Total Non-current Assets 36,426 48,185 50,982 51,492
Total Assets 57,728 56,072 55,906 56,725
Growth (%) 12/21 12/22 12/23F 12/24F
Revenue 11.0 12.5 7.9 9.0 LT loans 2,406 2,322 2,577 2,552
EBITDA 24.6 17.8 10.9 9.2 Lease liabs 422 286 258 256
Gross profit 52.6 13.5 14.2 10.1 Others 3,648 7,593 5,562 5,617
Operating profit 63.4 13.8 16.4 10.4 Total Current Liabilities 6,476 10,201 8,397 8,425
EBIT 61.4 15.1 15.6 10.4 LT loans 15,665 9,668 11,245 11,132
Net profit 129.4 29.3 18.9 13.1 Lease liabs 1,465 1,935 1,925 1,905
Others 476 461 177 178
Margins (%) 12/21 12/22 12/23F 12/24F Total Non-current Liabilities 17,607 12,064 13,346 13,216
EBITDA 75.7 79.3 81.5 81.6 Total Liabilities 24,083 22,264 21,743 21,641
Gross profit 46.9 47.3 50.0 50.5 Net debt (cash) 826 11,172 15,828 15,362
Operating Profit 40.1 40.6 43.8 44.3
EBIT 39.9 40.8 43.7 44.2 Share capital 19,042 19,047 19,047 19,047
Net profit 20.1 23.1 25.5 26.4 Additional paid-in capital 13,067 13,082 13,082 13,082
Other equity components 0 4 10 10
Relative valuation (IDRbn) 12/21 12/22 12/23F 12/24F Retained earnings
EV/Tower 2.2 2.1 2.1 2.0 App 156 225 243 268
EV/Tenant 1.5 1.4 1.4 1.3 Unapp 1,381 2,131 2,469 3,366
Treasury shares - (681) (688) (688)
Cash Flows (IDRbn) 12/21 12/22 12/23F 12/24F Total Equity 33,646 33,807 34,163 35,085
Chg in net working capital (664) 4,347 (2,781) 2 Total Liabilities & Equity 57,728 56,072 55,906 56,725
Net profit 1,381 1,785 2,123 2,402
Net CF from Operation 717 6,132 (658) 2,404
Chg in nc assets (14,034) (11,760) (2,797) (510) Financial Ratios 12/21 12/22 12/23F 12/24F
Net CF from Investment (14,034) (11,760) (2,797) (510) Current ratio (%) 329.0 77.3 58.6 62.1
Chg in nc liabs 7,833 (5,544) 1,282 (130) Quick ratio (%) 312.7 72.4 46.2 49.6
Chg in Equity 27,234 (588) 17 25 Net debt to assets (%) 1.4 19.9 28.3 27.1
Dividend (2,181) (966) (1,767) (1,486) Net debt to equity (%) 2.5 33.0 46.3 43.8
Others (952) (69) (18) (18) ROE (%) 4.1 5.3 6.2 6.8
Net CF from Financing 31,934 (7,167) (486) (1,609) ROA (%) 2.4 3.2 3.8 4.2
Net Cash Flows 18,617 (12,794) (3,940) 284 EV/EBITDA (x) 12.2 12.0 11.5 10.5
Cash beginning balance 516 19,133 6,339 2,399 P/E ratio (x) 45.4 35.1 29.5 26.1
Cash ending balance 19,133 6,339 2,399 2,683 P/B ratio (x) 1.9 1.9 1.8 1.8
Sources: Company data, IDX, Mirae Asset Sekuritas Indonesia Research estimates

Sarana Menara Nusantara

Sarana Menara Nusantara
Trading Buy
(TOWR IJ) (Initiate)
Connectivity business to support its growth amid TP: IDR1,200

industry network consolidation Upside: 16.5%

Recent financial and Connectivity business supported overall performance despite being sluggish in quarterly basis
operational
• In 2Q23, TOWR's revenue and EBITDA experienced slight growth of 1.6% and 1.5% QoQ, reaching IDR2.9tr
performances
and IDR2.5tr, respectively. This growth followed relatively sluggish performance in its Wireline, VSAT, and
other businesses, which we attribute to the effect of a relatively high base in 1Q23. The contribution of this
business segment to TOWR's consolidated profit after tax declined to only 25.7% in 2Q23 from the 33.7%
recorded in 1Q23.
• Cumulatively, in 1H23, TOWR's revenue and EBITDA still managed to grow by 8.7% and 7.5% YoY,
amounting to IDR5.8tr and IDR4.9tr, respectively. This growth was due to the significantly low base in 1H22,
particularly in its Connectivity business (Wireline, VSAT, and others).
• Despite a 1.7% YoY decrease in the number of tenants in its Tower Rental business to 53,771, TOWR's Fiber-
to-the-tower (FTTH) assets increased significantly by 80.9% YoY to 172,600 km, attributed to several
aggressive inorganic expansion initiatives.
• Revenue from ISAT contributed 38.5% to its consolidated figures, followed by EXCL (30.3%), Telkomsel
(12.7%), and others (18.5%).
• TOWR's 1H23 revenue and EBITDA account for 48.3% and 47.5% of our previously projected figures for its
FY23. Therefore, these results are considered relatively in-line.
Recommendation Maintaining a Trading Buy recommendation on the back of potential robust growth continuation in its
Connectivity business
• Looking ahead, considering the significantly low base in FY22 for its Connectivity business, we project that
23F revenue and EBITDA can still grow by 4.2% and 2.2%, reaching IDR11.5tr and IDR9.7tr, respectively.
• As a result, we have decided to maintain the Trading Buy recommendation for TOWR, with a slightly higher
TP of IDR1,200 due to the potential robust growth continuation in its Connectivity business, which can
compensate for the possible lower contribution from its Tower Rental business due to ISAT's network
consolidation rollout in Java.
• Our latest TP implies a 10.8x/10.1x EV/EBITDA ratio for its 23F/24F, which is equivalent to its historical
average over the past 5 years.
Key data
(D-1yr=100)
130
80
(D-1yr=100) JCI
JCI PTBA
TOWR Share Price (8/31/2023, IDR) 1,030 Market Cap (IDRbn) 52,545
115
Consensus EBITDA (23F, IDRbn) 9,963 Shares Outstanding (mn) 51,015
100 EBITDA MASI vs. consensus (23F, %) -2.4 Free Float (%) 38.2
EBITDA Growth (23F, %) 2.2 Beta (Adjusted, 24M) 0.3
85
EV/EBITDA (23F, x) 9.9 52-Week Low (IDR) 885
70 Industry EV/EBITDA median (23F, x) 8.1 52-Week High (IDR) 1,295
8/22 10/22 12/22 2/23 4/23 6/23 8/23
Benchmark EV/EBITDA (23F, x) 10.7

(%) 1M 6M 12M (FY Dec. 31) 2019 2020 2021 2022 2023F 2024F
Absolute 1.0 2.5 -16.9 Revenue (IDRbn) 6,454 7,445 8,635 11,036 11,501 12,227
Relative 0.0 0.4 -13.8 EBITDA (IDRbn) 5,385 6,405 7,434 9,517 9,728 10,375
Net profit (IDRbn) 2,342 2,836 3,427 3,442 3,094 3,331
EV/EBITDA (x) 12.5 11.1 12.7 10.2 9.9 9.2
P/E (x) 21.9 18.1 15.0 14.9 16.6 15.4
P/B (x) 6.0 5.2 4.4 3.6 3.2 2.8
Net gearing (%) 166 184 350 309 266 231
Dividend yield (%) 2.3 2.3 2.7 2.3 2.2 2.0
Source: Company data, Mirae Asset Sekuritas Indonesia Research estimates
TOWR’s important data exhibits
Table 5. TOWR's 1H23 financial performances (IDRbn)

Revenue 2,865 2,912 5,316 5,776 11,967 1.6 8.7 48.3
Gross profit 2,060 2,089 3,875 4,148 8,838 1.4 7.0 46.9
margin (%) 71.9 71.7 72.9 71.8 73.0
Operating Profit 1,810 1,822 3,427 3,632 7,860 0.7 6.0 46.2
margin (%) 63.2 62.6 64.5 62.9 66.6
EBITDA 2,439 2,475 4,571 4,914 10,336 1.5 7.5 47.5
margin (%) 85.1 85.0 86.0 85.1 86.9
Net Profit 752 807 1,691 1,559 3,893 7.2 -7.8 40.1
margin (%) 26.3 27.7 31.8 27.0 25.9
Table 6. TOWR's 1H23 operational performances (Units)

Number of:
Tenant 53,820 53,771 54,716 53,771 -0.1 -1.7
Tower 29,757 29,792 29,263 29,792 0.1 1.8
Tenancy ratio (x) 1.81 1.80 1.87 1.80 -0.2 -3.5
FTTT (Km) 162,300 172,600 95,400 172,600 6.3 80.9
Connectivity:
Activations 34,842 50,144 13,333 50,144 43.9 276.1
FTTH home connect (unit houses) 23,876 38,267 3,408 38,267 60.3 1,022.9
Total FTTH assets (Km, home passes) 346,200 464,800 0 464,800 34.3 N/A
Backbone & fiber (Km) 16,756 17,295 13,856 17,295 3.2 24.8
Rental rate* (IDRmn) 12.8 13.0 13.0 12.9 2.2 -1.0

Revenue 11,967 11,501 -3.9
Gross profit 8,838 8,213 -7.1
margin (%) 73.0 71.4
Operating Profit 7,860 7,200 -8.4
margin (%) 66.6 62.6
EBITDA 10,336 9,728 -5.9
margin (%) 86.9 84.6
Net Profit 3,893 3,094 -20.5
margin (%) 25.9 26.9

Figure 15. TOWR’s revenue & number of tenants Figure 16. TOWR’s revenue & rental rate
Figure 17. TOWR’s EBITDA & EBITDA margin Figure 18. TOWR’s EBITDA & rental rate

Sarana Menara Nusantara (TOWR IJ)

(FY Dec. 31) 12/21 12/22 12/23F 12/24F (FY Dec. 31) 12/21 12/22 12/23F 12/24F
Revenue 8,635 11,036 11,501 12,227 Cash 4,748 309 403 366
EBITDA 7,434 9,517 9,728 10,375 Receivables 2,184 2,616 2,540 2,566
Gross profit 6,295 8,121 8,213 8,780 Others 465 727 777 785
Total Assets 65,829 65,625 67,154 68,934
Growth (%) 12/21 12/22 12/23F 12/24F Payables 1,587 862 778 770
Revenue 16.0 27.8 4.2 6.3 Loans & lease liabs 16,794 9,564 11,760 11,642
EBITDA 16.1 28.0 2.2 6.6 Others 3,500 4,020 4,398 4,354
Operating profit 17.1 29.3 (0.1) 7.1 Total Current Liabilities 21,880 14,446 16,936 16,766
Net profit 20.9 0.4 (10.1) 7.7 Loans & lease liabs 30,191 35,409 32,370 32,046
Others 1,695 1,338 1,421 1,407
Margins (%) 12/21 12/22 12/23F 12/24F Total Non-current Liabilities 31,886 36,747 33,791 33,453
Gross profit 72.9 73.6 71.4 71.8 Total Liabilities 53,767 51,193 50,727 50,219
EBITDA 86.1 86.2 84.6 84.9 Net debt (cash) 42,236 44,664 43,727 43,322
Operating Profit 64.6 65.3 62.6 63.1
Net profit 39.7 31.2 26.9 27.2 Issued & fully paid capital 510 510 510 510
Additional paid-in capital 21 21 21 21
Relative valuation 12/21 12/22 12/23F 12/24F Other equity (894) (766) (741) (739)
EV/Tower (IDRbn) 3.3 3.3 3.2 3.2 Retained earnings
EV/Tenant (IDRbn) 1.8 1.8 1.8 1.8 App 1 1 1 1
Unapp 12,393 14,635 16,565 18,840
Net equity attributable to:
Owners 12,031 14,401 16,357 18,634
Cash Flows (IDRbn) 12/21 12/22 12/23F 12/24F NC interest 31 32 70 81
Chg in net working capital 13,565 (8,127) 2,515 (203) Total Equity 12,062 14,432 16,427 18,714
Net profit 3,427 3,442 3,094 3,331 Total Liabilities & Equity 65,829 65,625 67,154 68,934
Net CF from Operation 16,992 (4,685) 5,609 3,129
Chg in nc assets (27,183) (3,543) (1,459) (1,783) Financial Ratios 12/21 12/22 12/23F 12/24F
Net CF from Investment (27,183) (3,543) (1,459) (1,783) Current ratio (%) 33.8 25.3 22.0 22.2
Chg in nc liabs 15,046 4,860 (2,956) (338) Quick ratio (%) 31.7 20.2 17.4 17.5
Chg in Equity (150) 129 64 12 Net debt to assets (%) 64.2 68.1 65.1 62.8
Dividend (1,399) (1,200) (1,163) (1,056) Net debt to equity (%) 351.1 310.2 267.3 232.5
Others (0) (0) (0) (0) ROE (%) 28.5 23.9 18.9 17.9
Net CF from Financing 13,497 3,789 (4,055) (1,382) ROA (%) 5.2 5.2 4.6 4.8
Net Cash Flows 3,306 (4,440) 94 (36) EV/EBITDA (x) 12.7 10.2 9.9 9.2
Cash beginning balance 1,443 4,748 309 403 P/E ratio (x) 15.0 14.9 16.6 15.4
Cash ending balance 4,748 309 403 366 P/B ratio (x) 4.4 3.6 3.2 2.8
Sources: Company data, IDX, Mirae Asset Sekuritas Indonesia Research estimates

Tower Bersama Infrastructure

Tower Bersama Infrastructure
ta Trading Buy
(TBIG IJ) (Initiate)
Potential robust growth continuation in its Fiber TP: IDR2,400

Optic business Upside: 14.3%

Recent financial and Robust growth in Fiber Optic despite sluggish addition of new tenancy due to industry network
operational consolidation
performances
• In 2Q23, TBIG's revenue and EBITDA experienced a slight growth of 2.7% and 3.9% QoQ, reaching IDR1.7tr
and IDR1.4tr, respectively. This growth followed a 1% QoQ increase in the total number of tenants in its
tower and DAS network, reaching 41,428.
• Cumulatively in 1H23, TBIG's revenue and EBITDA experienced a slight decline of 0.7% and 1.5% YoY,
totaling IDR3.3tr and IDR2.8tr, respectively. This decline was attributed to a 3.4% YoY decrease in the
average rental rate, despite a 2.8% YoY increase in the total number of tenants in its tower and DAS network.
The company attributed this sluggish growth in new tenancy to the non-renewal of several contract from
ISAT.
• The revenue contribution from its fiber optic business increased to 4.1%, up from only 0.4% in 1H22.
• Revenue from ISAT contributed 29.5% to its consolidated figures, while Telkomsel contributed 34.5%. This
was followed by EXCL (17.2%), FREN & others (14.6%), and the fiber optic segment (4.1%). Rental revenue
generated from ISAT experienced a 17.6% YoY slump due to the recent network consolidation following
the merger with Hutchison.
• TBIG's revenue and EBITDA in 1H23 reflect 47.6% and 47.5% of the run rate projected in our previous figures
for its FY23. Thus, these results are considered relatively in-line with our projections.
Recommendation Maintaining a Trading Buy recommendation based on the potential robust growth continuation in its
Fiber Optic business.
• Looking ahead, considering the potential continuation of robust growth in the Fiber Optic business, we
project that the revenue and EBITDA for 23F can still experience slight growth of 1.5% and 2.4%,
respectively, reaching IDR6.6tr and IDR5.8tr.
• Therefore, we have decided to maintain the Trading Buy recommendation for TBIG, with a slightly lower
TP of IDR2,400 due to a minor downward revision in our projection for its 23F EBITDA figure.
• Our latest TP implies a 14.0x/13.8x EV/EBITDA ratio for its 23F/24F, which is equivalent to its historical
average over the past 5 years.
Key data
130
80
(D-1yr=100)
(D-1yr=100) JCI
JCI PTBA
TBIG
Share Price (8/31/2023, IDR) 2,100 Market Cap (IDRbn) 47,580
120 Consensus EBITDA (23F, IDRbn) 5,766 Shares Outstanding (mn) 5,645
105 EBITDA MASI vs. consensus (23F, %) 0.6 Free Float (%) 24.9
90 EBITDA Growth (23F, %) 2.4 Beta (Adjusted, 24M) 0.6
75 EV/EBITDA (23F, x) 12.9 52-Week Low (IDR) 1,780
60
Industry EV/EBITDA median (23F, x) 8.1 52-Week High (IDR) 2,950
8/22 10/22 12/22 2/23 4/23 6/23 8/23 Benchmark EV/EBITDA (23F, x) 14.0

(%) 1M 6M 12M (FY Dec. 31) 2019 2020 2021 2022 2023F 2024F
Absolute 12.0 -5.8 -25.5 Revenue (IDRbn) 4,699 5,328 6,180 6,524 6,625 6,727
Relative 11.0 -7.9 -22.4 EBITDA (IDRbn) 3,716 4,617 5,429 5,662 5,800 5,897
Net profit (IDRbn) 819 1,010 1,549 1,638 1,426 1,453
EV/EBITDA (x) 18.8 15.4 14.1 12.7 12.9 12.6
P/E (x) 58.1 47.1 30.7 29.1 33.4 32.7
P/B (x) 8.6 5.1 4.9 4.4 4.0 3.7
ROE (%) 16.4 11.6 16.7 15.9 12.7 12.0
Dividend yield (%) 1.3 1.3 1.5 1.7 2.2 1.9
Sources: Company data, Mirae Asset Sekuritas Indonesia Research
Analysts who prepared this report are registered as research analysts in Indonesia but not in any other jurisdiction, including the US.
TBIG’s important data exhibits
Table 8. TBIG's 1H23 financial performances (IDRbn)

Revenue 1,618 1,662 3,304 3,280 6,885 2.7 -0.7 47.6
Gross income 1,187 1,320 2,379 2,507 5,028 11.2 5.3 49.9
margin (%) 73.4 79.4 72.0 76.4 73.0
Operating Profit 1,070 1,209 2,174 2,280 4,583 13.0 4.8 49.7
margin (%) 66.2 72.8 65.8 69.5 66.6
EBITDA 1,395 1,449 2,887 2,844 5,983 3.9 -1.5 47.5
margin (%) 86.2 87.2 87.4 86.7 86.9
Net Profit 332 357 826 689 1,784 7.5 -16.6 38.6
margin (%) 20.5 21.5 25.0 21.0 25.9
Table 9. TBIG's 1H23 operational performances (Units)

Total number of:
Tenant 41,010 41,428 40,291 41,428 1.0 2.8
Telco site 21,991 22,136 21,376 22,136 0.7 3.6
Total tenancy ratio (x) 1.86 1.87 1.88 1.87
Number of:
DAS network 111 110 111 110 -0.9 -0.9
Tower site 21,880 22,026 21,265 22,026 0.7 3.6
Tower tenant 40,899 41,318 40,180 41,318 1.0 2.8
Tower tenancy ratio (x) 1.87 1.88 1.89 1.88
Rental rate* (IDRmn) 13.2 13.4 13.7 13.2 1.7 -3.4

Revenue 6,885 6,625 -3.8
Gross profit 5,028 5,114 1.7
margin (%) 73.0 77.2
Operating Profit 4,583 4,453 -2.8
margin (%) 66.6 67.2
EBITDA 5,983 5,800 -3.1
margin (%) 86.9 87.5
Net Profit 1,784 1,426 -20.0
margin (%) 25.9 21.5

Figure 19. TBIG’s revenue & total number of site Figure 20. TBIG’s revenue & rental rate
Figure 21. TBIG’s EBITDA & EBITDA margin Figure 22. TBIG’s EBITDA & rental rate

Tower Bersama Infrastructure (TBIG IJ)

(FY Dec. 31) 12/20 12/21 12/22F 12/23F (FY Dec. 31) 12/20 12/21 12/22F 12/23F
Revenue 6,180 6,524 6,625 6,727 Cash 629 966 912 807
EBITDA 5,429 5,662 5,800 5,897 Receivables 614 309 522 527
Gross profit 4,707 4,741 5,114 5,218 Prepaid taxes & others 1,778 2,290 2,880 2,912
Total Assets 41,870 43,140 43,875 44,454
Growth (%) 12/21 12/22 12/23F 12/24F
Revenue 16.0 5.6 1.5 1.5 Loans, notes & lease liabs 5,789 6,248 8,148 8,067
EBITDA 17.6 4.3 2.4 1.7 Receivables & others 2,643 2,481 3,955 3,916
Gross profit 11.2 0.7 7.9 2.0 Total Current Liabilities 8,432 8,728 12,103 11,982
Operating profit 12.8 -0.5 3.0 2.0 Loans, notes & lease liabs 23,636 19,211 19,771 19,574
EBIT 12.8 -0.5 3.0 2.0 Others 13 4,280 117 116
Net profit 53.4 5.7 -12.9 1.9 Total Non-current Liabilities 23,649 23,491 19,889 19,690
Total Liabilities 32,081 32,220 31,992 31,672
Margins (%) 12/21 12/22 12/23F 12/24F Net debt (cash) 28,796 24,492 27,008 26,833
EBITDA 87.9 86.8 87.5 87.7
Gross profit 76.2 72.7 77.2 77.6 Share capital 453 453 453 453
Operating Profit 70.3 66.2 67.2 67.5 Treasury shares -1,028 -766 -53 -53
EBIT 69.7 65.6 66.6 66.9 Additional paid-in capital -641 1,594 1,605 1,621
Net profit 25.1 25.1 21.5 21.6 Other comprehensive income 7,062 4,465 4,018 4,058
Retained earnings:
Relative valuation (IDRbn) 12/21 12/22 12/23F 12/24F App 63 63 64 64
EV/Tower 3.7 3.3 3.3 3.2 Unapp 3,364 4,520 5,155 5,956
EV/Tenant 2.0 1.8 1.7 1.5 Net equity attributable to:
Owners 9,273 10,329 11,241 12,098
NC interest 516 591 642 684
Cash Flows (IDRbn) 12/21 12/22 12/23F 12/24F Total Equity 9,789 10,920 11,883 12,782
Chg in net working capital -5,458 88 2,573 -158 Total Liabilities & Equity 41,870 43,140 43,875 44,454
Net profit 1,549 1,638 1,426 1,453
Net CF from Operation -3,909 1,726 3,999 1,295 Financial Ratios 12/21 12/22 12/23F 12/24F
Chg in nc assets -5,555 -725 12 -647 Current ratio (%) 35.8 40.9 35.6 35.4
Net CF from Investment -5,555 -725 12 -647 Quick ratio (%) 14.7 14.6 11.8 11.1
Chg in nc liabs 10,209 -157 -3,603 -199 Net debt to assets (%) 68.8 56.8 61.6 60.4
Chg in Equity -737 -24 328 98 Net debt to equity (%) 310.5 237.1 240.3 221.8
Dividend -692 -816 -1,024 -883 ROE (%) 16.7 15.9 12.7 12.0
Others 365 333 233 231 ROA (%) 3.7 3.8 3.3 3.3
Net CF from Financing 9,146 -664 -4,066 -753 EV/EBITDA (x) 14.1 12.7 12.9 12.6
Net Cash Flows -318 337 -55 -105 P/E ratio (x) 30.7 29.1 33.4 32.7
Cash beginning balance 947 629 966 912 P/B ratio (x) 4.9 4.4 4.0 3.7
Cash ending balance 629 966 912 807 Dividend yield (%) 1.5 1.7 2.2 1.9
Source: Company data, IDX, Mirae Asset Sekuritas Indonesia Research estimates

APPENDIX 1
Important Disclosures & Disclaimers

2-Year Rating and Target Price History
Company (Code) Date Rating Target Price Company (Code) Date Rating Target Price
Dayamitra Telekomunikasi (MTEL IJ) 9/1/2023 Trading Buy 890 Tower Bersama Infrastructure (TBIG IJ) 9/1/2023 Trading Buy 2,400
4/6/2023 Trading Buy 815 4/6/2023 Trading Buy 2,450
Sarana Menara Nusantara (TOWR IJ) 9/1/2023 Trading Buy 1,200
4/6/2023 Trading Buy 1,080
(IDR) MTEL Analyst's TP (IDR) TOWR Analyst's TP (IDR) TBIG Analyst's TP
900 1,500 3,500
1,300 3,000
800
1,100 2,500
700
900 2,000
600 700 1,500

Nov-21 Oct-22 Sep-23 Sep-21 Sep-22 Sep-23 Sep-21 Sep-22 Sep-23
Stock Ratings Industry Ratings

Buy : Relative performance of 20% or greater Overweight : Fundamentals are favorable or improving
Trading Buy : Relative performance of 10% or greater, but with volatility Neutral : Fundamentals are steady without any material changes
Hold : Relative performance of -10% and 10% Underweight : Fundamentals are unfavorable or worsening
Sell : Relative performance of -10%
Ratings and Target Price History (Share price (─), Target price (▬), Not covered (■), Buy (▲), Trading Buy (■), Hold (●), Sell (◆))
* Our investment rating is a guide to the relative return of the stock versus the market over the next 12 months.
* Although it is not part of the official ratings at PT Mirae Asset Sekuritas Indonesia, we may call a trading opportunity in case there is a technical or short-term
material development.
* The target price was determined by the research analyst through valuation methods discussed in this report, in part based on the analyst’s estimate of future
earnings.
* The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions.
Disclosures
As of the publication date, PT Mirae Asset Sekuritas Indonesia and/or its affiliates do not have any special interest with the subject company and do not own 1% or
more of the subject company's shares outstanding.
Analyst Certification
Opinions expressed in this publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible
for this report. Except as otherwise specified herein, the Analysts have not received any compensation or any other benefits from the subject companies in
the past 12 months and have not been promised the same in connection with this report. No part of the compensation of the Analysts was, is, or will be
directly or indirectly related to the specific recommendations or views contained in this report but, like all employees of PT Mirae Asset Sekuritas Indonesia,
the Analysts receive compensation that is impacted by overall firm profitability, which includes revenues from, among other business units, the institutional
equities, investment banking, proprietary trading and private client division. At the time of publication of this report, the Analysts do not know or have reason
to know of any actual, material conflict of interest of the Analyst or PT Mirae Asset Sekuritas Indonesia except as otherwise stated herein.
Disclaimers
This report is published by PT Mirae Asset Sekuritas Indonesia (“Mirae Asset”), a broker-dealer registered in the Republic of Indonesia and a member of the
Indonesia Exchange. Information and opinions contained herein have been compiled from sources believed to be reliable and in good faith, but such
information has not been independently verified and Mirae Asset makes no guarantee, representation or warranty, express or implied, as to the fairness,
accuracy, completeness or correctness of the information and opinions contained herein or of any translation into English from the Bahasa Indonesia. If this
report is an English translation of a report prepared in the Indonesian language, the original Indonesian language report may have been made available to
investors in advance of this report. Mirae Asset, its affiliates and their directors, officers, employees and agents do not accept any liability for any loss arising
from the use hereof. This report is for general information purposes only and it is not and should not be construed as an offer or a solicitation of an offer to
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report would violate any laws and regulations or subject Mirae Asset and its affiliates to registration or licensing requirements in any jurisdiction should
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Telecommunication Infrastructure (Overweight/Maintain)

Mirae Asset Sekuritas Indonesia

Industry update Industry network consolidation is expected to continue

Key investment metrics

Sarana Menara Nusantara 10

Tower Bersama Infrastructure 14

Mirae Asset Sekuritas Indonesia Research 2

Starlink’s technology as a network growth accelerator in rural areas

A brief explanation of Starlink’s technology

Mirae Asset Sekuritas Indonesia Research 3

Figure 2. Starlink’s receiver antenna and its additional

Figure 4. Starlink is claimed to be able to finish up to 70 data

Mirae Asset Sekuritas Indonesia Research 4

MTEL’s undemanding valuation of assets despite relatively healthier

Table 1. Valuation and number of tower assets (IDRbn)

EV/EBITDA Average +1SD EV/EBITDA Average +1SD

(x) +2SD -1SD -2SD (x) +2SD -1SD -2SD

Mirae Asset Sekuritas Indonesia Research 5

Lower exposure to the potential negative impact of TP: IDR890

Mirae Asset Sekuritas Indonesia

Recent financial and Resilient performances amid industry network consolidation

Share performance Earnings and valuation metrics

MTEL’s important data exhibits

Table 2. MTEL's 1H23 financial performances (IDRbn)

Table 3. MTEL's 1H23 operational performances (Units)

Table 4. Changes to our forecasts (IDRbn)

Mirae Asset Sekuritas Indonesia Research 7

4,500 60,000 4,500 12.0

2,000 48,000 2,000 11.4

3,500 +16.7% YoY 85.0 3,500 +16.7% YoY 12.0

Mirae Asset Sekuritas Indonesia Research 8

Dayamitra Telekomunikasi (MTEL IJ)

Income statement (summarized, IDRbn) Balance sheet (summarized, IDRbn)

Mirae Asset Sekuritas Indonesia Research 9

Sarana Menara Nusantara

Connectivity business to support its growth amid TP: IDR1,200

Mirae Asset Sekuritas Indonesia

Share performance Earnings and valuation metrics

TOWR’s important data exhibits

Table 5. TOWR's 1H23 financial performances (IDRbn)

Table 6. TOWR's 1H23 operational performances (Units)

Table 7. Changes to our forecasts (IDRbn)

Mirae Asset Sekuritas Indonesia Research 11

Mirae Asset Sekuritas Indonesia Research 12

Sarana Menara Nusantara (TOWR IJ)

Income statement (summarized, IDRbn) Balance sheet (summarized, IDRbn)

Mirae Asset Sekuritas Indonesia Research 13

Tower Bersama Infrastructure

Potential robust growth continuation in its Fiber TP: IDR2,400

Mirae Asset Sekuritas Indonesia

Share performance Earnings and valuation metrics

TBIG’s important data exhibits

Table 8. TBIG's 1H23 financial performances (IDRbn)

Table 9. TBIG's 1H23 operational performances (Units)

Table 10. Changes to our forecasts (IDRbn)

Mirae Asset Sekuritas Indonesia Research 15

Mirae Asset Sekuritas Indonesia Research 16

Tower Bersama Infrastructure (TBIG IJ)

Income statement (summarized, IDRbn) Balance sheet (summarized, IDRbn)

Mirae Asset Sekuritas Indonesia Research 17

Important Disclosures & Disclaimers

(IDR) MTEL Analyst's TP (IDR) TOWR Analyst's TP (IDR) TBIG Analyst's TP