Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Jumat, 24 Juni 2011

Tower Bersama Infrastructure: Buy; Rp2,400; TP Rp2,700; TBIG IJ Acquisition tower company - DBS

Tower Bersama has entered into a conditional sale and purchase agreement for the acquisition of 100% of the shares of PT Mitrayasa Sarana Informasi (“Infratel”), a privately owned independent telecommunications tower provider in Jakarta . Infratel’s tower portfolio consists of 263 tower sites and 332 shelter-only sites, with an aggregate of 672 tenancies. TBIG had over 3,370 sites serving 5,085 tenants by March 2011. This acquisition will add more than 10% to TBIG’s revenue. 92% of Infratel’s tenancies are from the four largest Indonesian telcos. Infratel’s portfolio has an average remaining contract life of over eight years.

Our view

(i) Typically, smaller acquisitions fall in the range of 6-8x EV/EBITDA (Tower Bersama is trading at 15x FY11F EV/EBITDA). In addition, small tower companies have lower tenancy ratios (around 1x), which can be enhanced further. As such, market may react positively to the news

(ii) We expected TBIG to add 1419 tenants in FY11F on top of 4729 at the end of FY10. This may be revised up after acquisition of 672 tenants from Infratel. Infratel has a similar customer base of “Top 4 telcos” which implies that TBIG can add significant value to Infratel’s portfolio.

(iii) Small tower companies usually have high debt and may not start contributing to the bottomline immediately as it takes some time to restructure them. However they will contribute to Revenue & EBITDA immediately.

We maintain BUY with TP of Rp2,700
Posted by Saham Pilihan at 09.19

Tidak ada komentar:

Posting Komentar

Langganan: Posting Komentar (Atom)