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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

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