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Rabu, 03 Agustus 2011

Tower Bersama (TBIG, N, PT Rp2,725): 1H11 Results – Strong Trajectory, Even Before Accounting for Infratel - Credit Suisse

TBIG executes well, in our view. TBIG has been expanding its tower portfolio, both organically and inorganically since its listing last year, which should support its earnings outlook in the medium-term. We are waiting for the announcement of Indosat (ISAT, O, PT Rp7,900) ~4,000 tower sale at US$500 mn, where TBIG is likely to win the bid, in our opinion.

· TBIG 2Q11 EBITDA grew 6.8% QoQ and 25% YoY, with EBITDA margin expanding 0.7ppt QoQ to 78.6%.
· TBIG added 239 tower organically in 2Q11, bringing the total to 2,493, while the number of tenants in the tower rose by 295 to 4,246 – resulting in slightly lower tenancy ratio to 1.71x.
· TBIG acquired Infratel tower portfolio (263 towers + 332 shelter-only sites, 672 tenants), which should further boost growth in 2H11.
· Colin remains comfortable with his forecasts as TBIG 1H11 revenue, EBITDA and net profit has accounted for 36%, 35% and 30% of his 2011 projections.

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