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Jumat, 08 April 2011

TBIG: High margin business - Mandiri

Tower Bersama Infrastruktur (TBIG) as one of leading tower companies in Indonesia posted a strong but inline revenue and operating profit growth in FY10. TBIG improved its tenancy profile by 149% yoy despite slightly lower ratio. Moreover, TBIG’s scattered customer profiles provide less bad debt exposure and better cash conversion. Facing FY11, TBIG expects robust orders book to come, which would add its current FY11 locked-in revenue of Rp830bn. Revenue growth going forward is supported by higher colocation outlook due to the fact that most of TBIG’s current tower profile is enable for colocation. Valuation wise, TBIG is quite attractive at consensus PER11F 18.4x

Earnings below consensus, operationally inline. TBIG reported a strong but inline revenue and operating income growth to Rp671bn (+96.7% yoy) and Rp486bn (+92.1% yoy), respectively. This was mainly due to robust tennancy growth in FY10 (+149% yoy) despite slghtly lower tenancy ratio. Yet, net income of Rp327bn fell below consensus as a result of higher-than-expected interest expense. Worth noting that TBIG was able to maintain its towering EBITDA and operating margin at 76.4% and 72.4%, respectively.

Scattered customers, large order book to come..TBIG revenue profile is not centered in specific customers. As a result, it has low bad debt exposure as seen in higher receivable turnover’ (6.1x vs 4.8x) and shorter cash conversion cycle (32 days vs 132 days) compared with peers’. Moving forward, TBIG expects a large order book to come since most telecom operators need more tower to improve their network quality regardless its subscribers growth. For information, as of now TBIG has locked-in revenue from existing contract worth Rp830bn in FY11.

Most of towers are co-locatable. Higer colocation (tenancies), that is, enabling more than one tenants in one tower, is obviously good for tower companies as it requires lower capex while at the same time generates additional revenue. TBIG currently possesses only small portion (6.5%) of <32m towers (rooftop pole and ground-based), which cannot be colocated. While the rest of TBIG’s towers profile (>32m) are visible for colocation.

Valuation is quite attractive.. We currently don’t have any recommendation on TBIG, but looking at consensus PER11F of 18.4x (vs peers: 32.4x) and its nearest competitor’s (TOWR) of 34.7x, TBIG is currently traded at enticing valuation.
Posted by Saham Pilihan at 08.33

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