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: Tower Bersama ( IJ; Rp3,100; Not Rated) 1Q19 EBITDA in-line
- 1Q19 revenue are in-line to consensus. 's tenancy ratio is roughly similar in 1Q19 1.71x vs. 4Q18 (1.69x). The company increased number of tenants by +2%QoQ (+10%YoY) to 25.9K tenants, but number of sites was roughly flat QoQ (+12%YoY) to 15.1K. Company said its portfolio expanded by 510 tenancies in 1Q19 consists of: 127 telco sites and 383 co-locations.
- EBITDA is in-line to our estimates with slightly decline in EBITDA margin to 85% in 1Q19 from 86% in 1Q18. 's 1Q19 EBITDA YoY growth (+8%) was better than (+5%YoY) in 1Q19.
- Operating profit is -line to our estimate.
- Net profit was slightly below consensus, but indicates strong improvement QoQ in 1Q19.
- trades at 2019 EV/EBITDA of 8.4x, similar to at 8.5x. 's share price drop by 9% in 14 May after exclusion from MSCI .
4Q18 | 1Q19 | QoQ | YoY | 1Q18 | 1Q19 | YoY | 1Q19 / cons (%) | |
Revenue | 1,150 | 1,131 | -1.7% | 9.1% | 1,036 | 1,131 | 9.1% | 24.3% |
EBITDA | 989 | 965 | -2.4% | 7.8% | 896 | 965 | 7.8% | 24.0% |
EBIT | 841 | 811 | -3.5% | 6.7% | 760 | 811 | 6.7% | 23.8% |
Net Profit (Loss) | 57 | 218 | 281.7% | -6.7% | 234 | 218 | -6.7% | 22.1% |
EBITDA Margin | 86.0% | 85.3% | 86.4% | 85.3% | ||||
Opr Margins (%) | 73.1% | 71.7% | 73.4% | 71.7% | ||||
Net Margins (%) | 5.0% | 19.3% | 22.5% | 19.3% |
Sumber : IPS RESEARCH
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