Macquarie (RX) 1/2/19
TOWR OUTPERFORM TP 1200
Sarana Menara Nusantara (TOWR IJ) Shine bright
Key points
We upgrade our TP from Rp1,000 to Rp1,200 whilst increasing our 19E/20E earnings by 18%/12%.
We reiterate our Outperform recommendation on TOWR despite the recent 22% YTD rally
It remains one of the cheapest towercos at 7.6x FY19E EV/EBITDA vs our global coverage avg of 15.8x

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