INDUSTRY.co.id, Jakarta- Despite moving below the initial public offering (IPO) price, shares of PT Dayamitra Telekomunikasi Tbk (MTEL) or Mitratel still receive a “buy” recommendation by a number of capital market analysts, both local and foreign analysts. The “buy” recommendation is based on a number of advantages that Mitratel has, including, Mitratel is the largest telecommunications tower company in Indonesia with 28,030 towers as of 21 August 2021. A series of tower acquisitions brings the tenant ratio to 1.57 times in 2021 and will increase to 1.72 times in 2023. Additionally, Mitratel operates in a consolidated tower industry with strong mobile growth prospects. Mitratel provides a strong foundation for accelerated multi-income growth in 2021-2023. Mitratel has an access strategy to the rapidly growing digital infrastructure business in Indonesia. Kresna Hutabarat and Henry Tedja, capital market analysts at PT Mandiri Sekuritas, for example, recommend “buying” shares with a target price of IDR 970 per share. This target is 25% above Mitratel’s closing share price on Thursday (23/12) of IDR 775 per share. Like Kresna and Henry, Niko Margaronis, capital markets analyst at PT BRI Danareksa Sekuritas also stated that Mitratel is the most attractive choice for mobile network operators (MNO). B2S can originate from Telkomsel (TSEL) and collocation from non-TSEL MNOs on previously inaccessible towers. The rental ratio is still large at around 1.50 times. Therefore, Niko recommends “buying” MTEL shares with a target price of IDR 1,040 per share. This target is 34.1% higher than the closing price of Mitratel shares on Thursday (23/12) of IDR 775 per share. The Morgan Stanley analyst team also recommends “buy” Mitratel shares with a target price of IDR 1,000 per share. This target is 29% higher than the closing price of Mitratel shares on Thursday (23/12) of IDR 775 per share. This recommendation, according to the Morgan Stanley analyst team, is, among other things, supported by organic growth. “We are optimistic that Mitratel can grow significantly faster than the industry through organic growth generated from outside Java, where smaller mobile operators are now expanding and where Mitratel has the highest share of the tower market, at 41%,” wrote the Morgan research team Stanley. Not to be left behind, foreign analysts, Piyush Choudhary and Rishabh Dhancholia, from HSBC Global Research, recommend “buy” MTEL shares with a target price of IDR 1,120 per share. This target is 44.5% higher than the closing price of Mitratel shares on Thursday (23/12) of IDR 775 per share. According to Piyush and Rishabh, Mitratel continues to explore tower acquisitions. With strong cash flow and experience in making acquisitions, Mitratel is well positioned to take advantage of inorganic growth opportunities. “We estimate that Mitratel will acquire another 6,000 towers during 2022-2023,” said the two analysts.
Sumber : Industry.co.id https://www.industry.co.id/read/99808/analis-asing-dan-lokal-merekomendasikan-beli-saham-mitratel
