JAKARTA, KOMPAS.com – PT Dayamitra Telekomunikasi Tbk (MTEL) or Mitratel is ready to implement several business strategies such as mergers, acquisitions, expansion and efficiency to achieve positive performance growth in the coming years.
According to Piyush Choudhary and Rishabh Dhancholia, analysts at HSBC Global Research in a research report announced recently, they project that Mitratel’s performance will grow positively in 2022. “We estimate Mitratel’s revenue will reach IDR 7.94 trillion in 2022 or an increase of around 14.41 percent compared to Mitratel’s projected revenue until the end of 2021 which is IDR 6.94 trillion,” said the two analysts in a press release, Friday (24 /12/2021). Piyush and Rishabh estimate that Mitratel’s operating profit will also increase 6.18 percent to IDR 3.09 trillion in 2022, from the estimated profit in 2021 of IDR 2.91 trillion. Mitratel’s net profit is projected to grow 22.52 percent, to IDR 1.85 trillion in 2022 compared to the Company’s estimated profit achievement until the end of 2021 of IDR 1.51 trillion.
Mitratel’s organic growth
Piyush and Rishabh said that as a tower company with ownership of 28,030 towers, Mitratel is believed to be ready to achieve rapid organic growth. Moreover, Mitratel has a close relationship with Telkomsel, the largest mobile network operator (MNO) in Indonesia.
This subsidiary, PT Telkom Indonesia Tbk (TLKM), is also considered to have higher collocation potential compared to similar companies. This is partly because of their unique location, where 57 percent of them are outside Java. Apart from that, Mitratel has higher capacity potential, because its tenancy ratio is lower than similar companies. “Expanding MNO coverage and network densification will drive MTEL’s organic growth,” said Piyush and Rishabh.
Telkomsel B2S orders
For information, MTEL’s inorganic growth was positive in the previous year, the company purchased 13,965 towers in 2019-2021. Likewise, Mitratel’s balance sheet, which has relatively low debt costs, strong cash flow, and its experience in making acquisitions that offer synergies, positions Mitratel to take advantage of future inorganic growth opportunities.
On the other hand, Mitratel also benefits from built-to-suit (B2S) orders from Telkomsel which has the widest network coverage, including leading the market in areas outside Java. The organic growth track record for the B2S tower portfolio expanded to 12,893 as of June 2021. “Mitratel will continue to benefit from organic growth driven by the expansion of coverage in areas outside Java by other MNOs and operator capacity needs in line with the surge in data demand,” explained the two.
2,700 B2S towers by 2023
In 2020 to 2023, MTEL is also expected to add 2,700 B2S towers. Specifically, the company acquired 13,965 towers during 2019-2021 bringing its inorganic tower portfolio to 15,137 towers (54 percent of the tower portfolio). “Mitratel will continue 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 also estimate that Mitratel will acquire another 6,000 towers during 2022-2023,” said the two analysts. Sumber : Kompas.com https://money.kompas.com/read/2021/12/24/103000726/strategi-bisnis-baru-bisa-kerek-pendapatan-mitratel-14-41-persen-pada-2022?page=all
