TBIG IJ / PTFRY.PK | OUTPERFORM - Maintained | Share Price Rp5,050.00 - Tgt. Rp6,050.00
Telco - Tower | - by Kelvin GOH, CFA
TBIG’s 9M12 core net profit missed our estimate by 16% and market estimates by 12% due to higher debt arrangement fees, and after accounting for an expected stronger 4Q. But its revenue and EBITDA surprised positively due to organic growth in tenants and scale. We lower our FY12 core net profit estimate by 5% to account for the financing fees but upgrade FY13-14 estimates by 8-10% after raising our assumptions for tenant growth and EBITDA margins. Our DCF-based target rises from Rp5,200 to Rp6,050. TBIG remains an Outperform, with strong EBITDA growth being a likely rerating catalyst.
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Source : Listri Valsa
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