Key Indices


Top Stories
Company Update | Sarana Menara Nusantara (TOWR IJ/BUY/Rp458/Target: Rp530)
- Maintain BUY with an unchanged target price of Rp530 based on 7x 2026F EV/EBITDA, or -0.5SD to its three-year mean. Potential upside comes from selective 5G densification, although tower rollout plans remain uncertain and post-merger site integration has largely been completed. Beyond towers, TOWR’s fibre network and connectivity businesses offer exposure to data-centre expansion and AI-related demand. Strong 1H26 growth in connectivity activations and FTTH subscribers supports its non-tower growth strategy.
Technical Analysis
Sarana Menara Nusantara | TOWR IJ
- Trading Buy Range: We have a technical Buy at Rp456, and take profit at Rp486.
Bumi Resources | BUMI IJ
- Trading Buy Range: We have a technical Buy at Rp179, and take profit at Rp193.
Top Stories
Company Update | Sarana Menara Nusantara (TOWR IJ/BUY/Rp458/Target: Rp530)
- Maintain BUY with an unchanged target price of Rp530 based on 7x 2026F EV/EBITDA, or -0.5SD to its three-year mean. Potential upside comes from selective 5G densification, although tower rollout plans remain uncertain and post-merger site integration has largely been completed. Beyond towers, TOWR’s fibre network and connectivity businesses offer exposure to data-centre expansion and AI-related demand. Strong 1H26 growth in connectivity activations and FTTH subscribers supports its non-tower growth strategy.
Technical Analysis
Sarana Menara Nusantara | TOWR IJ
- Trading Buy Range: We have a technical Buy at Rp456, and take profit at Rp486.
Bumi Resources | BUMI IJ
- Trading Buy Range: We have a technical Buy at Rp179, and take profit at Rp193.
Key Indices


IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.



