TOWR - Records IDR883.3 bn in 4Q22 net profit

Sarana Menara Nusantara (TOWR) recorded 4Q22 net profit of IDR883.3 bn, growing 8.5% qoq. This is also supported by higher EBITDA in 4Q22 at IDR2.55 tn, with margin improved to 87.1% from 85.9%. Meanwhile, TOWR's revenue grew 4.9% qoq in 4Q22 to IDR2.93 tn, making up FY22 revenue of IDR11.04 tn, supported by non-tower revenue in the 4Q22. Meanwhile, tower revenue declined 1.4% qoq in 4Q22 to IDR2.2 tn. In addition, tenancy ratio was down to 1.81 in FY2022 from 1.88 as tower added 1,096 sites. (Source: Company) Comment: TOWR's FY2022 net profit beat ours/consensus at 100.7%/97.9%, although revenue from tower came in below our expectation, TOWR managed to double fiber revenue yoy. However, lower tenancy ratio could have indicated an impact of MNO's consolidation.