In 2024, the Company delivered solid performance despite economic challenges and industry competition, supported by rising demand for digital infrastructure and the strategic acquisition of IBST. Rapid fiber and non-tower expansion positions the company to benefit from digital transformation trends, supporting higher margins, recurring revenues, and premium valuations.
Cyborg Score Rationale
The company has strong ESG credentials with MSCI ESG Rating of A and inclusion in multiple indices including LQ45 and IDX80. However, earnings have grown only 1.9% per year over the past 5 years. Mixed valuation metrics temper the outlook despite strategic positioning.
Top Insights
In 2024, the company added 3,869 towers and 3,839 new tenants, further reinforcing its position as a leading digital infrastructure provider.
Declining tenancy and high exposure to traditional towers could limit revenue growth despite Indonesia's expanding data market and 5G rollout.
TOWR underperformed the ID Telecom industry which returned 42.1% over the past year, and underperformed the ID Market which returned 26.2%.
The company has 35,825 towers with 53% located in Java and 47% ex-Java, plus ~219,900 kms revenue generating fiber by end of June 2025.
Named Competitors
Indosat Ooredoo Towers — In-house tower operator leasing to parent telecom company
XL Towers — Telecom operator with captive tower assets
Telkom Tower Assets — State-owned operator with integrated tower infrastructure
Recent Developments
(September 2025) Expanded tower portfolio to 36,049 sites with ~170,500km fiber optic network across major Indonesian islands
(2024) Strategic acquisition of IBST and addition of 3,869 towers with 3,839 new tenant relationships
(June 2025) Portfolio stood at 35,825 towers and ~219,900 kms of revenue-generating fiber infrastructure
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