PT Sarana Menara Nusantara stock: Mirae Asset cuts target to IDR 620

Published on 11/11/2026 at 02:26 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

PT Sarana Menara Nusantara stock faces slower tower leasing but faster growth in non-tower businesses. Mirae Asset kept its buy view.

Growth meets lower target

Nine-month revenue and parent-attributable profit rose year on year through September 2026.
Fiber, FTTH and connectivity are expanding beyond the tower-rental business.
Mirae Asset retained its buy view but lowered its target price amid slower tower leasing growth and lower-margin diversification.

TOWR, ID1000128804, Illustration mit AI erstellt.

PT Sarana Menara Nusantara reported stronger nine-month operating results through September 2026, while Mirae Asset lowered its target price to IDR 620 from IDR 700. Kontan published the assessment on Friday, November 6, citing the company's January-to-September results and a Mirae Asset research note.

TOWR stock stood at IDR 362 at 10:07 CET on Tuesday, November 10, 2026. The quote is the latest available market price and is shown without a daily comparison.

Results broaden the growth mix

Revenue reached IDR 11.06 trillion in the first nine months, up 14.18 percent year on year, while profit attributable to owners of the parent rose to IDR 2.88 trillion. Operating cash flow reached IDR 8.3 trillion, supporting capital expenditure, land-lease payments, acquisitions and debt service.

The company operated 36,958 towers at the end of September, with 66 percent connected to fiber. Its fiber assets reached 204,417 kilometers, while FTTH paid subscribers rose to 498,844 and connectivity activations reached 37,199.

Analyst target reflects execution risks

Mirae Asset expects greater contributions from non-tower businesses, including power-as-a-service, but sees pressure from lower tower rental rates and limited tenant additions. The research view keeps a buy recommendation while lowering the target to IDR 620, citing lower tenant growth, higher tax assumptions and a larger non-controlling interest in BACH.

The analyst also identified selective 5G densification as a potential catalyst for tower demand. Higher interest rates, slower tenant additions and execution challenges remain downside risks.

Indonesia's digital infrastructure platform

PT Sarana Menara Nusantara invests in operating companies that own and operate telecommunications tower sites and lease them to wireless operators. It also develops fiber-to-the-tower, fiber-to-the-home and connectivity services in Indonesia. The portfolio combines tower infrastructure with expanding fiber and enterprise connectivity operations.