PT Sarana Menara Nusantara Tbk (TOWR.JK) - BUY

Samuel Sekuritas Indonesia has a BUY rating on PT Sarana Menara Nusantara Tbk (TOWR.JK) with a target price of IDR 1,030. The report highlights the company's recent acquisition of a 20% stake in DATA, which is expected to enhance earnings in 2026-27. The company is also planning a rights issue to maintain full ownership in Protelindo and repay bank loans. The report notes that TOWR is the cheapest in its sector, trading at a 2025F EV/EBITDA of 7.3x. Key risks include intense competition, lower tenancy ratio, and churn from XLSmart consolidation.