JSMR recorded revenue growth of 1.2%, supported by toll road revenue that grew 33.9% throughout the first semester of 2021. Divestment of PT Marga Lingkar Jakarta resulted in higher performance growth, with OPM booked higher by 50.4% and net profit growing 709.2%.
TBIG’s performance in Q1-2021 was solid, as Top and Bottom Line grew double digits at 12.7% YoY and 16.4% YoY respectively. Hutchison 3 and FREN increased their tower tenancy (30.8% YoY and 27.4% YoY). Potential revenue growth from FREN’s tower tenancy will be reflected in the first semester, after TBIG acquired 3,000 IBST towers in April 2021.
TLKM posted -0.7% YoY top-line decline in 1Q21, as revenues from non data segment softened. However, revenue from IndiHome and internet data remained solid with +25.0% YoY and +2.2% YoY growth. Financial costs fell 19.2% YoY resulted in strong NPM at 17.7%. TLKM is currently building a Data Center in West Java, which can potentially be the new growth driver moving forward.
In 1Q21, TOWR recorded revenue growth (+7.5% YoY) and net profit (52.1% YoY) on the back of tower rental income from telecommunication operators (+8.1% YoY). OPM also booked an increase of 63.2% due to efficiency of sales and marketing segment expenses (-27.0% YoY). Meanwhile, low Net Debt to EBITDA opens up the opportunity to expand more aggressively this year.
Realisation of ISAT’s efficiency increase can be seen at the beginning of Q1-2021. Lower employee expenses, followed by decrease in foreign exchange loss and financial expenses pushed ISAT to book net profit of IDR172.2 billion. Meanwhile, number of subscribers was up 6.8% yoy, increasing revenue by 12.6% yoy in 1Q21.
PGAS booked a net profit growth of 28.9% yoy. Tight efficiency in the expense segment was the main growth driver although revenue was recorded to fall by 16.1% yoy in Q1-2021. The strong focus on business fundamentals leads us to be optimistic that this year’s performance will be positive.
Both top and bottom line are in line with our estimates; TOWR recorded double digit performance in 2020. Revenue (+15.4% yoy) and net profit (+21.1% yoy). Tri was the largest contributor to revenue growth with 36.3%, followed by XL at 33.9%. Tower expansion continues, and we are optimistic that TOWR’s performance will grow in 2021.
TLKM booked a positive performance in 2020, where net profit grew by double digits at 11.5%. It was supported by revenue that grew 0.7% yoy and lower cost margin at 68.1%. Meanwhile, corporate action done by a subsidiary will continue the positive trend for TLKM. We are optimistic that both top and bottom line will be more solid in 2021.
EXCL’s revenue decreased by 3.8% yoy in 1Q21, mainly caused by some segments that fell rather significantly. Net income reached IDR 320.5 billion (41% of our estimates). EXCL continued to strengthen its digital transformation program in line with the use of Open RAN technology which will have a positive impact in the long run.
