OCK sees continued growth in FY21 tower leasing revenue due to 910 tower additions (+21% yoy) blended tenancy ratio inching up to c.1.4x. OCK has bid for c.200 out of 1,661 JENDELA 1 USP sites. It also sees more work from MNOs’ 4G site rollout fiberisation to meet JENDELA’s targets. OCK is optimistic of better FY21 NP mix of recurring revenue rising to 70% (FY20: 67%). FY21F consensus EV/EBITDA is 44% below Indonesia’s ITCs.
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