JAKARTA - Telecom tower and fibre optic issuer PT Dayamitra\nTelekomunikasi Tbk (MTEL) recorded solid operational performance\nthroughout 2025, while preparing several growth targets for 2026.<\/p>\n
By the end of 2025, this Telkom Group subsidiary had 40,230 towers\nand 70,618 km of billable fibre optic length from a total of 57,199 km\nof fibre optic assets. From these two telecommunications\ninfrastructures, MTEL became the market leader with a 55% market share\nin the tower segment and 42% in the fibre optic segment.<\/p>\n
Growth was also evident on the operational side. Throughout 2025, the\nnumber of towers increased by 826 units and new tenants rose by 3,216,\nbringing the total tenants to 63,084. The tenancy ratio for the tower\nsegment rose to 1.57 times, from 1.52 times in 2024, marking the highest\nin the past five years.<\/p>\n
On the financial side, MTEL booked revenue of Rp9.5 trillion, up 2.4%\nyear-on-year. When normalised according to the acquisition period of\nsubsidiary PT Ultra Mandiri Telekomunikasi in December 2024, the growth\nreached 3.4%.<\/p>\n
EBITDA was recorded at Rp7.8 trillion, up 1.8% year-on-year or 2.5%\nnormalised, while net profit remained stable at Rp2.1 trillion\nthroughout 2025.<\/p>\n
The company also maintained profitability with an EBITDA margin of\n82.2% and a net profit margin of 22.2%. This performance was supported\nby cost control, with expenses increasing moderately by 4.9% to Rp5.4\ntrillion.<\/p>\n
Entering 2026, MTEL targets revenue and EBITDA growth in line with\nthe industry. The company is also preparing capital expenditure of Rp2.9\ntrillion, the addition of 2,500 organic tenants, and expansion of\nbillable fibre optics by 9,000 km.<\/p>\n
In addition, MTEL is beginning to explore the potential of People\u2019s\nInternet through Fixed Wireless Access (FWA) technology to expand more\naffordable connectivity.<\/p>\n
Analysts from Mirae Asset Sekuritas, Daniel Widjaja and Wilbert\nAlfin, assess that the increase in FWA demand and 5G expansion will be\npositive catalysts for MTEL\u2019s performance.<\/p>\n
\u201cThe increase in FWA demand alongside tower fibreisation from mobile\noperator 5G expansion will be positive catalysts for MTEL\u2019s\nperformance,\u201d the analysts wrote in their research report cited on\nThursday (16\/4\/2026).<\/p>\n
\u201cFWA development will be an opportunity for MTEL to reap the benefits\nof past investments in tower and fibre networks,\u201d they added.<\/p>\n
From a fundamental perspective, MTEL is considered to have a healthy\nbalance sheet with a debt-to-equity ratio of 0.57 times and a net\ndebt-to-EBITDA ratio of 2.37 times in 2025, well below the safe limit of\n5 times.<\/p>\n
Interest expenses on debt are also relatively controlled at an\naverage of 6.17%, all based on floating interest rates, as an efficiency\nstrategy amid low interest rate trends.<\/p>\n
With this outlook, Mirae Asset Sekuritas recommends buying MTEL\nshares with a target price of Rp760.<\/p>\n
\u201cWe reiterate our buy recommendation for MTEL with a target price of\nRp760, which reflects an FY26F EV\/EBITDA valuation of 9.9 times,\u201d they\nwrote.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/mtels-2025-performance-records-growth-see-analyst-recommendations-1776297044", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }