Colocation and Fibre Expansion Become Supports for Mitratel's Performance (MTEL)

JAKARTA, KOMPAS.com - PT Dayamitra Telekomunikasi Tbk (MTEL) or Mitratel is relying on a colocation strategy to drive efficiency and strengthen profitability amid a maturing and increasingly consolidated telecommunications tower industry.

Based on company data, MTEL’s tenancy ratio increased to 1.57 in the first quarter of 2026.

This rise aligns with colocation growth of 11.3% year-on-year to 23,006 units.

Panin Sekuritas analyst Aqil Triyadi considers the increase in tenancy ratio as one of the main catalysts for MTEL.

According to him, growth from colocation is of higher quality because it can boost revenue without significantly altering the cost structure.

“For mature tower companies, the key is no longer solely aggressive addition of tower numbers, but how existing assets can generate greater revenue. When the tenancy ratio rises, incremental revenue from additional tenants usually has higher margins,” said Aqil on Friday (8/5/2026).

This technology requires telecommunications tower support to transmit internet signals to customer homes.

According to him, two IRA operators, namely MyRepublic and PT Solusi Sinergi Digital Tbk (WIFI), have aggressive service expansion targets. This is seen to open additional colocation opportunities for tower companies like MTEL.

Aqil added that the aggressive targets of the two people’s internet operators would be difficult to achieve if all infrastructure needs were built from scratch.

As of the first quarter of 2026, MTEL manages 40,327 towers, up 1.9% year-on-year.

With that asset scale, the increase in colocation is considered more strategic than simply expanding the number of towers.

In the first quarter of 2026, MTEL recorded revenue of Rp 2.29 trillion, up 1.4% year-on-year. Meanwhile, net profit grew 3.6% to Rp 545 billion.