TowerXchange has started our preliminary research into the tower industry in Southeast Asia to find out whether we could add value by extending our coverage to the region. Since then we’ve been inundated with enquiries about Indonesia, Myanmar, Malaysia, Vietnam, Cambodia and beyond, even before we had published a word of research! So we’re happy to share this sneak preview of our forthcoming coverage of the tower industry in Southeast Asia.
Indonesia is the crown jewel in the Southeast Asian tower industry. Protelindo, Tower Bersama, Mitratel and STP each has substantial portfolios, and some impressive tenancy ratios and EBITDA margins are being achieved. Indonesia also has an opportunity for the consolidation of over 40 ‘middle market’ towercos. There remains growth potential in a market where 25-30,000 of 75,000 towers are independently owned.
Meanwhile, we also take our first look at the virgin tower market that is Myanmar, where Apollo Towers, Digicel Towers, Golden Towers, Protelindo and (possibly) an affiliate of Tower Bersama are each building tranches of towers for anchor tenants Ooredoo, Telenor, YTP and MPT.
TowerXchange’s preview of the Southeast Asian tower industry:
Wellington Capital Advisory’s introduction to the tower industry in Indonesia
A first look at the tower industry in Myanmar
Myanmar: the last frontier - Enda Hardiman
GSM TP on the unique challenges of tower deployment in Myanmar
