PT Sarana Menara Nusantara stock falls 1.40 percent amid buyback plan

PT Sarana Menara Nusantara stock (ISIN ID1000128804) was trading at IDR 422 on the IDX on October 7, 2026 at 9:11 a.m. WIB, down 1.40 percent from the prior close of IDR 428. The move comes as the tower operator works through a buyback plan worth up to IDR 500 billion.

Buyback covers 2 percent

According to Kontan on October 1, 2026, the repurchase can cover up to 1.18 billion shares, equal to 2 percent of TOWR's issued and paid-up capital. The planned execution period runs from September 30, 2026 through December 30, 2026.

The authorization gives the company a direct capital-allocation tool while the share price remains 35.08 percent below its 52-week high of IDR 650. The current market capitalization is IDR 24.6 trillion, based on the October 7, 2026 market value.

First-half revenue rises 12.7 percent

The latest reported operating period is the first half of 2026. Quartr reports revenue of IDR 7.2 trillion, up 12.7 percent year over year, while net income increased 12.4 percent. EBITDA margin stood at 77.4 percent for the period.

The margin mix also shows the pressure behind the stock's uneven performance. Gross margin fell to 64.1 percent from 68.3 percent in the comparable period, a decline of 4.2 percentage points, while net income margin held at 25.8 percent.

The company operates towers, fiber and connectivity infrastructure. Its investor-relations page describes a business built around operating companies that own and lease telecommunications sites to wireless operators, while the Q2 summary lists 37,000 towers and 183,000 kilometers of fiber optic cable.

Analyst target stays above IDR 600

BRIGHTS reported on September 30, 2026 that BRI Danareksa Securities initiated coverage with a Buy rating and an IDR 610 price target. The target lies 44.55 percent above the IDR 422 market price used here.

The research highlighted TOWR's 67 percent tower fiberization at the first-half 2026 stage and said the agreement connected with the EXCL merger extended the remaining contract tenor to 12 years from 7 years. It also identified weaker FWA orders and higher interest costs as risks, with half of the company's debt carrying floating rates.

TOWR trades inside its yearly range

TOWR's October 7, 2026 trading range was IDR 420 to IDR 428, with volume of 95,844,700 shares. The price therefore sits above the 52-week low of IDR 310 and below the 52-week high of IDR 650, giving investors a clear market level against which to assess the buyback and first-half growth figures.

For investors, the central tension is measurable: revenue and net income are growing at double-digit rates, but gross margin is lower and the share price remains below its yearly peak. The buyback supplies a concrete support mechanism, while the IDR 610 analyst target sets a separate valuation reference.

Stock trades at IDR 422

PT Sarana Menara Nusantara stock was trading at IDR 422 on the IDX on October 7, 2026 at 9:11 a.m. WIB, with a market capitalization of IDR 24.6 trillion and a daily change of minus 1.40 percent.

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