Mirae Asset Cuts Mitratel Target Price 12 Percent After Below-Expectation Q3 Profit
A Mirae Asset Sekuritas research note cuts Mitratel's target price by 12 percent after third-quarter core profit came in below expectations, citing rising G&A and employee costs.
Mirae Asset Sekuritas reduced its target price for tower operator Mitratel (MTEL) by 12 percent in a research note published on 7 November 2026, while maintaining its Buy recommendation, as reported by investor.id. According to the note, Mitratel's core profit for the third quarter of 2026 reached IDR 468 billion, down 14.2 percent quarter-on-quarter and up 1.2 percent year-on-year, meeting roughly 69 percent of the analyst's full-year projection.
The same note cited general and administrative costs rising 22.8 percent year-on-year and employee costs up 13.1 percent, while average tower lease rates weakened 1.6 percent to around IDR 10 million per month. The tenancy ratio improved to 1.60, and fibre revenue grew 9 percent year-on-year to IDR 157 billion across a network spanning some 61,500 kilometres.
Mitratel is Southeast Asia's largest tower company, operating 40,704 towers with 65,037 tenants as of its latest corporate disclosure.