Tower Bersama plans IDR 2.37 trillion bonds: target for TBIG stock is IDR 1,848

Published on 10/07/2026 at 05:56 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

TBIG earned IDR 445.83 billion in the second quarter. For TBIG stock, debt was IDR 29.92 trillion at June 30, 2026.

TBIG, ID1000116908, Illustration mit AI erstellt.

Tower Bersama (ID1000116908) plans to issue IDR 2.37 trillion of bonds and sukuk, while the average 12-month target for TBIG stock is IDR 1,848. Bisnis.com reported on September 30, 2026 that the offering will refinance bank debt, giving the financing decision a direct balance-sheet role.

Debt refinancing carries the headline

The planned issue consists of IDR 1.24 trillion of bonds and IDR 1.12 trillion of sukuk ijarah. According to Bisnis.com, net proceeds of IDR 1.94 trillion are earmarked for repayment of a UOB facility, while IDR 408.89 billion of sukuk proceeds are allocated to a Bank Mizuho Indonesia loan.

The securities carry fixed returns of 7.15 percent, 7.65 percent and 7.80 percent across the stated maturities. The public offering is scheduled for October 9 and October 12, 2026, according to Bisnis.com.

Cash flow offsets leverage pressure

Tower Bersama generated IDR 1.74 trillion of revenue and IDR 445.83 billion of net income in the second quarter of 2026, compared with IDR 1.72 trillion and IDR 390.10 billion in the first quarter. Investing.com lists second-quarter earnings per share at IDR 19.98, compared with IDR 17.43 in the first quarter.

The financing benefit must be weighed against leverage. Kontan reported on September 30, 2026 that Fitch expects net leverage of 5.0 times in 2026 and 2027, compared with 4.9 times in 2025. Fitch also cited IDR 36.4 trillion of contracted revenue at the end of June 2026, up from IDR 35.7 trillion at the end of 2025.

Fitch's counterweight is cash-flow visibility from long-term tower leases, but it also identified higher tenant non-renewal risk after the XLSMART network merger. The rating agency expects annual dividends of IDR 1.20 trillion to IDR 1.30 trillion in 2026 and 2027, compared with IDR 529.00 billion in 2025, according to Kontan.

Market value frames the next move

TBIG's market capitalization stood at IDR 32.3 trillion on October 7, 2026. Its 52-week range was IDR 1,220.00 to IDR 2,950.00, keeping the refinancing plan central to how the market weighs contracted revenue against debt service.

The further course of trading is shown by the continuously updated real-time quote of TBIG stock.