A global view on tower investing

There are three primary ways to invest in towers: invest in one of the public tower companies, invest in wireless carriers who might ultimately sell or spin-out their tower portfolio, or buy towers directly.  Among the public tower companies, we see the best opportunities in the US (AMT and SBAC), Mexico (Telesites), and Indonesia (Protelindo and TBIG). We think these will be great companies to own for a long time; however, there may be more upside to wireless carriers that have yet to monetise their towers, particularly in China (China Unicom), Indonesia (Indosat), and India (Reliance). Within the private market, we see the greatest returns to building towers in Indonesia, followed closely by Brazil, Chile, and Mexico.