Indonesia’s tower industry is one of the world’s most mature and strongest, combining efficient organic growth, strong MNO partnerships yielding substantial sale and leasebacks, and towerco-on-towerco consolidation. Towercos own almost two thirds of Indonesia’s towers, and other than China, there are no other tower markets that build 3,000 to 5,000 towers, rooftops and infill sites per year while delivering solid tenancy ratio and TCF (tower cash flow) growth.
The Indonesian tower market has come a long way; in the early 2000s, Indonesia was overpopulated with MNOs sub-optimally deploying capex to build parallel infrastructure. However, all of that was about to change.
