<p>PT Sarana Menara Nusantara Tbk ((SMNUF)) 已召開其第四季度財報電話會議。以下是會議的主要亮點。</p>
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<li>發現表現優異的股票投資理念，並升級到市場領先者的投資組合，使用智能投資者精選</li>
</ul>
<p>PT Sarana Menara Nusantara 最近的財報電話會議傳達了謹慎樂觀的語氣，管理層在穩健的 2025 年業績與明顯的逆風之間取得了平衡。收入、EBITDA 和淨利潤均同比增長，得益於連接性和光纖增長以及有序的去槓桿化。然而，管理層強調了高利率、税收波動和電信整合中塔樓需求疲軟帶來的壓力。</p>
<h2>全年收入和盈利能力</h2>
<p>PT Sarana Menara Nusantara 報告稱，2025 財年的營業收入為 13300 億印尼盾，少數股東權益後的淨利潤為 3678 億印尼盾。這意味着淨利潤同比增長 10.3%，管理層強調儘管披露的增長百分比存在一些不一致，但與 2024 財年相比整體收入仍有所增加。</p>
<h2>EBITDA 和利潤率</h2>
<p>EBITDA 增長至 10970 億印尼盾，同比增長 2.5%，顯示出核心盈利能力的韌性。公司提到淨收入利潤率約為 27%，並強調了 11-11.5% 的多年度 EBITDA 年複合增長率，突顯其將規模轉化為收益的能力。</p>
<h2>連接性和光纖到户作為增長引擎</h2>
<p>隨着傳統塔樓新增速度放緩，連接性和光纖到户服務成為主要增長驅動力。連接激活量同比激增超過 53%，超過 25000 個，而光纖到户的滲透率約為 14%，光纖到户的激活量增長幅度高達低 50% 的範圍。</p>
<h2>運營規模和網絡擴展</h2>
<p>該集團保持了顯著的運營規模，擁有大約 36247 個塔樓和約 60500 個租户，租户比例為 1.67。在 2025 年，它新增了 847 個塔樓，近 6800-7000 公里的創收光纖，並將家庭覆蓋範圍擴大了大約 89000 個連接和 31000 個家庭通道。</p>
<h2>資本管理和去槓桿化</h2>
<p>管理層大力推進資產負債表修復，償還了約 7200 億印尼盾的債務，支持這一舉措的是籌集了 5500 億印尼盾的配股。槓桿率降至 3.74 倍，平均利息成本降至約 6.0%，而公司在 2025 年仍然分配了 12 億印尼盾的股息。</p>
<h2>投資級和 ESG 資質</h2>
<p>公司重申其投資級地位，引用了標準普爾的 BBB-評級和惠譽的穩定展望。它還強調了 ESG 認可，包括 MSCI ESG 評級為單 A 和 Sustainalytics 評分接近 24，定位自己為貸款方和運營商可信賴的長期基礎設施合作伙伴。</p>
<h2>指導、資本支出和增長重點</h2>
<p>2026 年的前瞻性指導保持謹慎，管理層預計收入和 EBITDA 均將實現低個位數的增長。資本支出預計約為 5000 億印尼盾，支出將重心放在連接性和光纖化機會，包括增量的固定無線接入和 5G 相關需求，覆蓋其 224000 公里的光纖平台。</p>
<h2>收入報告不一致性</h2>
<p>對投資者而言，電話會議中收入評論的混合是一個顯著的細節，其中 13300 億印尼盾的銷售額與 4600 億印尼盾的絕對增長相結合。管理層在其他地方描述了大約 4-4.6% 的同比收入增長，留下了對頂線改善的確切幅度的一些模糊性。</p>
<h2>利率和 AFFO 壓力</h2>
<p>儘管 EBITDA 表現強勁，高利率卻抑制了調整後運營資金的增長，突顯了融資成本的拖累。2025 年末的平均借款成本約為 6.0%，利息支出接近 2788 億印尼盾，促使管理層將去槓桿化和再融資作為關鍵優先事項。</p>
<h2>槓桿和流動性狀況</h2>
<p>儘管公司的槓桿有所改善，但仍然處於 3.74 倍的高位，在高利率環境中留下了有限的容錯空間。年末現金約為 650 億印尼盾，在大規模償債、配股部署和股息支付後，突顯了對有序現金管理的需求。</p>
<h2>税收波動和預測風險</h2>
<p>高管警告稱，税收支出仍然是一個波動因素，提及了之前高於預期的税收支付和不同的税收解釋。這種波動使得預測正常化收益變得複雜，並可能導致 2026 年運營表現與底線報告利潤之間的偏差。</p>
<h2>行業整合和塔樓前景</h2>
<p>電信整合，包括 Indosat-Hutchison 和 XL-Smartfren 交易，因搬遷和網絡重組而產生了短期噪音。管理層預計塔樓相關的收入和租户在短期內將保持大致平穩，大部分增量增長可能來自非塔樓的光纖和連接服務。</p>
<h2>利用率和定價壓力</h2>
<p>一些運營指標顯示出輕微的疲軟，例如光纖到塔樓的租户比例從大約 1.84 下降至 1.79。管理層承認行業收益普遍較低，但辯稱定價已趨於穩定，並打算在服務質量和綜合價值上競爭，而不是進行激進的折扣。</p>
<h2>宏觀和地緣政治不確定性</h2>
<p>公司將其謹慎立場部分歸因於日益上升的宏觀和地緣政治風險，包括衝突和能源價格上漲的影響。這些因素可能會對電信客户的支出計劃、銀行貸款意願和整體流動性狀況產生壓力，進一步強化了 2026 年的低增長指導。</p>
<h2>前瞻性指導和戰略優先事項</h2>
<p>展望 2026 年，管理層的目標是實現收入、EBITDA 和淨利潤的低個位數增長，同時將資本支出保持在約 5000 億印尼盾，並控制槓桿率。戰略計劃的核心是提升連接激活、進一步推進光纖化，並謹慎追求收購，同時維護投資級評級，並主要通過自由現金流來支持增長。</p>
<p>PT Sarana Menara Nusantara 的財報電話會議描繪了一家基礎設施公司在更為嚴峻的宏觀和行業背景下，將規模轉化為穩定利潤的圖景。對於投資者而言，關鍵要點是核心收益的韌性、加速的光纖和連接增長、改善的信用指標，以及一個在 2026 年即將到來時表現出謹慎但又抓住機會的管理團隊。</p>

印尼電信

<p>PT Sarana Menara Nusantara Tbk 在第四季度的財報電話會議中報告了謹慎樂觀的業績，強調了收入、EBITDA 和淨利潤的同比增長，這得益於連接性和光纖的增長。2025 財年的營業收入達到了 13.3 萬億印尼盾，淨利潤為 3,678 億印尼盾，反映出 10.3% 的增長。然而，管理層指出高利率和税收波動帶來的挑戰。公司計劃在 2026 年實現適度增長，專注於連接性和光纖化，同時管理債務並保持其投資級別地位，以應對行業整合和宏觀經濟不確定性</p>

<p>PT Sarana Menara Nusantara Tbk ((SMNUF)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>PT Sarana Menara Nusantara Tbk ((SMNUF)) 已召開其第四季度財報電話會議。以下是會議的主要亮點。</p>
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<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級到市場領先者的投資組合，使用智能投資者精選</li>
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</div><p>PT Sarana Menara Nusantara’s latest earnings call struck a cautiously positive tone as management balanced solid 2025 results with clear headwinds. Revenue, EBITDA and net profit all rose year on year, underpinned by connectivity and fiber growth plus disciplined deleveraging. Yet executives stressed pressure from high interest rates, tax volatility and muted tower demand amid telco consolidation.</p>
<div class="lb-trans"><p>PT Sarana Menara Nusantara 最近的財報電話會議傳達了謹慎樂觀的語氣，管理層在穩健的 2025 年業績與明顯的逆風之間取得了平衡。收入、EBITDA 和淨利潤均同比增長，得益於連接性和光纖增長以及有序的去槓桿化。然而，管理層強調了高利率、税收波動和電信整合中塔樓需求疲軟帶來的壓力。</p>
</div><h2>Full-Year Revenue and Profitability</h2>
<div class="lb-trans"><h2>全年收入和盈利能力</h2>
</div><p>PT Sarana Menara Nusantara reported operating revenue of IDR 13.3 trillion for FY2025 and net profit after minority interest of IDR 3.678 trillion. This implied net profit growth of 10.3% year on year, with management emphasizing an overall revenue increase versus FY2024 despite some inconsistencies in disclosed growth percentages.</p>
<div class="lb-trans"><p>PT Sarana Menara Nusantara 報告稱，2025 財年的營業收入為 13300 億印尼盾，少數股東權益後的淨利潤為 3678 億印尼盾。這意味着淨利潤同比增長 10.3%，管理層強調儘管披露的增長百分比存在一些不一致，但與 2024 財年相比整體收入仍有所增加。</p>
</div><h2>EBITDA and Margins</h2>
<div class="lb-trans"><h2>EBITDA 和利潤率</h2>
</div><p>EBITDA climbed to IDR 10.97 trillion, up 2.5% year on year, demonstrating resilient core profitability. The company cited a robust net income margin of around 27% and highlighted an 11–11.5% multi‑year EBITDA CAGR, underscoring its ability to translate scale into earnings.</p>
<div class="lb-trans"><p>EBITDA 增長至 10970 億印尼盾，同比增長 2.5%，顯示出核心盈利能力的韌性。公司提到淨收入利潤率約為 27%，並強調了 11-11.5% 的多年度 EBITDA 年複合增長率，突顯其將規模轉化為收益的能力。</p>
</div><h2>Connectivity and FTTH as Growth Engines</h2>
<div class="lb-trans"><h2>連接性和光纖到户作為增長引擎</h2>
</div><p>Connectivity and fiber-to-the-home services emerged as the main growth drivers as traditional tower additions slowed. Connectivity activations surged more than 53% year on year to above 25,000, while FTTH penetration reached about 14% and FTTH activations posted growth figures as high as the low‑50% range.</p>
<div class="lb-trans"><p>隨着傳統塔樓新增速度放緩，連接性和光纖到户服務成為主要增長驅動力。連接激活量同比激增超過 53%，超過 25000 個，而光纖到户的滲透率約為 14%，光纖到户的激活量增長幅度高達低 50% 的範圍。</p>
</div><h2>Operational Scale and Network Expansion</h2>
<div class="lb-trans"><h2>運營規模和網絡擴展</h2>
</div><p>The group preserved significant operational scale with roughly 36,247 towers and about 60,500 tenants, producing a tenancy ratio of 1.67. During 2025 it added 847 towers, nearly 6,800–7,000 km of revenue‑generating fiber and expanded its home footprint by roughly 89,000 connects and 31,000 home passes.</p>
<div class="lb-trans"><p>該集團保持了顯著的運營規模，擁有大約 36247 個塔樓和約 60500 個租户，租户比例為 1.67。在 2025 年，它新增了 847 個塔樓，近 6800-7000 公里的創收光纖，並將家庭覆蓋範圍擴大了大約 89000 個連接和 31000 個家庭通道。</p>
</div><h2>Capital Management and Deleveraging</h2>
<div class="lb-trans"><h2>資本管理和去槓桿化</h2>
</div><p>Management leaned hard into balance sheet repair, repaying about IDR 7.2 trillion of debt supported by a rights issue that raised IDR 5.5 trillion. Leverage declined to 3.74 times and average interest cost fell to around 6.0%, while the company still returned IDR 1.2 trillion in dividends during 2025.</p>
<div class="lb-trans"><p>管理層大力推進資產負債表修復，償還了約 7200 億印尼盾的債務，支持這一舉措的是籌集了 5500 億印尼盾的配股。槓桿率降至 3.74 倍，平均利息成本降至約 6.0%，而公司在 2025 年仍然分配了 12 億印尼盾的股息。</p>
</div><h2>Investment-Grade and ESG Credentials</h2>
<div class="lb-trans"><h2>投資級和 ESG 資質</h2>
</div><p>The company reaffirmed its investment‑grade status, citing a BBB‑ rating from S&amp;P and stable outlook from Fitch. It also highlighted ESG recognition, including an MSCI ESG rating of single A and a Sustainalytics score near 24, positioning itself as a credible long‑term infrastructure partner for lenders and operators.</p>
<div class="lb-trans"><p>公司重申其投資級地位，引用了標準普爾的 BBB-評級和惠譽的穩定展望。它還強調了 ESG 認可，包括 MSCI ESG 評級為單 A 和 Sustainalytics 評分接近 24，定位自己為貸款方和運營商可信賴的長期基礎設施合作伙伴。</p>
</div><h2>Guidance, CapEx and Growth Focus</h2>
<div class="lb-trans"><h2>指導、資本支出和增長重點</h2>
</div><p>Forward guidance for 2026 remains deliberately modest, with management projecting low single‑digit growth in both revenue and EBITDA. CapEx is guided at about IDR 5 trillion, with spending heavily skewed toward connectivity and fiberization opportunities including incremental FWA and 5G-related demand across its 224,000 km fiber platform.</p>
<div class="lb-trans"><p>2026 年的前瞻性指導保持謹慎，管理層預計收入和 EBITDA 均將實現低個位數的增長。資本支出預計約為 5000 億印尼盾，支出將重心放在連接性和光纖化機會，包括增量的固定無線接入和 5G 相關需求，覆蓋其 224000 公里的光纖平台。</p>
</div><h2>Revenue Reporting Inconsistencies</h2>
<div class="lb-trans"><h2>收入報告不一致性</h2>
</div><p>A notable nuance for investors was the mixed revenue commentary in the call, where IDR 13.3 trillion in sales was paired with references to an IDR 4.6 trillion absolute increase. Elsewhere management described roughly 4–4.6% year‑on‑year revenue growth, leaving some ambiguity around the precise magnitude of the topline improvement.</p>
<div class="lb-trans"><p>對投資者而言，電話會議中收入評論的混合是一個顯著的細節，其中 13300 億印尼盾的銷售額與 4600 億印尼盾的絕對增長相結合。管理層在其他地方描述了大約 4-4.6% 的同比收入增長，留下了對頂線改善的確切幅度的一些模糊性。</p>
</div><h2>Interest Rate and AFFO Pressure</h2>
<div class="lb-trans"><h2>利率和 AFFO 壓力</h2>
</div><p>Despite stronger EBITDA, high interest rates muted growth in adjusted funds from operations, highlighting the drag from financing costs. Average borrowing costs ended 2025 at around 6.0% with interest expense near IDR 2.788 trillion, prompting management to keep deleveraging and refinancing as key priorities.</p>
<div class="lb-trans"><p>儘管 EBITDA 表現強勁，高利率卻抑制了調整後運營資金的增長，突顯了融資成本的拖累。2025 年末的平均借款成本約為 6.0%，利息支出接近 2788 億印尼盾，促使管理層將去槓桿化和再融資作為關鍵優先事項。</p>
</div><h2>Leverage and Liquidity Position</h2>
<div class="lb-trans"><h2>槓桿和流動性狀況</h2>
</div><p>The company’s leverage, while improved, remains elevated at 3.74 times and leaves limited room for error in a higher‑rate world. Year-end cash stood at roughly IDR 650 billion after significant debt repayments, the rights issue deployment and dividend payments, underscoring the need for disciplined cash management.</p>
<div class="lb-trans"><p>儘管公司的槓桿有所改善，但仍然處於 3.74 倍的高位，在高利率環境中留下了有限的容錯空間。年末現金約為 650 億印尼盾，在大規模償債、配股部署和股息支付後，突顯了對有序現金管理的需求。</p>
</div><h2>Tax Volatility and Forecasting Risk</h2>
<div class="lb-trans"><h2>税收波動和預測風險</h2>
</div><p>Executives warned that tax expense remains a swing factor, referencing prior periods of higher‑than-expected tax payments and differing tax interpretations. This volatility complicates efforts to forecast normalized earnings and could cause deviations between operational performance and bottom‑line reported profit in 2026.</p>
<div class="lb-trans"><p>高管警告稱，税收支出仍然是一個波動因素，提及了之前高於預期的税收支付和不同的税收解釋。這種波動使得預測正常化收益變得複雜，並可能導致 2026 年運營表現與底線報告利潤之間的偏差。</p>
</div><h2>Industry Consolidation and Tower Outlook</h2>
<div class="lb-trans"><h2>行業整合和塔樓前景</h2>
</div><p>Telco consolidation, including the Indosat‑Hutchison and XL‑Smartfren deals, has created near‑term noise through relocations and network restructuring. Management expects tower-related revenue and tenancies to stay broadly flat in the short term, with most incremental growth likely to come from non‑tower fiber and connectivity services.</p>
<div class="lb-trans"><p>電信整合，包括 Indosat-Hutchison 和 XL-Smartfren 交易，因搬遷和網絡重組而產生了短期噪音。管理層預計塔樓相關的收入和租户在短期內將保持大致平穩，大部分增量增長可能來自非塔樓的光纖和連接服務。</p>
</div><h2>Utilization and Pricing Headwinds</h2>
<div class="lb-trans"><h2>利用率和定價壓力</h2>
</div><p>Some operational metrics showed marginal softening, such as the fiber‑to‑tower tenancy ratio slipping from roughly 1.84 to 1.79. Management acknowledged generally low sector yields but argued that pricing has stabilized, and it intends to compete on service quality and integrated value rather than engaging in aggressive discounting.</p>
<div class="lb-trans"><p>一些運營指標顯示出輕微的疲軟，例如光纖到塔樓的租户比例從大約 1.84 下降至 1.79。管理層承認行業收益普遍較低，但辯稱定價已趨於穩定，並打算在服務質量和綜合價值上競爭，而不是進行激進的折扣。</p>
</div><h2>Macro and Geopolitical Uncertainty</h2>
<div class="lb-trans"><h2>宏觀和地緣政治不確定性</h2>
</div><p>The company framed its cautious stance partly around rising macro and geopolitical risk, including the impact of conflicts and higher energy prices. These factors could weigh on telco customers’ spending plans, bank lending appetite and overall liquidity conditions, reinforcing the low‑growth guidance for 2026.</p>
<div class="lb-trans"><p>公司將其謹慎立場部分歸因於日益上升的宏觀和地緣政治風險，包括衝突和能源價格上漲的影響。這些因素可能會對電信客户的支出計劃、銀行貸款意願和整體流動性狀況產生壓力，進一步強化了 2026 年的低增長指導。</p>
</div><h2>Forward-Looking Guidance and Strategic Priorities</h2>
<div class="lb-trans"><h2>前瞻性指導和戰略優先事項</h2>
</div><p>Looking ahead to 2026, management is targeting low single‑digit gains in revenue, EBITDA and net profit while keeping CapEx near IDR 5 trillion and leverage in check. The strategic playbook centers on boosting connectivity activations, pushing further fiberization and carefully pursuing acquisitions, all while defending investment‑grade ratings and funding growth mostly from free cash flow.</p>
<div class="lb-trans"><p>展望 2026 年，管理層的目標是實現收入、EBITDA 和淨利潤的低個位數增長，同時將資本支出保持在約 5000 億印尼盾，並控制槓桿率。戰略計劃的核心是提升連接激活、進一步推進光纖化，並謹慎追求收購，同時維護投資級評級，並主要通過自由現金流來支持增長。</p>
</div><p>PT Sarana Menara Nusantara’s earnings call painted the picture of an infrastructure player converting scale into steady profits while navigating a tougher macro and sector backdrop. For investors, the key takeaways are resilient core earnings, accelerating fiber and connectivity growth, improving credit metrics and a management team openly cautious yet opportunistic heading into 2026.</p>
<div class="lb-trans"><p>PT Sarana Menara Nusantara 的財報電話會議描繪了一家基礎設施公司在更為嚴峻的宏觀和行業背景下，將規模轉化為穩定利潤的圖景。對於投資者而言，關鍵要點是核心收益的韌性、加速的光纖和連接增長、改善的信用指標，以及一個在 2026 年即將到來時表現出謹慎但又抓住機會的管理團隊。</p>
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PT Sarana Menara Nusantara 傳達了穩健而謹慎的增長信號