8 May 2026
XA Update Report | PT Tower Bersama Infrastructure Tbk. (TBIG) – 1Q26: Maintaining Stability – Fiber Continues to Gain Traction Amid Flat Tower Growth
NHKSI Research recommends an “Overweight” Rating for TBIG but with a lower target price at IDR 1,800 / Share, reflecting a 12.3x Forward EV/EBITDA (-1 STD Average of the Last 3 years).

