External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

<ul><li>EXCL’s in-line 3Q23/ 9M23 results show that it has strategically moved further to higher ARPU users in 3Q23, while opex streamlining has improved EBITDA profitability.</li><li>During the earnings call, the management also reaffirmed its commitment to price reparation momentum.</li><li>We maintain our BUY rating (unchanged TP of Rp3,900) as the growth trajectory is intact.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EXCL’s in-line 3Q23/ 9M23 results show that it has strategically moved further to higher ARPU users in 3Q23, while opex streamlining has improved EBITDA profitability.During the earnings call, the management also reaffirmed its commitment to price reparation momentum.We maintain our BUY rating (unchanged TP of Rp3,900) as the growth trajectory is intact.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

XL Axiata (EXCL IJ) - Inline 3Q23 Earnings; Growth Trajectory Intact

<ul><li>XL Axiata(EXCL IJ)Inline 3Q23 earnings; growth trajectory intactEXCL’s in-line 3Q23/ 9M23 results show that it has strategically moved further to higher ARPU users in 3Q23, while opex streamlining has improved EBITDA profitability</li><li>During the earnings call, the management also reaffirmed its commitment to price reparation momentum</li><li>We maintain our BUY rating (unchanged TP of Rp3,900) as the growth trajectory is intact.In-line 3Q23/9M23 earnings: growth trajectory maintained on improved EBITDA margins.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

XL Axiata(EXCL IJ)Inline 3Q23 earnings; growth trajectory intactEXCL’s in-line 3Q23/ 9M23 results show that it has strategically moved further to higher ARPU users in 3Q23, while opex streamlining has improved EBITDA profitabilityDuring the earnings call, the management also reaffirmed its commitment to price reparation momentumWe maintain our BUY rating (unchanged TP of Rp3,900) as the growth trajectory is intact.In-line 3Q23/9M23 earnings: growth trajectory maintained on improved EBITDA margins.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

XL Axiata (EXCL.IJ) - Inline 3Q23 Earnings; Growth Trajectory Intact

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a> continues to impress with its growth in revenues and data, driven by its 4G focus and high-quality network, with improving margins at the same time.</li>
<li>The XL convergence story continues to build, with convergence penetration increasing but the real kicker wILL come once the restructuring with <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net</a> completes but benefits are already accruing. </li>
<li>
<a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata</a> remains the purest data player in Indonesia, with convergence set to be the next driver. Valuations are attractive on 4.4x FY2024E EV/EBITDA with strong growth ahead. </li>
</ul>



XL Axiata (EXCL IJ) continues to impress with its growth in revenues and data, driven by its 4G focus and high-quality network, with improving margins at the same time.
The XL convergence story continues to build, with convergence penetration increasing but the real kicker wILL come once the restructuring with Link Net completes but benefits are already accruing. 

XL Axiata remains the purest data player in Indonesia, with convergence set to be the next driver. Valuations are attractive on 4.4x FY2024E EV/EBITDA with strong growth ahead. 


XL Axiata (EXCL IJ) - Linked Up for Future Growth

<ul><li>While rolling forward our DCF, we revised our projections expecting now XL to book 2-digit growth in 2023.</li><li>XL has opportunities to extend its momentum for the next 18 months and beyond with steady data traffic growth on a monumental time period Dec. 23 and Lebaran ‘24, new spectrum available mainly for 4G and FMC rollout.</li><li>Reiterate BUY. Great recovery in 2Q23. XL outperformed sector in data traffic and revenue growth in last 2 quarters, largely thanks to its network performance - data consumption directed at 4G, and disciplined pricing we believe. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

While rolling forward our DCF, we revised our projections expecting now XL to book 2-digit growth in 2023.XL has opportunities to extend its momentum for the next 18 months and beyond with steady data traffic growth on a monumental time period Dec. 23 and Lebaran ‘24, new spectrum available mainly for 4G and FMC rollout.Reiterate BUY. Great recovery in 2Q23. XL outperformed sector in data traffic and revenue growth in last 2 quarters, largely thanks to its network performance - data consumption directed at 4G, and disciplined pricing we believe. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

XL Axiata (EXCL IJ) - Well Placed to Extend Momentum

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.reuters.com/markets/deals/china-mobile-explores-acquiring-hong-kong-telecom-firm-hkbn-sources-2023-04-18/" target="_blank" rel="noopener">Reuters reported</a> that <a href="https://www.smartkarma.com/entities/china-mobile" target="_blank" data-smartkarma-citation="entities:35371:1" rel="noopener">China Mobile (600941 CH)</a> is exploring a potential buyout of <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>. The shares surged 12.3% to HK$6.57, above I Squared’s rumoured HK$6.00 offer. </li>
<li>To get an idea of the appropriate offer price, we examine shareholding dealings from substantial shareholders. Our analysis suggests that a scheme offer of around HK$8.50 would likely be required.</li>
<li>PAG is also a rumoured bidder. The flurry of interest around HKBN suggests a good probability that one of the bidders will come through with a formal offer.</li>
</ul>



Reuters reported that China Mobile (600941 CH) is exploring a potential buyout of HKBN Ltd (1310 HK). The shares surged 12.3% to HK$6.57, above I Squared’s rumoured HK$6.00 offer. 
To get an idea of the appropriate offer price, we examine shareholding dealings from substantial shareholders. Our analysis suggests that a scheme offer of around HK$8.50 would likely be required.
PAG is also a rumoured bidder. The flurry of interest around HKBN suggests a good probability that one of the bidders will come through with a formal offer.


HKBN (1310 HK): China Mobile Is the Latest to Show Interest

Indonesia

PT XL Axiata Tbk provides a wide range of mobile telecommunications services in Indonesia.

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XL Axiata (EXCL IJ)

XL Axiata (EXCL IJ) - Inline 3Q23 Earnings; Growth Trajectory Intact

EXCL’s in-line 3Q23/ 9M23 results show that it has strategically moved further to higher ARPU users in 3Q23, while opex streamlining has improved...

BRI Danareksa Research

XL Axiata (EXCL.IJ) - Inline 3Q23 Earnings; Growth Trajectory Intact

XL Axiata(EXCL IJ)Inline 3Q23 earnings; growth trajectory intactEXCL’s in-line 3Q23/ 9M23 results show that it has strategically moved further to...

BRI Danareksa Research

XL Axiata (EXCL IJ) - Linked Up for Future Growth

XL Axiata remains the purest data player in Indonesia, with convergence set to the the next driver, boosted by LinkNet synergies. Valuations...

Angus Mackintosh

XL Axiata (EXCL IJ) - Well Placed to Extend Momentum

XL has opportunities to extend its momentum for the next 18 months and beyond with steady data traffic growth on a monumental time period Dec. 23...

BRI Danareksa Research

HKBN (1310 HK): China Mobile Is the Latest to Show Interest

To get an idea of the appropriate offer price, we examine shareholding dealings from substantial shareholders. Our analysis suggests that a scheme...

Arun George

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