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>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

<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

Thematic (Sector/Industry)

<ul><li>Our survey reveals that TSEL’s launch of TSEL Lite and non-Lite packs is targeted toward select segments; hence a marginal impact on IOH/XL.</li><li>We expect Starlink to play a complementary role in Indonesia’s remote areas, but shall offer inferior overall value to residential customers.</li><li>We maintain OW as the sector’s outlook remains constructive; ISAT is our top pick on the strongest earnings potential in 2Q24.</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.

Our survey reveals that TSEL’s launch of TSEL Lite and non-Lite packs is targeted toward select segments; hence a marginal impact on IOH/XL.We expect Starlink to play a complementary role in Indonesia’s remote areas, but shall offer inferior overall value to residential customers.We maintain OW as the sector’s outlook remains constructive; ISAT is our top pick on the strongest earnings potential in 2Q24.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.

Telco: Selective Competition and Limited Starlink Threat Imply a Constructive Outlook

<ul><li>We noted Telkom’s resilient 1Q24 topline as per expectations amid seasonality which implies IOH and EXCL may also deliver inline revenue.</li><li>Expect IOH and EXCL to deliver sturdy EBITDA margins as telcos refrain from taking commercial initiativesin 1Q24, hence limited NP downside.</li><li>Maintain sector OW rating as TLKM results imply the sector remains constructive, hence recent sharp de-rating is unwarranted.</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.

We noted Telkom’s resilient 1Q24 topline as per expectations amid seasonality which implies IOH and EXCL may also deliver inline revenue.Expect IOH and EXCL to deliver sturdy EBITDA margins as telcos refrain from taking commercial initiativesin 1Q24, hence limited NP downside.Maintain sector OW rating as TLKM results imply the sector remains constructive, hence recent sharp de-rating is unwarranted.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.

Telco: 1Q24 Preview: TLKM’s Inline 1Q24 Earnings Implies Possible Limited Downside for ISAT and EXCL

<ul><li>Organic and inorganic opportunities for rerating4Q23 foretells positive trends for better subs demographics and ARPU for IOH &amp; XL, justifying their guidance for FY24 revenue to outperform.</li><li>TLKM’s valuation reflects mainly ex-Java challenges</li><li>Integrated services qualities can be unlocked with the presence of a strategic investor.An EXCL-FREN M&amp;A may not trigger a tender-offer</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.

Organic and inorganic opportunities for rerating4Q23 foretells positive trends for better subs demographics and ARPU for IOH &amp; XL, justifying their guidance for FY24 revenue to outperform.TLKM’s valuation reflects mainly ex-Java challengesIntegrated services qualities can be unlocked with the presence of a strategic investor.An EXCL-FREN M&amp;A may not trigger a tender-offerContent 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.

Telco - Organic and Inorganic Opportunities for Rerating

Indonesia

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

XL Axiata (EXCL IJ)

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) - 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

Telco: Selective Competition and Limited Starlink Threat Imply a Constructive Outlook

Our survey reveals that TSEL’s launch of TSEL Lite and non-Lite packs is targeted toward select segments; hence a marginal impact on IOH/XL.

BRI Danareksa Research

Telco: 1Q24 Preview: TLKM’s Inline 1Q24 Earnings Implies Possible Limited Downside for ISAT and EXCL

We noted Telkom’s resilient 1Q24 topline as per expectations amid seasonality which implies IOH and EXCL may also deliver inline revenue.

BRI Danareksa Research

Telco - Organic and Inorganic Opportunities for Rerating

Organic and inorganic opportunities for rerating4Q23 foretells positive trends for better subs demographics and ARPU for IOH & XL, justifying their...

BRI Danareksa Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)