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>PT XL Axiata Tbk (XL), PT Smartfren Telecom Tbk (Smartfren), and PT Smart Telecom (ST) have announced a merger plan, which will be decided at an Extraordinary General Meeting of Shareholders (EGMS) on March 25, 2025.</li><li>The plan has already been approved by the Boards of Commissioners of XL on December 9, 2024, and of Smartfren and ST on December 10, 2024. However, final approval from each company’s EGMS is still pending.</li><li>As part of the merger, all personal data currently held by Smartfren and ST will be transferred to XL, with a commitment to ensuring confidentiality, security, and compliance with Indonesia’s Personal Data Protection Law (No. 27/2022). (InvestorDaily)</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.

PT XL Axiata Tbk (XL), PT Smartfren Telecom Tbk (Smartfren), and PT Smart Telecom (ST) have announced a merger plan, which will be decided at an Extraordinary General Meeting of Shareholders (EGMS) on March 25, 2025.The plan has already been approved by the Boards of Commissioners of XL on December 9, 2024, and of Smartfren and ST on December 10, 2024. However, final approval from each company’s EGMS is still pending.As part of the merger, all personal data currently held by Smartfren and ST will be transferred to XL, with a commitment to ensuring confidentiality, security, and compliance with Indonesia’s Personal Data Protection Law (No. 27/2022). (InvestorDaily)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.

<ul><li>Merger plan progresses smoothly as EXCL secures approvals from creditors, vendors, Komdigi all expected before the March 25th EGMS.</li><li>Funding secured for buyback of Rp3.09tr initially at Rp2,350/sh, backed by Axiata’s RM1bn facility and DSSA IJ from Sinar Mas side.</li><li>Maintain BUY rating on EXCL; Axiata’s 13.14% stake sale at Rp3,189/sh sets a benchmark for the mergeCo XLSmart, implying a 40%+ upside</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.

Merger plan progresses smoothly as EXCL secures approvals from creditors, vendors, Komdigi all expected before the March 25th EGMS.Funding secured for buyback of Rp3.09tr initially at Rp2,350/sh, backed by Axiata’s RM1bn facility and DSSA IJ from Sinar Mas side.Maintain BUY rating on EXCL; Axiata’s 13.14% stake sale at Rp3,189/sh sets a benchmark for the mergeCo XLSmart, implying a 40%+ upsideContent 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) Merger Plan Advancing Smoothly

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

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<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> 4Q2024 results were solid despite lingering price competition in 4Q2024, especially from Telkomsel but this now looks to have abated with higher data pricing likely in 2025.</li>
<li>The company saw its revenues driven by increasing data traffic and higher ARPUs but XL also grew its subscriber numbers last year despite increasing data pricing ahead of competitors.</li>
<li>The FREN merger is ongoing with the completion due by end1H2025, with its Link Net restructuring complete, boosting its fixed broadband business. Valuations attractive with easing competition in 2025.</li>
</ul>



XL Axiata 4Q2024 results were solid despite lingering price competition in 4Q2024, especially from Telkomsel but this now looks to have abated with higher data pricing likely in 2025.
The company saw its revenues driven by increasing data traffic and higher ARPUs but XL also grew its subscriber numbers last year despite increasing data pricing ahead of competitors.
The FREN merger is ongoing with the completion due by end1H2025, with its Link Net restructuring complete, boosting its fixed broadband business. Valuations attractive with easing competition in 2025.


XL Axiata (EXCL IJ) - Reasons to Be Cheerful

<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</a> booked a solid set of 9M2024 numbers but 3Q2024 saw some heightened competition from Telkomsel Lite, pressure from discounted and dual SIMs, as well as local wifi operators.</li>
<li>The company raised data prices in early September but peers did not follow suit. XL retained its subscribers but is seeing pressure on ARPUs as subscribers consume less data.</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> is now a major home broadband operator having taken over Link Net's subscribers and should continue to benefit from increasing convergence. Valuations are interesting but competitive pressures remain.</li>
</ul>



XL Axiata booked a solid set of 9M2024 numbers but 3Q2024 saw some heightened competition from Telkomsel Lite, pressure from discounted and dual SIMs, as well as local wifi operators.
The company raised data prices in early September but peers did not follow suit. XL retained its subscribers but is seeing pressure on ARPUs as subscribers consume less data.

XL Axiata is now a major home broadband operator having taken over Link Net's subscribers and should continue to benefit from increasing convergence. Valuations are interesting but competitive pressures remain.


XL Axiata (EXCL IJ) - Palpable Pressure in Mobile and Broadband

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>EXCL posted revenue of IDR8.6 tn in 2Q24, up +2.1% QoQ/+4.8% YoY.</li><li>The relatively moderate quarterly top-line growth was primarily due to soft performance in the data &amp; digital services segment (93.1% contribution to total revenue), which grew by +2.5% QoQ/+6.9% YoY.</li><li>On a 6-month basis, revenue stood at IDR17.0 tn (+8.2% YoY) in 1H24, slightly below our/consensus estimates at 48.7%/48.9%, respectively. </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 posted revenue of IDR8.6 tn in 2Q24, up +2.1% QoQ/+4.8% YoY.The relatively moderate quarterly top-line growth was primarily due to soft performance in the data &amp; digital services segment (93.1% contribution to total revenue), which grew by +2.5% QoQ/+6.9% YoY.On a 6-month basis, revenue stood at IDR17.0 tn (+8.2% YoY) in 1H24, slightly below our/consensus estimates at 48.7%/48.9%, respectively. 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 IJ - EXCL’s 1H24 Performance: Keeping the Ball Rolling

Indonesia

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

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XL Axiata (EXCL IJ)

BRIDS TMT News - Friday, March 21 2025

PT XL Axiata Tbk (XL), PT Smartfren Telecom Tbk (Smartfren), and PT Smart Telecom (ST) have announced a merger plan, which will be decided at an...

BRI Danareksa Research

XL Axiata (EXCL.IJ) Merger Plan Advancing Smoothly

Merger plan progresses smoothly as EXCL secures approvals from creditors, vendors, Komdigi all expected before the March 25th EGMS.

BRI Danareksa Research

XL Axiata (EXCL IJ) - Reasons to Be Cheerful

XL Axiata 4Q2024 results were solid despite lingering price competition in 4Q2024, especially from Telkomsel but this now looks to have abated with...

Angus Mackintosh

XL Axiata (EXCL IJ) - Palpable Pressure in Mobile and Broadband

XL Axiata booked a solid set of 9M2024 numbers but 3Q2024 saw some heightened competition from Telkomsel Lite, pressure from discounted and dual...

Angus Mackintosh

EXCL IJ - EXCL’s 1H24 Performance: Keeping the Ball Rolling

The relatively moderate quarterly top-line growth was primarily due to soft performance in the data & digital services segment (93.1% contribution...

MNC Sekuritas

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