XL Axiata - Inline Earnings on Robust Operational; Potential Catalysts Ahead
EXCL’s 1H24 solid NP of Rp1tr (57.5%yoy) was inline, driven by topline growth due to stellar mgmt. execution amid steady EBITDA margin.
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XL Axiata - Merger Plan to Offer Upside; Reiterate Buy Rating as We See Deal Risks to Be Manageable
We believe the planned MergeCo to generate better consumer experience and thus, expect value accretion potentials from the deal.
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XL Axiata (EXCL.IJ Rp 2,440; BUY; TP Rp 3,300) 1Q24 Earnings Beat
1Q24 earnings beat due to a better-than-expected revenue momentum with EBITDA margin gains, offering cushion for the next quarters.
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XL Axiata - Expect Strong Revenue Momentum and FCF Generation to Continue in FY24
We expect EXCL’s revenue momentum to continue in FY24; high single digit growth guidance is based on continuous ARPU improvement and homes connect.
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XL Axiata - Potential FMC Strategy Acceleration and Value Unlocking from the Merger Scenario
XL may accelerate its FMC by acquiring the subs of LINK and rolling out 3m new homepasses upon obtaining funding at the associated co. level.
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