External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<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

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

BRI Danareksa Research

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.

<ul><li>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.</li><li>EXCL grew its subscribers (2Q24: +900k net adds) with an upward ARPU trajectory based on strategic allocation of its capex to ex-Java.</li><li>We maintain our BUY rating on EXCL for its growth sustainability with a TP of Rp3,300. Brewing catalysts could unlock significant value.</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 1H24 solid NP of Rp1tr (57.5%yoy) was inline, driven by topline growth due to stellar mgmt. execution amid steady EBITDA margin.EXCL grew its subscribers (2Q24: +900k net adds) with an upward ARPU trajectory based on strategic allocation of its capex to ex-Java.We maintain our BUY rating on EXCL for its growth sustainability with a TP of Rp3,300. Brewing catalysts could unlock significant value.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 - Inline Earnings on Robust Operational; Potential Catalysts Ahead

<ul><li>We believe the planned MergeCo to generate better consumer experience and thus, expect value accretion potentials from the deal.</li><li>We see upside to our current valuation (DCF-based TP of Rp3,3300) from the combined spectrum allocations and tower sites optimization</li><li>Maintain Buy rating. We believe risks on the deals are manageable, as both parties appear committed and with IOH’s merger as a precedent.</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 believe the planned MergeCo to generate better consumer experience and thus, expect value accretion potentials from the deal.We see upside to our current valuation (DCF-based TP of Rp3,3300) from the combined spectrum allocations and tower sites optimizationMaintain Buy rating. We believe risks on the deals are manageable, as both parties appear committed and with IOH’s merger as a precedent.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 - Merger Plan to Offer Upside; Reiterate Buy Rating as We See Deal Risks to Be Manageable

<ul><li>1Q24 earnings beat due to a better-than-expected revenue momentum with EBITDA margin gains, offering cushion for the next quarters.</li><li>XL sees more revenue growth through more reloads via its digital app, while it seeks new footprint in ex-Java leveraging on AI tech.</li><li>We raise our FY24-26F est. by +34%/16%/7% and TP to Rp,3300; reiterate Buy rating on its sustainable revenue growth momentum.</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.

1Q24 earnings beat due to a better-than-expected revenue momentum with EBITDA margin gains, offering cushion for the next quarters.XL sees more revenue growth through more reloads via its digital app, while it seeks new footprint in ex-Java leveraging on AI tech.We raise our FY24-26F est. by +34%/16%/7% and TP to Rp,3300; reiterate Buy rating on its sustainable revenue growth momentum.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 Rp 2,440; BUY; TP Rp 3,300) 1Q24 Earnings Beat

<ul><li>We expect EXCL’s revenue momentum to continue in FY24; high single digit growth guidance is based on continuous ARPU improvement and homes connect.</li><li>We raised FY24-25F NP 18%/37%; we raised revenue but lowered EBITDA margin below 49% to account for stronger rollout of fixed BB.</li><li>We maintain Buy rating with unchanged TP: Rp3,000, implying 4.9x EV/EBITDA.</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 expect EXCL’s revenue momentum to continue in FY24; high single digit growth guidance is based on continuous ARPU improvement and homes connect.We raised FY24-25F NP 18%/37%; we raised revenue but lowered EBITDA margin below 49% to account for stronger rollout of fixed BB.We maintain Buy rating with unchanged TP: Rp3,000, implying 4.9x EV/EBITDA.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 - Expect Strong Revenue Momentum and FCF Generation to Continue in FY24

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)

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

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.

BRI Danareksa Research

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.

BRI Danareksa Research

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.

BRI Danareksa Research

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.

BRI Danareksa Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)