In today’s briefing:
- Link Net (LINK IJ): Axiata To Vote On The 26 May. Timeline Intact
- XL Axiata (EXCL IJ) – Are You Converegent?
- Mitra Keluarga Karysehat (MIKA IJ) – Back to the Business of Patient Health
Link Net (LINK IJ): Axiata To Vote On The 26 May. Timeline Intact
- Axiata Group (AXIATA MK) has convened an EGM on the 26 May to vote on its proposed acquisition of Indonesian broadband play Link Net (LINK IJ).
- The vote, which for all intent and purposes is a rubber stamp, is one of the SPA conditions to acquire 66.03% of LINK.
- Trading at a gross/annualised spread of 7.1%/22.3%. Get involved here.
XL Axiata (EXCL IJ) – Are You Converegent?
- XL Axiata (EXCL IJ) results were encouraging with +8% revenue growth driven by data (95.5% of service revenues), with stable ARPUs and price competition easing during 1Q2022.
- The march towards being truly converged continues with the completion of the Link Net acquisition giving it a significant leg up and due for completion on 27th May.
- XL Axiata remains our top pick amongst Indonesia’s telcos, with the highest exposure to data and Indonesia’s headlong growth into all things digital and compelling valuations.
Mitra Keluarga Karysehat (MIKA IJ) – Back to the Business of Patient Health
- Mitra Keluarga Karyasehat released 1Q2022 results recently which reflected a changing patient mix with less COVID-related patients and a recovery in its core patient business.
- Hospital occupancy is rising whilst Mitra Keluarga is also increasing bed numbers but margins have been impacted by changing patient mix but this is a positive long-term trend.
- Mitra Keluarga Karyasehat (MIKA IJ) remains a key proxy for rising healthcare penetration in Indonesia, with valuation attractive from a historical basis.
Before it’s here, it’s on Smartkarma
