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

BRI Danareksa Research

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>EXCL’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.</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 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.During the earnings call, the management also reaffirmed its commitment to price reparation momentum.We maintain our BUY rating (unchanged TP of Rp3,900) as the growth trajectory is intact.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>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>We met with the Telecommunications Ministry (Kemkominfo), coming away with positive takeaways for the operators, as the ministry: a) fully supports another merger, b) will supply operators with more frequency spectrum soon, and c) is considering whether to allow operators to charge sharing fees to OTT players using their networks.</li><li>Reiterate our Overweight rating on the sector.</li><li>The ministry fully supports another merger under certain conditions.</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 met with the Telecommunications Ministry (Kemkominfo), coming away with positive takeaways for the operators, as the ministry: a) fully supports another merger, b) will supply operators with more frequency spectrum soon, and c) is considering whether to allow operators to charge sharing fees to OTT players using their networks.Reiterate our Overweight rating on the sector.The ministry fully supports another merger under certain conditions.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: Positive KTAs from Our Meeting with Kemkominfo ( OVERWEIGHT)

<ul><li>We met with a CEO, CMO and 2 CFOs from the 3 leading telcos who share some common objectives in driving usage, the payload and increasing ARPU.</li><li>Telkomsel has the upper hand by furnishing abundant data supply to users.</li><li>The common theme for IOH and EXCL to play is the sale-lease back of fiber and some RAN equipment potentially lightening their balance sheets. </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 met with a CEO, CMO and 2 CFOs from the 3 leading telcos who share some common objectives in driving usage, the payload and increasing ARPU.Telkomsel has the upper hand by furnishing abundant data supply to users.The common theme for IOH and EXCL to play is the sale-lease back of fiber and some RAN equipment potentially lightening their balance sheets. 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: Positive Industry Outlook from Asset-Light Model and Revenue Momentum

Indonesia

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

XL Axiata (EXCL IJ)

XL Axiata (EXCL IJ) - Inline 3Q23 Earnings; Growth Trajectory Intact

EXCL’s in-line 3Q23/ 9M23 results show that it has strategically moved further to higher ARPU users in 3Q23, while opex streamlining has improved...

BRI Danareksa Research

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: Positive KTAs from Our Meeting with Kemkominfo ( OVERWEIGHT)

We met with the Telecommunications Ministry (Kemkominfo), coming away with positive takeaways for the operators, as the ministry: a) fully supports...

BRI Danareksa Research

Telco: Positive Industry Outlook from Asset-Light Model and Revenue Momentum

We met with a CEO, CMO and 2 CFOs from the 3 leading telcos who share some common objectives in driving usage, the payload and increasing ARPU.

BRI Danareksa Research