Risk priced in, potential rewards not
EXCL IJ / EXCL.JK | ADD - Maintained | Rp2,110.00 tp:Rp3,500.00
Mkt.Cap:US$1,596.00m | Avg.Daily Vol:US$2.66m | Free Float:29.30%
Telco - Mobile
Author(s): Choong Chen FOONG +60 (3) 2261 9081,
XL continues to see good market traction, with rotational churn easing.
Ex-Java losses could narrow in FY19F and contribute positively in FY20F.
XL will likely post revenue growth and higher EBITDA margin qoq for 4Q18F.
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