Top Stories
Company Update | XLSMART Telecom Sejahtera (EXCL IJ/BUY/Rp2,530/Target: Rp3,600)
Maintain BUY on EXCL with an unchanged target price of Rp3,600, based on 5.8x 2026 EV/EBITDA, 0.5SD below its post-merger historical average, and reflecting improving merger execution, accelerating synergy realisation, and a stronger ARPU-driven earnings recovery. While accelerated depreciation should keep reported earnings weak in 2026, most merger-related costs are expected to be behind the company by 3Q26, supporting stronger earnings thereafter. EXCL's recent spectrum win and Sinarmas Group's digital infrastructure consolidation further strengthen its long-term outlook.
Technical Analysis
Darma Henwa | DEWA IJ
Trading Buy Range: We have a technical Buy at Rp356, and take profit at Rp386.
Astrindo Nusantara Infrastruktur | BIPI IJ
Trading Buy Range: We have a technical Buy at Rp144, and take profit at Rp156.
Top Stories
Company Update | XLSMART Telecom Sejahtera (EXCL IJ/BUY/Rp2,530/Target: Rp3,600)
Maintain BUY on EXCL with an unchanged target price of Rp3,600, based on 5.8x 2026 EV/EBITDA, 0.5SD below its post-merger historical average, and reflecting improving merger execution, accelerating synergy realisation, and a stronger ARPU-driven earnings recovery. While accelerated depreciation should keep reported earnings weak in 2026, most merger-related costs are expected to be behind the company by 3Q26, supporting stronger earnings thereafter. EXCL's recent spectrum win and Sinarmas Group's digital infrastructure consolidation further strengthen its long-term outlook.
Technical Analysis
Darma Henwa | DEWA IJ
Trading Buy Range: We have a technical Buy at Rp356, and take profit at Rp386.
Astrindo Nusantara Infrastruktur | BIPI IJ
Trading Buy Range: We have a technical Buy at Rp144, and take profit at Rp156.
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