EXCL recorded positive performance in 1Q20, where the increase of data usage demands was still the main contributor to its income growth. On the other hand, the sale and leaseback of towers in the first quarter have shot up the net profit of the company to IDR1.5 trillion. We estimate the FY20 income to reach IDR27.3 trillion. Based on that assumption, we recommend BUY with target price of IDR3,350, equivalent to EV/EBITDA of 5.4x.
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