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EXCL – Accelerated Performance in 1Q20 as Expected

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Restu Pamungkas
Restu Pamungkas
Analyst - Telco, Tower, Toll Road, Poultry
Restu Pamungkas
Latest posts by Restu Pamungkas (see all)
  • JSMR – Divestment to Strengthen Capital Structure - August 5, 2021
  • TBIG – Limited Tower Acquisition Potential - July 23, 2021
  • TLKM – Strengthening Data Center Business - July 14, 2021

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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