Swiftest Growth Pace
In 3Q17, EXCL persistently seized the opportune industry growth momentum, and successful to post the highest growth in the telecommunication industry. Its data traffic soared 136.5% y-y into 325.745 TB coupled with the surging revenue of 65.7% into IDR3.5 trillion. The buoyant revenue was propped up by uptrend smartphone users of 36.7 million (+36% y-y) or accompanied with the penetration figures of 70% (vs Telkomsel 51%; ISA 47%).
The well controlled cost management is takeaways key to the likely stable margin EBITDA of 35.9%. It carries on a number of margin-boosting initiatives such as renegotiation with vendors and improved procurement. The initiatives are projected to cushion its year ahead Opex and Capex.

Besides, the leverage downtrend was evidenced by IDR3 trillion banking debt repayment in 9M17, debt to equity running close at 80%, bit lower than 2017 debt to equity of 90.3%, debt to EBITDA lowering into 2.0X from 2.4x in 3Q16.


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