Equity Analysis /

ID : XL Axiata - Decent 3Q22F may track ahead of forecast

    Choong Chen Foong
    Choong Chen Foong

    Telecommunication Analyst

    31 October 2022
    Published byCGS-CIMB

    3Q22F EBITDA may have grown 3-5% qoq with core EPS about flat qoq, tracking ahead of our expectations and consensus. Further tariff optimisation in Nov-Dec is possible but subject to the hit on subs purchasing power from inflation. Rights issue will address rising cost of debt. Reiterate Add and TP of Rp3,650 for XL, our top Indonesian telco pick.