XL Axiata (EXCL IJ): Back in black

XL Axiata (EXCL IJ)
BUY / TP: IDR:4,100 (+43.3%)
Analyst: Chandra Pasaribu

1H19: Building up buffers
• Better than expectation
• Market dynamics heightened
• Earnings upgrade from higher EBITDA margin
• We re-iterate our BUY recommendation