XL Axiata (EXCL IJ): Flattish performance

XL Axiata (EXCL IJ)
BUY / TP: IDR:2,960 (+35.8%)
Analyst: Chandra Pasaribu

Flattish performance
• Operations were within estimates
• Continue to display soft operating matrix
• Post-merger consolidation to start in 2Q25
• Downgrade in earnings, unchanged TP IDR2,960