XL Smart (EXCL IJ): Consolidation in motion

XL Smart (EXCL IJ)
HOLD-OPF / TP: IDR:2,720 (+5.0%)
Analyst: Chandra Pasaribu

Consolidation in motion
• Consolidation effective mid-April 2025
• Enlarged Operation matrix
• Management guidance
• Our post-consolidation target price (TP) is IDR2,720, which offers limited upside so we thus downgrade to HOLD-OPF