Key Indices
Top Stories
Company Update | XLSMART Telecom Sejahtera (EXCL IJ/BUY/Rp1,520/Target: Rp3,600)
- We maintain BUY with an unchanged target price of Rp3,600, pending further assessment following 3Q26 results and the earnings call. EXCL’s 3Q26 earnings could remain under pressure from weaker mobile revenue trends, although integration costs and accelerated depreciation are nearly fully recognised. Its improving 5G network quality, faster speeds and extensive spectrum portfolio could strengthen its competitive position and attract higher-value subscribers. As merger costs taper and US$250m-300m synergies materialise, EXCL could follow ISAT's post-merger re-rating path.
Technical Analysis
Energi Mega Persada | ENRG IJ
- Trading Buy Range: We have a technical Buy at Rp610, and take profit at Rp665.
Sumber Alfaria Trijaya | AMRT IJ
- Trading Buy Range: We have a technical Buy at Rp955, and take profit at Rp1,020.
Top Stories
Company Update | XLSMART Telecom Sejahtera (EXCL IJ/BUY/Rp1,520/Target: Rp3,600)
- We maintain BUY with an unchanged target price of Rp3,600, pending further assessment following 3Q26 results and the earnings call. EXCL’s 3Q26 earnings could remain under pressure from weaker mobile revenue trends, although integration costs and accelerated depreciation are nearly fully recognised. Its improving 5G network quality, faster speeds and extensive spectrum portfolio could strengthen its competitive position and attract higher-value subscribers. As merger costs taper and US$250m-300m synergies materialise, EXCL could follow ISAT's post-merger re-rating path.
Technical Analysis
Energi Mega Persada | ENRG IJ
- Trading Buy Range: We have a technical Buy at Rp610, and take profit at Rp665.
Sumber Alfaria Trijaya | AMRT IJ
- Trading Buy Range: We have a technical Buy at Rp955, and take profit at Rp1,020.
Key Indices
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