XL Axiata (EXCL IJ): Three-player market

XL Axiata (EXCL IJ)
BUY / TP: IDR:2,960 (+30.4%)
Analyst: Chandra Pasaribu

Three-player market
• Immediate impact
• Synergy value creation is set to be US$300-400mn
• Potential value up to IDR3,230
• Maintain BUY