· XL Axiata is optimistic it will book 40mn of total subscribers, which will make it hold the second largest position in Indonesia. The company has increased its target from its original expectation of 36mn subs as the company’s 9M10 data showed total subscribers of 38.5mn.
· The company has allocated US$450mn for 2010F capex in order to boost its subscribers where the company is currently supported by 21,650 units of BTS to serve its consumers.
· EXCL is trading at 2011F consensus PER of 13.7x and EV/EBITDA of 5.8x.
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