[%alBp%]
Research by HLIB
HOLD– TP RM2.71

"XL 1H24 results”

XL’s 1H24 core PAT of IDR1tn (+58% YoY) was a beat thanks to lower-thanexpected cost structure. Sequentially, total base added 900k QoQ to 58.5m subs as prepaid sub base gained. Both prepaid and postpaid ARPUs increased in 2Q24. Improved service quality with 4G coverage expansion while shutting down 3G footprints. Data growth remains solid supported by network quality and smartphone adoption. XL Home subs topped 267k as convergence penetration reached 81%. XL Satu Fiber is available in 104 cities now. Maintain HOLD on Axiata with unchanged TP of RM2.71.

 Analyst:
Tan J Young
[%oLJR%]

$KLSE-AXIATA
Research by HLIB
HOLD– TP RM2.71

"XL 1H24 results”

XL’s 1H24 core PAT of IDR1tn (+58% YoY) was a beat thanks to lower-thanexpected cost structure. Sequentially, total base added 900k QoQ to 58.5m subs as prepaid sub base gained. Both prepaid and postpaid ARPUs increased in 2Q24. Improved service quality with 4G coverage expansion while shutting down 3G footprints. Data growth remains solid supported by network quality and smartphone adoption. XL Home subs topped 267k as convergence penetration reached 81%. XL Satu Fiber is available in 104 cities now. Maintain HOLD on Axiata with unchanged TP of RM2.71.

 Analyst:
Tan J Young
jytan@hlib.hongleong.com.my