EXCL - Eyes 150K new convergence customers

XL Axiata (EXCL) is eyeing a growth of home connects for XL Home product to achieve 275% yoy this year, making up 450,000 home connects compared to last year's of 120,000 customers. With aggressive growth in fixed broadband product, EXCL targets 150,000 or one-third of which can be converted to convergence products. (Source : Investor Daily) Comment : Fixed broadband and development of FMC become a central theme for EXCL's growth traction this year. EXCL is front runner for FMC products and will continue to expand product offering by focusing on family and SME segments, while further enhancing its infrastructure capabilities. Fixed broadband has also become a new growth engine for MNO given saturating cellular market and low penetration of fixed broadband. Amid high capex requirement to develop FMC and fixed broadband, EXCL is adapting asset light approach through partnership and backbone sharing.