EXCL - Forges partnership with MNC's Vision+

XL Axiata (EXCL) has forged partnership with MNC's Vision+ in a bid to improve its value-added its converged product, XL Satu. As part of partnership, the company will roll out more affordable sports broadcasting package Vision+ Premium Sports, costing IDR35 K/ month for XL Satu customers. (Source : Antara) Comment : As race of FMC products started to gain momentum in Indonesia's telco, it is necessary for MNOs to enrich its offerings in order to improve customer's loyalty as well as revenue per user. Over the long run, FMC should trigger a shift in competition landscape from price-based to service-based as industry matures. All in all, we remain sanguine with EXCL especially on its undemanding valuation.