EXCL - Sees exponential growth for XL Satu

XL Axiata (EXCL) reported a 40% yoy growth in XL Satu product, or converged mobile and fixed broadband product as of 1Q23. The realization is higher than targeted 30% yoy. (Source: Bisnis) Comment: EXCL as the pioneer of FMC service seems to have gained advantage, thanks to its accelerated fiber roll out. In order to further penetrate fixed broadband and FMC, EXCL and LINK will involve in transformation whereas the latter will divert its fixed broadband customers in exchange of EXCL's fiber asset. That way, EXCL will be focused on customers product while LINK on fiber infrastructure expansion. With this transformation, EXCL eyes to reach 8mn homepases in the next 5 years.