EXCL - Forges partnership with Catchplay

EXCL - Forges partnership with Catchplay XL Axiata (EXCL) has forged partnership with a streaming content provider, Catchplay. As a part of partnership, EXCL's subs will be allowed to access subs fee through the company's apps, including XL and Axis with an affordable price ranging IDR4,100-IDR11,800. (Source: Bisnis) Comment: We deem forging partnerships with various streaming services are necessary to prop up growth of its-topline, that mostly boosted by data traffic esp. video streaming, which is considered to be data hungry. In addition, the partnership is also meant to improve EXCL's value added service. Maintain BUY call with a target price of IDR2,950 per share, representing EV/EBITDA '24 at 3.0x or within -1SD 5 year average mean.