EXCL - Eyes data & digital to grow higher yoy

XL Axiata (EXCL) is expecting data and digital revenue to grow c.9% yoy this year or slightly higher than last year's growth of 8.3% yoy. The higher data and digital revenue will be propped up by data traffic. (Source : Investor Daily) Comment: Management's projection is relatively in line with ours that is expecting data and digital to growth slightly higher than last year at 8.4% yoy. Although the competition has started to receed throughout last year and is likely to ease in 2023 as MNOs are aspired to adjust their pricing, we are of the view that data yield pressure are not past yet, as MNOs are also expanding into ex-Java by offering more affordable data package.