Moody's Ratings menegaskan, peringkat BAA3 PT XL Axiata Tbk (EXCL) pasca pengumuman merger dengan PT Smartfren Telecom Tbk (FREN). Di mana Moody's Ratings juga mempertahankan prospek stabil.
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00:05In the next segment, we'll be taking a closer look at some of the topics that we've covered in the previous segment.
00:12In this segment, Moody's Rating ranked BAE3, PTXL, Axiata, TBK, or XL,
00:19after the merger announcement with PTS, Smartfren, Telekom, TBK, or Fren,
00:22where Moody's Rating also maintained a stable prospect.
00:30In Moody's official statement, it was explained that this ranking was followed by the Axiata announcement on December 11th,
00:37regarding the plan to merge business with PT Smartfren, Telekom, TBK.
00:41XL will be the merger company and will change its name to PTXL, Smart Telekom, Sejahtera, TBK, or Mergeco.
00:49Suetta Pattodia, Vice President and Analyst of Moody's Rating, said
00:54the merger company will benefit from a larger scale, better market position, better network quality,
01:01but will face risk of integration and execution, as well as uncertainties regarding financial policy in the future.
01:08According to Moody's, after the merger announcement, the relationship between Mergeco and Axiata Group will significantly decrease.
01:15However, Moody's believes that Axiata and Sinarwas, each of which will have 34.8% shares in Mergeco,
01:22will be a supporting shareholder.
01:24Moody's considers Mergeco as an important investment and strategy for Axiata and Sinarwas,
01:30considering the large Indonesian market.
01:32In addition, there is hope that Mergeco will become a regular dividend contributor.
01:38Based on the performance of the merged business,
01:41Mergeco will have an income of 45 trillion rupiah and a debt of 22 trillion rupiah for the last 12 months of September 2024.
01:49This will strengthen its position as the third largest telecommunications company in Indonesia.
01:54However, Mergeco's market share is 27% based on a merger customer base of around 95 million rupiah.
02:01The possibility will decrease for the next 12 months, considering the loss of the same customer.
02:06This merger will create opportunities for cost savings and synergy,
02:10including the optimization of infrastructure and rationalization of sales and distribution channels.
02:20Sum Excel
02:24Sum Excel
02:29And viewers, throughout today's broadcast, technically,
02:33Sum Excel is moving in the green zone after the previous day was under pressure
02:38when the certainty of this merger was announced by related emitters.
02:43Let's go straight to the first graphic, viewers.
02:46We will take a look at the movement of Sum Excel throughout today's trading.
02:51It was opened in the first session this morning at 2,280.
02:55After the previous closing of trading on December 12,
02:59Sum Excel Asia was closed at 2,260.
03:059 minutes past 10, the strengthening of Sum Excel was more limited at 2,260.
03:119 minutes past 10, the strengthening of Sum Excel was more limited at 2,260.
03:20At 11.30, the closing of the first session, the strengthening was more limited at 2,280.
03:27And the strengthening was more limited when the second session was opened at 2,270.
03:34Meanwhile, the current position of Sum Excel at 2,280 is 0.88%.
03:42Let's move on to the next graphic.
03:44We will try to see what the movement of Sum Excel is like, at least in the last six months.
03:50To the next graphic, viewers.
03:51On the 14th of June, Sum Excel was still traded at the level of 2,080.
03:57As well as Augustus, still at the same level.
04:00Even though there was a price fluctuation for Sum Excel,
04:05but at certain dates, the position was the same at 2,080.
04:09On the 5th of September, Sum Excel traded at 2,300,
04:14precisely at 2,360.
04:16And this is the highest intraday level in the last six months,
04:19October, November, and December.
04:22This tends to experience pressure again.
04:24Even though in December, Sum Excel tried to rise again.
04:29We will try to see from the valuation side with some indicators.
04:33To the next graphic, viewers.
04:35We will try to see from the price-to-earning ratio side.
04:39There is a range of 17.05x,
04:42PSR at 0.89x,
04:44PBV at 1.17x,
04:46and PCFR at 1.51x.
04:50Yes, a combination of fundamental, technical, and also from the valuation side.
04:55And hopefully it can be one of the references for you.