Moody's Ratings: Peringkat BAA3 EXCL Pasca Merger

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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.

Transcript

00:00Game Plus Arcade, available only on RCTE Plus Super App.

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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.

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