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Premier Insight : EXCL, plans to repay USD debt earlier than maturity (maturity within 1Q19)
Friday, December 07, 2018       09:24 WIB

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: XL Axiata ( IJ; Rp1,950; Buy) plans to repay USD debt earlier than maturity (maturity within 1Q19). The company said that it has paid 33% of the USD debt (USD100mn) in October and intends to repay remaining USD200mn earlier than maturity period in 1Q19. As repayment is done within interest payment schedule, there will be no additional penalty from the early repayment, according to . As of 9M18, all of 's external USD loans are fully hedged (ceiling rate of Rp14.6K/USD) until maturity. (Company)
Comment: If repaid its remaining USD200mn debt (accounted c. 20% of 's 3Qtotal debt), this might give slight positive sentiment to temporarily (company still exposed to forex risk from USD capex, accounted c.45% of total capex)). We will monitor competition in 4Q18 as Telkomsel prev. said further monetization will depend on competitors' pricing strategy. We have a Buy for with TP Rp3,000.


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