Elevator Pitch
I maintain my "Bullish" rating on Indonesia-listed PT XL Axiata Tbk (PTXKY) (PTXAF) [EXCL:IJ]. XL Axiata's share price fell to a 6-month low of IDR 2,620 on February 14, 2020, due to concerns over competition in the mobile space and lower revenue growth guidance. Negatives have largely been priced in at current valuations for XL Axiata, and proceeds from the recently announced sale of towers will help the company to deleverage and reduce interest expenses. More importantly, XL Axiata has a long growth runway ahead, because of the company's growth potential in ex-Java