We see a tactical opportunity for EXCL on the back of a potential merger with FREN (Not Rated). Our calculation indicates that EXCL's merger valuation should be around Rp2,400-2,800/share
Maintain Outperform on merger opportunities
We see a tactical opportunity for EXCL on the back of a potential merger with FREN (Not Rated). Our calculation indicates that EXCL's merger valuation should be around Rp2,400-2,800/share