If materialized, a merger of Indosat Ooredoo and Hutchison 3 Indonesia might leave two smaller players XL Axiata (EXCL) and SmartFren (FREN) option to merge or die. FREN, especially, might be under lot more pressures because of its years of losses, while EXCL’s bottomline improved significantly in the first nine months of 2020.To subscribe please click here
