XL Axiata (EXCL) has recently issued Rp2.18 trillion worth of Sukuk, proceeds of which would refinance existing debentures. Investors responded well the successful fund raising with 32.5% gain year-to-date. Still, EXCL is now valued only 1.5 x equity, nearly half the valuation of Indosat’s equity and one-third of market leader Telkom (TLKM).To subscribe please click here