Xlsmart Telecom Sejahtera is likely on track with its transformation, leveraging its additional spectrum for 5G expansion, Maybank Sekuritas Indonesia's Etta Rusdiana Putra says in a research report. This should increase the Indonesian mobile telecom company's competitiveness as it tactically expands city by city, the analyst says. The adoption of 5G leads to lower costs per gigabyte, as it offers higher data throughput. The brokerage likes the company for its structural transformation and support from its parents' international and domestic backbone network. The brokerage maintains the stock's buy rating, but lowers the stock's target price to 3,600 rupiah from 4,100 rupiah to reflect a valuation rollover. Shares are 1.3% higher at 2,400 rupiah. (ronnie.harui@wsj.com)