Bursa Malaysia Stock Watch
Citigroup ups Axiata to buy
kltrader
Publish date: Thu, 14 Jan 2010, 12:13 AM
kltrader
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Citigroup ups Axiata to buy: "
"
I think if you have extra money, you may put some in AXIATA.
Written by Reuters
Tuesday, 12 January 2010 00:13
KUALA LUMPUR: Citigroup has upped Axiata Group Bhd to buy from sell, with the target price raised to RM3.80 from RM3.10.
'We believe this out-of-favour stock (foreign institutional ownership now 6.4% from 21.4% in 2Q08) deserves another look.
'Axiata's large valuation discount to its Malaysian wireless telco peers prompts our upgrade from a sell/medium risk rating.
'While the capital management attractions of its peers are absent here, Axiata's growth prospects driven by overseas investments stand out. We estimate 17.4% three-year EPS CAGR. Our new SOTP-based target price is RM3.80; we raise 2009-2011 net recurring profit estimates 0.7%-2.5%,' Citigroup said.
Axiata closed unchanged at RM3.16 after falling to an intra-day low of RM3.11 and subsequently rising to a high of RM3.18. — Reuters
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