Bursa Malaysia Stock Watch
Axiata Group: Upgrade to Buy - Cashflow On The Mend
kltrader
Publish date: Mon, 03 Sep 2012, 11:24 AM
kltrader
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This blog provides consolidated Bursa Malaysia stock market research, analysis, news and blogs from various sources. You can search and find all the past analysis and coverage on stocks and news by searching within this site. While this blog re-publishes contents from other sites, it does not own the rights nor responsible for the accuracy of the contents. If you disagree to your content from being published here, please add a comment, and your article will be removed from this site.
- Upgrade to BUY. We are upgrading Axiata to a BUY for the following reasons. One, the latest results suggest that declining margins that had been the major negative in previous quarters are stabilising.
- Two, challenges on the regulatory and currency fronts are well known by the market and already factored into the share price.
- Three, free cashflow is improving rapidly, and this could lead to higher dividends from FY13 onward. Axiata has already doubled its interim dividends this time round. Our EV-derived TP is MYR6.70 (MYR5.30 previously).
Source: Maybank Research - 3 Sept 2012
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