KUALA LUMPUR: OSK Research Sdn Bhd has lifted Axiata Group Bhd's 2013 financial year earnings forecast by three per cent, given its relatively good third quarter results for the 2012 financial year.

It said the earnings estimates for the 2012 financial year, however, was revised down by one per cent.

The group registered revenue and earnings before interest, taxes,
depreciation and amortisation growth of nine per cent and five per cent, respectively, for the nine-months ended Sept 30, 2012, surpassing earlier projections of 7.2 per cent and 4.5 per cent.

"Celcom continued to outflank Maxis and DiGi, reaffirming the success of its customer segmentation strategy in Malaysia, a major marketing lynchpin.

"After coming behind Maxis and DiGi for the past five years, it has since claimed the top spot in the youth segment and continues to make inroads into the mid-urban and suburban areas," it said in a research note.

OSK Research upgraded its call on the stock to a "buy" at a revised fair value of RM6.62. -- BERNAMA