Apr 23, 2010

AXIATA - Hold Target Price RM4.20

Axiata (RM3.75; Hold; Price Target: RM4.20; AXIATA MK)
KPI for FT10
Axiata announced its KPI for FY10F, after taking into consideration the competitive environment as well as social and economic development in the countries it operates in. Axiata aims to grow revenue by 12.1% and EBITDA by 14.1%. 

Given that these targets are just slightly below our current estimate of 14% and 15% respectively, we retain our Hold call on Axiata with a sum-of-parts TP of RM4.20. In our opinion, there is no visible catalyst for the near term.

by HWDBS Vickers