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
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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