KUALA LUMPUR: OSK Research keeps Buy call on Axiata, target price RM3.77 ahead of its Indonesian operations, XL Axiata (XL) FY09 results on Thursday, Feb 11.
OSK Research expects XL to close 2009 on a high note, achieving milestones in revenue and core earnings and outperforming consensus and its expectations.
"We estimate that 4Q09 revenue grew 17% q-o-q, eclipsing the 7.2% q-o-q growth in 3Q09, translating into FY09 revenue growth of 14% on stronger subs addition," it said.
Following the resolution to its heavy balance sheet via an earlier cash call, the next major re-rating catalyst for the stock would come from the improvement in share liquidity.
OSK Research maintains its NEUTRAL rating pending the results announcement and would review its call, forecasts and target price post the conference call with management.
"In view of the scarcity of its shares, investors should seek exposure via Axiata (Buy, TP: RM3.77), its parent listed on Bursa Malaysia, for a more holistic regional mobile play," it said.
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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