Axiata is set to announce its 3Q09 results on 30 Nov. We expect to see a robust set of numbers underpinned by:
(i) the sustained revenue momentum at Celcom,
(ii) strong showing at Excelcomindo (XL),
(iii) an improved Dialog, and
(iv) the larger contribution from its 14.99% stake in Idea Cellular.
We maintain our forecast, SOP target of RM3.68 and BUY recommendation pending the release of its results.
