AXIATA (TP RM3.77– BUY) 9MFY09 Results Conference Call : Going Great Guns
Axiata remains our preferred exposure to the domestic and regional telecoms space. Following the conference call with management, we raise our FY09-FY11 forecasts by 4.1%-9.7%, reflecting a more bullish view on the prospects of its overseas and local mobile businesses after the strong 3Q09 showing. Our SOP target price is upgraded to RM3.77 from RM3.68 on adjusting for the valuations of its overseas assets and incorporating our recently upgraded forecast on XL. Reiterate BUY.