I think if you have extra money, you may put some in AXIATA.
Written by Reuters
Tuesday, 12 January 2010 00:13
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