Axiata Group

Axiata Group

Postby winston » Wed Jun 01, 2011 11:13 am

Not vested

Axiata Group Berhad [AXIATA MK] - Buy : Charms intact despite some challenges( RM5 / PT: RM5.8 )
Neeraja Natarajan; Sachin Gupta; Gopakumar Pullaikodi

Axiata reaffirmed its FY11F guidance of 10% revenue and EBITDA growth for the year, despite slower 1Q trends that were 2-4% below our expectations.

A sequentially weak quarter for XL, as well as strengthening of the Ringgit were key reasons.

Data is a key opportunity across the group, but with an eye on cost/capex efficiency as Axiata is still aiming to improve ROIC.

We continue to see upside to dividends, and Axiata’s mix of growth and valuation (of 13-14x FY11 PE) remains appealing. Maintain BUY.


Source: Nomura
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Re: Axiata Group

Postby winston » Wed Jan 09, 2013 8:55 am

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CIMB Research keeps Axiata an Outperform

KUALA LUMPUR: CIMB Equities Research keeps Axiata as an Outperform and its top Malaysian telco pick and among its preferred pick for the region for its potential dividend surprise.

"We expect Axiata to pay out 70%-80% of its FY12 earnings versus its guidance of 65% as Axiata sits on RM7.67bil cash at the holding company and has an underleveraged balance sheet with a net debt/EBITDA of 0.64 times - which we project will fall to 0.5 times in FY13," it said.

CIMB Research said DiGi (Neutral) is its next pick as it thinks there is room for it to rightsize its balance sheet if it pursues a business trust.

Meanwhile, Maxis slashed the price of its entry-level iPhone plan to claw back lost market share from DiGi, while Celcom has revamped its voice plans.

Separately, the telcos have accrued between RM500mil and RM750mil to the regulator for the universal service provision fund.

"Stripping out this sum, their net debt/EBITDA is 0.1-0.2 times higher. We make no changes to our forecasts and reiterate our Neutral stance on the sector as we see no re-rating catalysts," said CIMB Research.

Source: The Star
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Re: Axiata Group

Postby winston » Tue Sep 10, 2019 2:00 pm

vested

Key takeaways from Axiata’s conference call last Friday evening.

a) No further comments on the proposed merger with Telenor.

b) Axiata will focus on industry consolidation opportunities in Indonesia and Bangladesh,
which may or may not include a journey with Telenor. Axiata CEO, Tan Sri Jamaluddin
said that there have been a lot of other suitors even before the proposed merger with
Telenor.

c) In addition, Axiata will focus on infrastructure partnership in Malaysia. This may include
infrastructure sharing with the likes of Telekom Malaysia (TM) and Digi/Maxis. That said,
Tan Sri Jamaluddin said there will be no re-merger with Axiata.

To recap, a potential TM-Celcom merger was explored two years back, citing potential cost savings in the tune of RM1-2b, we estimate.

d) edotco ripe for monetisation / IPO.

Source: UOBKH
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Re: Axiata Group

Postby winston » Tue Sep 10, 2019 2:46 pm

vested

Aug 30, 2019

Recovery gaining momentum

2Q19 earnings recovery partly offset by higher taxation

Cut FY19-21 EPS by 17-19%

Planned merger with Telenor remains on track; negotiations to conclude latest by November

Expect near-term share price boost on merger news , maintain HOLD with revised RM4.60 TP

Source: DBS

https://researchwise.dbsvresearch.com/R ... =ehicekiia
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Re: Axiata Group

Postby winston » Thu Sep 12, 2019 8:47 am

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Aug 30, 2019

Axiata (AXIATA MK)

2Q19: Below Expectations, Sentiment To Improve With Clarity On Merger

Axiata’s 2Q19 core net profit rose 10% qoq and 6% yoy to RM229m.

This reflects cost savings at Celcom and turnaround of XL Axiata.

This brings 1H19 core net profit to RM438m (-17% yoy), below expectations.

We cut our 2019 net profit forecast by 8% to reflect lower NCell and Celcom 2H19 revenue trends and higher effective tax rates.

Proposed merger exercise is progressing well.

Maintain BUY.

Target price: RM5.50.

Source: UOBKH

https://research.uobkayhian.com/content ... 49a95a9868
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Re: Axiata Group

Postby winston » Tue Nov 29, 2022 11:37 am

Positive earnings trend
Gearing the main overhang for now


Axiata’s 3Q22 results were ahead of our/consensus expectations due mainly to Celcom’s outperformance.

There was no material tapering of Axiata’s overall frontier market earnings.

Maintain BUY with a lower MYR4.20 SOP-based TP (-7%) as we incorporate the Linknet and Philippines towers transactions.

A meaningful share price recovery hinges on further earnings recovery and balance sheet (gearing) repair, in our view.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/292045.pdf
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Re: Axiata Group

Postby winston » Wed Nov 30, 2022 7:08 am

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Merger to affect Axiata’s earnings quality

Axiata Group Bhd’s earnings quality is set to decline following the completion of the proposed merger between the Malaysian operations of Axiata under Celcom and Telenor’s controlled Digi.com Bhd.

The decline in Axiata’s earnings quality mainly stems from the loss of direct control over cash flow from wholly owned unit Celcom, which until now has contributed about a quarter of Axiata’s Ebitda.

It also noted a greater proportion of Axiata’s consolidated cash flow will come from higher-risk emerging markets.

“While such markets, including Sri Lanka, Bangladesh and Nepal, have better growth potential – they face more regulatory and volatility risk than Malaysia.


Source: The Star

https://www.thestar.com.my/business/bus ... gs-quality
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Re: Axiata Group

Postby winston » Mon Dec 05, 2022 11:16 am

Unlocking future value
Strategy pivot


“De-layering” was the buzzword in this year’s Investor Day, and will underpin Axiata’s transformation agenda in 2023-2025.

While net profit and dividend could potentially come under pressure during these years
(20sen 2024 DPS target is deferred), management expects the accompanying value illumination and growth prospect to uplift valuations.

Reiterate BUY with an unchanged MYR4.20 TP (SOP-based).

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/293358.pdf
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