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NewsRHB Research maintains Outperform on Axiata, FV RM6.60 (6888)
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RHB Research maintains Outperform on Axiata, FV RM6.60 (6888)
by hlk Thu 23 Aug 2012, 08:59
KUALA LUMPUR: RHB Research Institute is maintaining its Outperform call on Axiata with an unchanged sum-of-parts fair value of RM6.60.
“While
we expect Axiata's 2Q earnings growth to be flattish, earnings growth
should return in H2, driven mainly by steady performance in Celcom (in
addition to tax incentives), greater traction in XL's data business as
well as seasonality effect,” it said on Thursday.
RHB Research
believes Axiata may exceed the 65% payout guidance with the recent
issuance of Celcom's RM5bil sukuk (primarily utilised to refinance
existing debt) and establishment of a US$1.5bil (RM4.5bil) sukuk
facility.
“We currently forecast FY12 DPS of 20.4 sen based on
65% payout assumption. If we assume a 80% payout, this implies FY12 DPS
of 25.1 sen, translating into a decent yield of 4.2%,” it said.
“While
we expect Axiata's 2Q earnings growth to be flattish, earnings growth
should return in H2, driven mainly by steady performance in Celcom (in
addition to tax incentives), greater traction in XL's data business as
well as seasonality effect,” it said on Thursday.
RHB Research
believes Axiata may exceed the 65% payout guidance with the recent
issuance of Celcom's RM5bil sukuk (primarily utilised to refinance
existing debt) and establishment of a US$1.5bil (RM4.5bil) sukuk
facility.
“We currently forecast FY12 DPS of 20.4 sen based on
65% payout assumption. If we assume a 80% payout, this implies FY12 DPS
of 25.1 sen, translating into a decent yield of 4.2%,” it said.
hlk- Moderator
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