Maybank upgrades Axiata to 'buy' TP RM6.70 (6888)

Maybank Research upgraded Malaysian mobile phone operator Axiata Group
Bhd to "buy" from "hold" after the company reported a higher net profit
for the first half of 2012.

"The latest results suggest that
declining margins that had been the major negative in previous quarters
are stabilising," Maybank said in a research note on Monday.

It also noted that Axiata's cashflow is improving rapidly and could
lead to higher dividends from the financial year 2013 onwards.

Axiata announced an interim divided of 8 sen for the first half of 2012.

Maybank raised the target price for Axiata to RM6.70 per share from RM5.30.

Kenanga Research, meanwhile, raised the target price for Axiata to 6.33
ringgit per share from 6.25 ringgit, also following the company's
results.

Kenanga raised its net profit projections for Axiata
by 0.8 to 1.1 percent for the full financial years 2012, 2013 and 2014
and maintained its "market perform" call on the stock.

At
9.42am, shares in Axiata were up 2.84 percent at RM6.16 while the
Malaysian benchmark stock index was up 0.46 percent. -- Reuters

haha... i think HDBS announce wrongly