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NewsAlliance Research maintains Neutral on Axiata, cuts target price to RM6.40
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Alliance Research maintains Neutral on Axiata, cuts target price to RM6.40
by Cals Fri 02 Aug 2013, 09:59
Alliance Research maintains Neutral on Axiata, cuts target price to RM6.40
Business & Markets 2013
Written by theedgemalaysia.com
Friday, 02 August 2013 08:42
KUALA LUMPUR (Aug 2): Alliance Research has maintained Neutral on Axiata Group Bhd at RM6.83 and lowered its target price to RM6.40 (from RM7) and said XL’s 2QFY13 results came in below expectations as revenue growth was slower than expected, while margins remained under pressure due to price adjustment strategy to improve its positioning and affordability perception in the market.
In a note Friday, the research house said Axiata’s management also revised its revenue growth guidance for 2013, which underpinnned the 1.4-4.8% cut in Alliance Research’s FY13-15 earnings forecasts for Axiata.
“Coupled with the increase in our WACC discount rates assumptions given rising government bond yield, our TP for Axiata is thus revised downwards to RM6.40 (from RM7.00 previously).
“Maintain Neutral given the relatively muted growth outlook,” it said.
Business & Markets 2013
Written by theedgemalaysia.com
Friday, 02 August 2013 08:42
KUALA LUMPUR (Aug 2): Alliance Research has maintained Neutral on Axiata Group Bhd at RM6.83 and lowered its target price to RM6.40 (from RM7) and said XL’s 2QFY13 results came in below expectations as revenue growth was slower than expected, while margins remained under pressure due to price adjustment strategy to improve its positioning and affordability perception in the market.
In a note Friday, the research house said Axiata’s management also revised its revenue growth guidance for 2013, which underpinnned the 1.4-4.8% cut in Alliance Research’s FY13-15 earnings forecasts for Axiata.
“Coupled with the increase in our WACC discount rates assumptions given rising government bond yield, our TP for Axiata is thus revised downwards to RM6.40 (from RM7.00 previously).
“Maintain Neutral given the relatively muted growth outlook,” it said.
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