Friday 29 Mar 2024
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KUALA LUMPUR (Aug 2): Kenanga IB Research has maintained its “Underperform” rating on Axiata Group Bhd at RM5.02 with a higher target price RM4.55 (from RM4.30) and said XL Axiata (XL)’s 1H19 normalised earnings came above expectations, led by a better operating cost environment amidst strong subscriber growth.

In a note today, the research house said near-term outlook appears to be similarly driven, as customer upselling picks up while a greater presence in the ex-Java region could pave the way for more new customers.

“Adjusting for higher earnings from XL, our SoP-driven TP is raised to RM4.55 (from RM4.30). Maintain Underperform,” it said.

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