KUALA LUMPUR: RHB Research Institute is maintaining a sum-of-parts fair value of RM5.75 for Axiata.
'Given the recent steep rise in the share price, we downgrade Axiata from Outperform to Market Perform,' it said on Monday, Feb 21.
RHB Research believes Axiata's 4Q10 core net profit (due on Wednesday, Feb 23) should come in within expectations.
'We expect 4Q10 revenue growth to be high single digit on-year driven largely by: (1) strong revenue growth at XL and Dialog (+16% and +12% on-year respectively); and (2) steady high single digit revenue growth at Celcom, underpinned by larger mobile and broadband subscriber base,' it said.
'Given the recent steep rise in the share price, we downgrade Axiata from Outperform to Market Perform,' it said on Monday, Feb 21.
RHB Research believes Axiata's 4Q10 core net profit (due on Wednesday, Feb 23) should come in within expectations.
'We expect 4Q10 revenue growth to be high single digit on-year driven largely by: (1) strong revenue growth at XL and Dialog (+16% and +12% on-year respectively); and (2) steady high single digit revenue growth at Celcom, underpinned by larger mobile and broadband subscriber base,' it said.
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