Axiata Group
AXIATA MK, BUY, CP 2.02, TP 2.66, Mkt cap: 4,748m, ADV: 6.8m
* Initiate with a BUY. Expect steady earnings growth at Celcom.
Potential debt restructuring at XL could be a catalyst.
* Idea to make its maiden earnings contribution in 4Q09, and account for
11% of Axiata's earnings in 2011E.
* TP: MYR2.66, based on SoTP. Three-year earnings CAGR of 17%.
2009E: P/E 15.5, P/B 0.9, ROE 7.0, Yld -
2010E: P/E 11.5, P/B 0.9, ROE 8.2, Yld -
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