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Results Note – Axiata (REDUCE, maintain) - Weaker 1H13 hit by margin compression




Affin Hwang Investment Bank Bhd


01 Sep 2013





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1H13 core net profit down 6% yoy – inline with expectations Axiata’s 1H13 core net profit fell 6% yoy to RM1.3bn despite a revenue growth of 5.2% yoy to RM9.1bn. This was inline with expectations, accounting for 48% of our and street FY13 estimates. Recall that XL’s results disappointed (XL’s 1H13 accounted for 32% of our FY13 estimate), but this was partially negated by better-than-expected performance at Robi (Bangladesh) and Smart (Cambodia). Our FY13-15 forecast have been tweaked by -0.2%/-1.3%/-1.5% respectively. Management guided that there could be downside risk to its FY13 EBITDA growth KPI of +0.2% (vs our forecast of +1.8%; 1H13: -2.4% yoy). Our SOP derived target price is however unchanged at RM5.91.

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