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Thursday, February 24, 2011

OSK Research Raises Target Price For Axiata To RM5.83

KUALA LUMPUR, Feb 24 (Bernama) -- OSK Research has raised its target price for Axiata Group to RM5.83 from RM5.80 previously.

The research firm said the group's 2010 result was in line with its expectations.

"As expected, Axiata booked the earlier flagged impairment charge on Idea, which contributed to the headline loss in fourth quarter 2010. Core earnings were nonetheless in line with our expectations," it said in a research note today.

Another research firm, ECM Libra Investment Research also said Axiata's 2010 result was in line with its expectations.

It maintained a "buy" recommendation on the company's stock with target price adjusted downward to RM6.08 from RM6.25 previously.

"We make minor changes to earnings as we lower Robi's earnings before interest, taxes, depreciation and amortization (EBITDA) margins assumption.

"As we mark-to-market the latest closing prices of Idea, Dialog and M1, our sum-of parts derived target price is adjusted downwards to RM6.08 from RM6.25," it said.

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