The highlight at Axiata’s 3QFY11 results conference call was that the group is reviewing its stance on capital management. We believe this could be a major re-rating catalyst for the stock, going by its lower-than-peer dividend yield currently. We tweak our FY12-13 forecasts by -1% to 2%, while maintaining our FY11 projections. Our SOP FV is adjusted to RM5.60 (from RM5.50) after incorporating our latest valuation on XL and cash balance at the holding company level. Maintain BUY.
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