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Wednesday, March 2, 2011

Axiata remains top telco pick for OSK

Axiata Group Bhd, under the continued leadership of Datuk Seri Jamaludin Ibrahim, is well positioned to becoming a regional champion by 2015, says OSK Research.

Yesterday, Axiata announced it had renewed the contract of president and group chief executive officer (CEO) Jamaludin, for another three years.

He joined Axiata in 2008 as CEO following the demerger of the group (previously TM International) from Telekom Malaysia Bhd.

"Axiata remains our top pick for exposure to the telecoms sector. Our target price is retained at RM5.83," the research firm said in a note today.


"We like the stock's robust growth prospects, marked by its regional footprint in Indonesia, Sri Lanka, Bangladesh and India, and potential for further capital management," it added.

OSK said Axiata's market capitalisation had doubled from the point of demerger (effective April 24, 2008) to RM41.4 billion currently.

"We note that the market capitalisation of a few of Axiata's wholly-owned subsidiaries including, 66.7 owned XL Axiata and 86.8 per cent owned Dialog Axiata, which are listed on their home exchanges have also surged over the past three years," it highlighted.

The research firm said Axiata's market capitalisation is currently ahead of Maxis'. Jamaludin served as Group CEO of Maxis before his official retirement in July 2007.

During his tenure in Maxis, the company's market capitalisation soared to RM39 billion in 2005 - prior to the privatisation - on the back of a 20-fold increase in revenue to over RM7.6 billion. -- Bernama

Source: The Edge Malaysia
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