Wednesday, May 20, 2015

Affin Hwang Capital Daily Insight (LV) - 20 May 2015 - AXIATA / STAR


Top Calls

Results Note � Axiata (HOLD, upgrade)

- A restrained start

Axiata
�s 1Q15 were within expectations. Revenue growth on yoy basis looks on track, but EBITDA margins are facing a bit of pressure at Celcom and XL. It is still early days and we believe EBITDA margins could recover going forward. Following the stock�s recent weakness, we upgrade to HOLD while TP is maintained at RM6.39.


Other Calls

Results Note � Star Publ. (HOLD, maintain)

- Continued weakness in print division



For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports.

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