Top Story : Axiata – Mixed outlook for regional cellcos. Outperform
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♦ Having addressed congestion issues late-2009, management remains positive on the growth potential in the mobile broadband segment. This is mainly due to: (1) The low broadband penetration in Malaysia suggesting that there is still tremendous room for this segment to grow; (2) Different market segmentation (not all players are focusing on the mobile broadband segment); and (3) Marketing activities for Celcom have started to intensify following the recent network upgrade.
♦ Management indicated that XL is unlikely to engage in M&A activities in Indonesia as management opines that the benefits from such an exercise do not appear to be compelling enough.
RHB Equity 360°( Axiata, Furniture, Kossan; Technical: IJM ) -22/04/2010
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