[%kGyt%]
Research by Maybank
BUY – TP RM 3.20

"So far so good”

Axiata’s 2Q24 results were in line, with no material shifts in the operating momentum of most op-cos. Gearing improved, and Axiata remains on track for a 10sen annual DPS. Despite potential near-term headwinds, we continue to view Axiata’s overall risk-reward favourably, with sequential net profit recovery and balance sheet repair being potential re-rating catalysts. Maintain BUY with a lower SOP-based TP of MYR3.20 (-9%) 

Analyst:
Tan Chi Wei, CFA
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$KLSE-AXIATA
Research by Maybank
BUY – TP RM 3.20

"So far so good”

Axiata’s 2Q24 results were in line, with no material shifts in the operating momentum of most op-cos. Gearing improved, and Axiata remains on track for a 10sen annual DPS. Despite potential near-term headwinds, we continue to view Axiata’s overall risk-reward favourably, with sequential net profit recovery and balance sheet repair being potential re-rating catalysts. Maintain BUY with a lower SOP-based TP of MYR3.20 (-9%) 

Analyst:
Tan Chi Wei, CFA
chiwei.t@maybank-ib.com