PublicInvest Research has trimmed Axiata Group Bhd’s earnings forecast for FY16-FY17 by 7-8% and cut its discounted cash flow (DCF) based target price to RM6 from RM6.50.
“We cut our earnings forecasts for FY16-17 by 7-8% after factoring in higher cost, lower average revenue per user (ARPU) and subscriber growth at Celcom Axiata Bhd.
“We have also included the potential earnings contribution from Ncell Pte Ltd. Given the downward revision in our earnings forecasts, our DCF-based target price is cut from RM6.50 to RM6,” it said, adding that it has maintained a “neutral” call on the telecommunication group.
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“We cut our earnings forecasts for FY16-17 by 7-8% after factoring in higher cost, lower average revenue per user (ARPU) and subscriber growth at Celcom Axiata Bhd.
“We have also included the potential earnings contribution from Ncell Pte Ltd. Given the downward revision in our earnings forecasts, our DCF-based target price is cut from RM6.50 to RM6,” it said, adding that it has maintained a “neutral” call on the telecommunication group.
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