While maintaining a buy call on the Axiata Group, AmInvestment Bank said it is reducing 2016 -2018 financial year ( FY16F-FY18F ) earnings due to the modernisation exercise by Celcom-Axiata Bhd which could impact service quality.
The research house had on Tuesday projected earnings to fall 6%-7% due to a 25% reduction in new subscriber intake assumptions to 15,000 a month for Celcom.
The lower assumptions for net subscriber additions stem from likely customer dissatisfaction with Celcom’s 4G connectivity in the Klang Valley, which may experience temporary disruptions over the next four months as the company upgrades its network infrastructure.
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The research house had on Tuesday projected earnings to fall 6%-7% due to a 25% reduction in new subscriber intake assumptions to 15,000 a month for Celcom.
The lower assumptions for net subscriber additions stem from likely customer dissatisfaction with Celcom’s 4G connectivity in the Klang Valley, which may experience temporary disruptions over the next four months as the company upgrades its network infrastructure.
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