Nothing to see for now. The seasonally weaker 1Q12 came in at 22% of our
full year forecasts, in line with expectations. Data grew strongly but
at the expense of margins and free cashflow, a double whammy that is
unlikely to lift until 2013. Regulatory risks in India and Bangladesh
are key concerns, as are rising competitive risks in Malaysia courtesy
of Maxis. Maintain HOLD with a raised EV-derived TP of MYR5.30 (+4%).
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Source: Maybank Research - 23 May 2012
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