Axiata Group Berhad : Improvements Gaining Momentum - 31/5/2010

♦ In line. 1QFY10 core net profit of RM594.5m accounted for 28.5% of our and 29.8% of consensus full-year estimates respectively. However, we consider the results to be within expectations as the group’s 1Q effective tax rate (ex-EI) stood at a low 21.4% (vs. our full-year assumption of 32%) and this tends to fluctuate, as witnessed in the previous quarters.