Axiata 3Q2010 result

Axiata released its 3Q2010 result yesterday, the summary is as below:

3Q2010: Revenue at RM3.94b (+2.3% qoq), net income RM639m (+9.8% qoq)
9MYTD2010: Revenue at RM11.60b (+21.4% yoy), net income 2137.4m (+95.3% qoq)

Looking at the strong growth on the revenue and net income, Axiata seems to be still a good stock with strong fundamentals. Their subsidiary in Indonesia is making good money and even contributes more to Axiata Group than Celcom Malaysia from EBITDA view.

AmResearch (from AmInvestment Bank) is giving a BUY rating for Axiata with Target Price of RM6.40.