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Bharti Airtel
Earnings cut; risk-reward still
weak
�� Risk-reward appears weak; maintain underperform
Post disappointing 4Q, we have cut consol. EBITDA by 5% for FY12 & 10% for
FY13. Risk-reward remains weak in our view. Over next 6-12 mths margin outlook
for India & SE Asia operations still carries downside risk, and visible shift in mgt.
posture on Africa makes topline growth appear more difficult than before.
Visit http://indiaer.blogspot.com/ for complete details �� ��
Bharti Airtel
Earnings cut; risk-reward still
weak
�� Risk-reward appears weak; maintain underperform
Post disappointing 4Q, we have cut consol. EBITDA by 5% for FY12 & 10% for
FY13. Risk-reward remains weak in our view. Over next 6-12 mths margin outlook
for India & SE Asia operations still carries downside risk, and visible shift in mgt.
posture on Africa makes topline growth appear more difficult than before.