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Axiata’s Strategic Pivot: Transformation or Illusion?
Axiata once built its reputation as a sprawling mobile operator across Asia. Today, it claims to have transformed into a regional digital connectivity platform, with ventures in fintech, infrastructure, and enterprise services.
The story is compelling: exits from risky markets, mergers to consolidate strength, and a shift toward platform-driven growth. On the surface, this looks like a company ready to ride Southeast and South Asia’s booming digital wave.
But when you peel back the numbers, the picture is less inspiring. Over the past decade, revenue has barely grown, returns on capital still trail the cost of capital, and margins remain stuck. Even compared with peers, Axiata ranks near the bottom on profitability and shareholder returns.
So the question is — has Axiata truly pivoted into a stronger, value-creating business, or is this just another corporate reinvention that sounds better than it performs?
My deep-dive analysis suggests cautious optimism but no margin of safety at today’s price. Axiata may be worth watching — but is it worth buying yet?.
