Axiata investment opportunity follow up

After reading the CIMB report on Axiata, they point out that 50% of revenues come from Celcom and another 40% from the Indonesia subsidiary. I conclude there is probably little investment opportunity because revenues largely rely on a recovery in exports and Asia. Sure if Asia recovers exceptionally well, Axiata will go up but so will lots of other stocks. But most likely, Axiata is priced correctly at this time and not much of an opportunity as I first thought.