CIMB Equities Research is maintaining its Outperform call and sum-of-parts based target price of RM4.95 for Axiata Group Bhd.
It said on Monday, July 19 that likely catalysts are further earnings surprises. While consensus estimates are rising, it still thinks that the market is behind the curve, it added.
“Our forecasts are 21%-23% above consensus although the gap is down from 30%-34% two months ago. Axiata remains our top Malaysian telco pick but XL Axiata is our favourite regional telco play,” it said.
Written by CIMB Equities Research
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