Axiata Group Bhd's share price rose to its highest since September 2008 in late afternoon on Thursday, July 29 after analysts upgraded the telco on expectations of further earnings surprises.
At 3.18pm, it was up 20 sen to RM4.35 in active trade with 26.74 million shares done.
CIMB Equities Research had maintained its OUTPERFORM call and sum-of-parts based target price of RM4.95 for Axiata.
"A likely catalyst for the stock is further earnings surprises. Our forecasts are 21-23% higher than consensus although the gap is down from 30-34% two months ago," it said.
CIMB Research said falling competitive risks in India should buoy the stock. Axiata remains its top Malaysian telco pick but XL Axiata remains its favourite regional play.
Written by Joseph Chin
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