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Axiata hits 17-month high on financials

Axiata hits 17-month high on financials

KUALA Lumpur-based mobile operator Axiata, which runs Cambodian telecoms firm Hello, started last week brightly by climbing 4.3 percent to a 17-month high of 3.89 ringgits (US$1.16) on March 1, as Citigroup backed the company the same day as the pick of Malaysia’s telcos.

The best performer this year on the Bursa Malaysia fell, however, over the remainder of last week despite a Friday rally that saw the stock rise 0.3 percent by the close to 3.87 ringgits.

Axiata on February 24 announced a $164 million profit for the last quarter, as subscribers rose 34 percent in its regional markets, which included a
30 percent increase in active Cambodian users, overall results that led financial analysts to single out the stock for future gains.

Rival Vimpelcom, which operates as Beeline in the Kingdom, posted a strong end to last week, rising 2.73 percent Friday on the New York Stock Exchange to $18.45. The stock was down 0.54 percent for the week.

Analysts are predicting the Moscow-based operator will post healthy group earnings when fourth-quarter results come out Wednesday.

OZ Minerals, which operates a number of mining concessions in eastern Cambodia, last week recorded a turnaround to a recent bad run.

The stock soared 7.69 percent over the past five days trading in Sydney, culminating in a 2.27 percent rise by Friday’s close to A$1.12 (US$1.02) after RBC Capital on Wednesday raised the stock to “outperform”.

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