PETALING JAYA: Axiata Group Bhd
should be seen as an asset-monetisation play rather than an earnings play, analysts say.
CGS-CIMB Research said the move by the regional telco group to sell its 80% stake in NCell Axiata Ltd in Nepal last year and the deconsolidation of Celcom in 2022 are part of a recapitalisation exercise by Axiata, which should lead to its revised net asset value (RNAV) increasing and the discount to share price narrow.
