JAKARTA (July 18): XL Axiata shares gain to highest since March 1 after this year’s drop depressed its valuation to attractive level, according to Alexander Margaronis, analyst at UOB Kay Hian.

* Shares gain as much as 8.4%, volume ~38% of 3-month average

** Shares -15% in 1H, pushing enterprise value/EBITDA ratio to as low as 3.69x, or more than 2-standard deviation below its 5-year average

* Shares +13% in July after +20% in June