Two Saudi Arabian telecom stocks have delivered the best returns in the nation’s equity market this year in a rally spurred by retail investors betting on reaping dividends. Most analysts see the gain as unsustainable.
Mobile Telecommunications Co., or Zain KSA, and Etihad Etisalat Co. have risen more than 43% this year, almost three times the advance in the main Saudi index. Analysts surveyed by Bloomberg are skeptical and have average target prices for the stocks that indicate a discount of about 10% and 20% from their current values, respectively...............
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