The proportion of analysts who have a sell rating on the shares has increased to 39% this month from 25% at the end of May, signalling the carrier is overpriced. The shares are still trading about 8% above the consensus 12-month target of analysts, according to data compiled by Bloomberg.
“Temasek executing this block trade is suggesting that the stock is trading at a premium,” said Jason Sum, an analyst at DBS Bank Ltd. in Singapore. The investor is looking to re-balance its portfolio by offloading some shares, he said.
Morgan Stanley downgraded the stock to equal weight from overweight in mid-June, saying the strong fundamentals that led to its peer-beating rally have “played out.”
