Highlights of the day
§
Maxis
(Company Update): To
continue dividend payout of 40sen? (Maintain HOLD, TP: RM5.69) [download
report]
We are mildly positive over Maxis’ stepped-up aggression in defending
its receding market share particularly in the prepaid market as we believe that
the incremental growth could be offset by thinner margin resulting from the
exceptional low rates offered. We believe Maxis could maintain its dividend per
share (DPS) of 40sen, representing >100% of dividend payout ratio (DPR),
assuming that Maxis borrows RM1bn in FY14 and FY15. We have revised our
valuation from the Discounted Cash Flow (DCF) method to Dividend Discount Model
(DDM) with a revised target price of RM5.69. Maxis remains a Hold given its
limited expected total return.
Other reports
Other Malaysian news
§ DRB-Hicom: Assures it
will not cut Proton vendors
§ MRCB: To build
linking bridges at KL Sentral
§ HELP
International: Co-founders not in hurry to sell stakes
§ Construction:
Rail work for east cost
§
Construction:
Enough funds for KVMRT
§ Hospitality:
40 hotels set for opening in Johor
§ Power: Indonesia
§
Property: Developers eyeing former Unilever plant site
in Bangsar
§ Economy: No intention
to review lending guideline, says Zeti
Global news
§ US
§ US: Consumer
confidence was little changed as outlook cools
§ Europe: Spain
§ UK
§ South Korea
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