- Still good for now. Despite the stock's outperformance in 2012, we are maintaining our BUY call with a higher target price of MYR6.61. 2Q12 results were within our expectations. While 2H12 is likely to be more challenging given the prospect of increasing competition driven mainly by Maxis, as well as rising costs, we believe TM is well prepared on all fronts.
- Also, we believe Maxis will remain rational in its competition and will not send the industry into a tailspin.
Source: Maybank Research - 30 August 2012
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