Maxis turns up the heat a bit. Maxis' new plan is aimed at
winning back market share but the challenge appears rather weak for now.
However, there is a risk it may turn up the heat in future. This poses
downside risk to Digi's revenue guidance, which the telco has
maintained. We retain our 7% 2012 revenue growth and 4.5% net profit
growth forecasts for now. Management is also signalling the way for
another 8.9 sen/share in capital to be returned may not clear up for
some time yet. Maintain HOLD. Our target price is based on DCF.
Maybank Research 26 March 2012
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