Maybank ups Maxis to buy
KUALA LUMPUR, June 4 — Maybank IB Research raised its call on Maxis Bhd to buy from hold previously after the mobile phone operator announced stronger-than-expected earnings in its first quarter results.
“We raise our forecasts to show 5.8 per cent growth in core profits in the fiscal year ending Dec 31, 2012 (FY2012) and 7.4 per cent in FY13,” said Maybank IB in a research note on Friday.
The research house also raised its FY12 and FY13 revenue forecasts up 2-4 per cent and net profit up 5-7 per cent.
Maxis announced on Thursday that its Q1 ending March 31, 2012 net profit rose 6.1 per cent to 572 million ringgit, contributing the better performance to lower write-offes in property, plant and equipment.
Maybank revised its target price upwards to RM6.80 per share from RM5.70 previously.
As of 0212 GMT, Maxis shares rose 0.16 outperforming the Malaysian benchmark stock index, which fell dropped 0.52 per cent. — Reuters