Switch to Telekom. We are downgrading our call on DiGi.Com to a Hold following a very successful Buy call in October. Since then, the stock has surged by some 16% and outperformed the KLCI by 15%. Given a lack of further catalysts other than the stock split that occurred post-upgrade, and the fact that recent results by all the telcos suggest the Malaysia telco market is now in the grind phase as they combat declining voice revenue and slowing data growth, we would prefer to take the money first. Switch to Telekom Malaysia. Our EV-based TP of RM3.46 is maintained.

Maybank research (2 December 2011)

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