Maxis Bhd; Fully Valued; RM7.12
Price Target: RM5.60 (Prev RM5.65); MAXIS MK
Challenging fundamentals

9M13 core earnings in line; CTS thinned EBITDA margins while SMS was cannibalised. 8sen DPS declared, as expected. More aggressive strategy in prepaid but market is still highly competitive. Trimmed FY13-15F profit by 2-8%; Maintain FULLY VALUED with lower RM5.60 TP.

Hartalega Holdings Berhad; Hold; RM7.55
Price Target: RM6.60; HART MK
Stable margins

2QFY14/1HFY14 results in line with our and consensus’ estimates; stable margins last quarter. Declared 3.5sen interim DPS. Expect moderate earnings growth in FY14, and margin compression as competition sets in. Maintain Hold and RM6.60 TP.

Source: HwangDBS Research - 13 Nov 2013