TA Securities downgrades Maxis to Sell, cuts target price
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TA Securities downgrades Maxis to Sell, cuts target price
TA Securities downgrades Maxis to Sell, cuts target price |
Business & Markets 2014 |
Written by theedgemalaysia.com |
Friday, 07 February 2014 08:14 |
KUALA LUMPUR (Feb 7): TA Securities Research has downgraded Maxis Bhd to a Sell (from Hold) at RM6.89 with a lower target price of RM7.53 (from RM8.04) and said it believes that Maxis faces heightened balance sheet risks if it maintains dividend payout of 40 sen per annum.
In a note Feb 6, the research house said given sluggish earnings prospects for local cellular players in the near-to-medium term, it was more prudent for Maxis to contain its rising gearing levels.
“Therefore, we lower our dividend payout assumptions for the group to 97%-102% (previous: 112%-130%), from FY15 onwards.
“We downgrade Maxis to Sell from Hold as the stock is no longer an attractive dividend play given: 1) a rising interest rate environment, and 2) compressed dividend yields,” it said.
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