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CIMB Research upgrades DiGi to Trading Buy, raises target price

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CIMB Research upgrades DiGi to Trading Buy, raises target price Empty CIMB Research upgrades DiGi to Trading Buy, raises target price

Post by Cals Thu 17 Oct 2013, 10:04

CIMB Research upgrades DiGi to Trading Buy, raises target price
Business & Markets 2013
Written by theedgemalaysia.com   
Thursday, 17 October 2013 09:14
KUALA LUMPUR (Oct 17): CIMB Research has upgraded DiGi.Com Bhd to a Trading Buy (from Neutral) at RM4.91 with a higher target price of RM5.74 (from RM4.65) and said DiGi was confident of maintaining its revenue growth on the back of greater 3G coverage, and its strong distribution and execution.
In a note Oct 16, the research house said the company also said that it believes competition would be rational given the sector’s high market high values and dividend commitments.
“We think DiGi’s market share gains will continue as its 3G coverage expands.
“We upgrade to a Trading Buy from Neutral with a higher DCF-based target price using a lower WACC of 7.4% (vs. 8.3%) as we think there is a possibility it would pursue a business trust that will enable it to free up trapped cash in its balance sheet. M1 is now our top Malaysian telco pick,” it said.
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