[Dow Jones] STOCK CALL: OSK Research values soon-to-be-listed Maxis at equity value of MYR39.8 billion to MYR43.5 billion, implying fair value of MYR5.30 to MYR5.80/share. Valuation translates into 14.8X-16.2X CY10 EPS and supported by OSK's DCF valuation of MYR5.80. Advises investors to subscribe to offer in view of company's strong fundamental execution, superior EBITDA margin and robust prospective dividends going forward. "While deprived of the longer term growth story with the overseas assets hived off, Maxis is a core holding for exposure to Malaysia's mobile telecoms," says analyst Jeffrey Tan. Notes also, institutional investors would have strategic exposure to an index-linked heavyweight with sound liquidity profile in Maxis.
Dow Jones Newswires
October 29, 2009 02:14 ET (06:14 GMT)
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