Maxis gives up all its gains, slips below RM7
KUALA LUMPUR: Shares of Maxis Bhd fell below the RM7 mark on Friday, giving up more than all its gains from Thursday as investors were quick to take profit.
At 11.23am, Maxis was down 22 sen to RM6.99 with 1.14 million shares done. It had risen 21 sen to close at RM7.21 on Thursday.
The FBM KLCI inched up 0.61 of a point to 1,825.47. Turnover was 332.12 million shares valued at RM378.07 million. There were 234 gainers, 268 losers and 266 counters unchanged.
CIMB Equities Research said Maxis’ service revenue would continue to be under pressure in the coming quarters and its revenue leadership is being threatened byCelcom.
“We trim our FY14-15 EPS estimates and DCF-based target price as we factor in its FY14 guidance. Maxis remains a Neutral as it lacks re-rating catalysts. We prefer Digi for its potential capital management,” it said.
It lowered the target price from RM7.40 to RM7.05.
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