KUALA LUMPUR (Feb 21): Kenanga IB Research has upgraded Maxis Bhd to “Market Perform” at RM5.40 with a higher target price (TP) of RM5.10 (from RM4.90) and said FY19 normalised earnings of RM1.50 billion (-15%) and total dividends of 20 sen (4Q: 5.0 sen) were within expectations.

In a note today, the research house said steady ARPUs and well-contained subscriber numbers paints the group’s sustainability against growing competition.

“Meanwhile, its convergence strategies also seem to be coming to fruition with a growing fibre business.

“Upgrade to Market Perform with a higher DCF-driven TP of RM5.10 (from RM4.90, WACC: 8.8%, TG: 1.5%),” it said.