Maxis relist on Main Market Nov 19 2009?

I read some interesting article on Maxis market view. I would like to share as a follow on dicussion on my previous Maxis IPO article. Again both views are in 180' reverse direction ;)

Why it is a buy

1. A must have large cap stock for fund managers
2. Industry learder since year 2000 and offers investors biggest exporsure to Malaysia's telecoms sector
3. It has a performance driven board and management (Ananda)
4. Good track record as old Maxis delivered 300% total return
5. Generate more cash vs spending due to hived off from overseas unit. Good dividens.

Why it is not a buy

1. RM5.2 is higher valuation than local and regional competitors. Limitted potential upside.
2. Not the only choice for dividend yeilds.
3. No regional exporsure, lack of growth
4. When the old Maxis debutted on Bursa in year 2002, mobile penetration was about 40% vs today more than 100% penetration.
5. Margin under stress due to competition.

how about you? is Maxis a buy or not for you?