Stock Name: MAXIS
Company Name: MAXIS BERHAD
Below expectations. Results were below expectations, with 9M11 net profit accounting for only 69% of our full year forecast. Although EBITDA margin still led the industry at 50%, it has slipped further. We expect <49% in 2012 on higher home broadband start-up costs and cut our 2011-2012 by 7% and 13% respectively. DCF-based fair value is lowered to RM5.40 but Maxis is a HOLD for the dividend yield of 7.3%.
Maybank research (1 December 2011)
Click here for full report
Company Name: MAXIS BERHAD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 5.40 |
Below expectations. Results were below expectations, with 9M11 net profit accounting for only 69% of our full year forecast. Although EBITDA margin still led the industry at 50%, it has slipped further. We expect <49% in 2012 on higher home broadband start-up costs and cut our 2011-2012 by 7% and 13% respectively. DCF-based fair value is lowered to RM5.40 but Maxis is a HOLD for the dividend yield of 7.3%.
Maybank research (1 December 2011)
Click here for full report
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