Maxis Bhd (Maxis) posted an impressive 27.5% growth in 3QFY24 net profit to RM366m. For 9MFY24, net profit increased by 14.7% YoY to RM1,075m, mainly driven by a 4.4% growth in revenue while cost increased by a smaller pace of 2.0%. The results came in with both consensus and our expectations. We maintain our FY24-26F earnings forecasts. Being a leading integrated telco player, Maxis remains steadfast with its strategy to grow the mobile, fibre and enterprise business. Maxis' share price has fallen by about 10% in recent months, which we believe was due to the announcement on the second 5G network. While it appears that Maxis has failed to secure the second network, we think it could still partner with U Mobile and may perhaps, acquire part or the entire 28.3% stake available for sale. Trading at ~9% discount to our TP of RM3.90 and an attractive yield of 5%, we upgrade Maxis to a Trading Buy. A third interim dividend of 4.0sen per share was declared (9MFY24: 12.0sen).
Source: PublicInvest Research - 11 Nov 2024
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MAXISCreated by PublicInvest | Nov 12, 2024