Bursa Malaysia Stock Watch

Maxis (Hold): Yield the saving grace

kltrader
Publish date: Thu, 01 Dec 2011, 07:44 PM
kltrader
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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)

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