Financials Maxis OTC Markets

Equities

MAXSF

MYL6012OO008

Wireless Telecommunications Services

Market Closed - OTC Markets Other stock markets 12:20:19 29/06/2022 am IST			5-day change	1st Jan Change
0.71 ^USD	-28.28%		-.--%	-.--%

20/05	Maxis' Chairman Steps Down	MT
17/05	Maxis Berhad Announces Resignation of Mokhzani Bin Mahathir as Non Independent and Non Executive Chairman	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	41,605	39,506	37,957	30,068	30,153	27,647	-	-
Enterprise Value (EV) ¹	49,976	48,534	46,856	30,068	39,356	36,117	35,883	35,282
P/E ratio	27.4 x	28.5 x	29 x	25.4 x	30.3 x	20 x	18.9 x	18 x
Yield	3.76%	3.17%	3.3%	-	4.42%	4.59%	4.92%	5.08%
Capitalization / Revenue	4.47 x	4.41 x	4.12 x	3.07 x	2.96 x	2.67 x	2.6 x	2.55 x
EV / Revenue	5.37 x	5.41 x	5.09 x	3.07 x	3.87 x	3.48 x	3.37 x	3.25 x
EV / EBITDA	13.4 x	12.7 x	12 x	7.64 x	9.94 x	8.8 x	8.58 x	8.29 x
EV / FCF	24.9 x	21.6 x	20.6 x	-	23 x	15.8 x	16.7 x	15.5 x
FCF Yield	4.02%	4.62%	4.85%	-	4.35%	6.32%	5.98%	6.44%
Price to Book	5.91 x	5.61 x	5.64 x	-	4.73 x	4.71 x	4.59 x	4.61 x
Nbr of stocks (in thousands)	78,20,499	78,23,037	78,26,271	78,30,149	78,32,077	78,32,077	-	-
Reference price ²	5.320	5.050	4.850	3.840	3.850	3.530	3.530	3.530
Announcement Date	20/02/20	26/02/21	24/02/22	23/02/23	22/02/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	9,313	8,966	9,203	9,789	10,180	10,369	10,650	10,851
EBITDA ¹	3,733	3,814	3,898	3,938	3,960	4,106	4,184	4,257
EBIT ¹	2,435	2,252	2,235	2,218	1,890	2,293	2,363	2,459
Operating Margin	26.15%	25.12%	24.29%	22.66%	18.57%	22.11%	22.19%	22.66%
Earnings before Tax (EBT) ¹	2,036	1,852	1,762	1,811	1,444	1,863	1,939	2,039
Net income ¹	1,519	1,382	1,308	1,182	993	1,372	1,459	1,535
Net margin	16.31%	15.41%	14.21%	12.07%	9.75%	13.23%	13.7%	14.15%
EPS ²	0.1940	0.1770	0.1670	0.1510	0.1270	0.1768	0.1872	0.1960
Free Cash Flow ¹	2,008	2,243	2,273	-	1,712	2,283	2,147	2,271
FCF margin	21.56%	25.02%	24.7%	-	16.82%	22.02%	20.16%	20.93%
FCF Conversion (EBITDA)	53.79%	58.81%	58.31%	-	43.23%	55.61%	51.3%	53.35%
FCF Conversion (Net income)	132.19%	162.3%	173.78%	-	172.41%	166.39%	147.11%	147.93%
Dividend per Share ²	0.2000	0.1600	0.1600	-	0.1700	0.1621	0.1736	0.1793
Announcement Date	20/02/20	26/02/21	24/02/22	23/02/23	22/02/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	2,448	-	-	-	-	-	-	-	-	2,603	2,467	2,673	2,673	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	494	-	-	-	-	-	-	-	-	595	529.7	573.9	573.9	-	-
Operating Margin	20.18%	-	-	-	-	-	-	-	-	22.86%	21.47%	21.47%	21.47%	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS ²	0.0370	0.0380	0.0420	0.0400	0.0310	0.0410	0.0420	0.0370	0.007000	0.0450	0.0400	0.0400	0.0400	0.0300	0.0300
Dividend per Share ²	0.0400	0.0500	0.0500	0.0500	-	-	0.0400	0.0400	0.0500	-	0.0396	0.0396	0.0396	0.0496	0.0496
Announcement Date	24/02/22	28/04/22	28/07/22	04/11/22	23/02/23	19/05/23	09/08/23	10/11/23	22/02/24	17/05/24	-	-	-	-	-

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	8,371	9,028	8,899	-	9,203	8,470	8,235	7,635
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.242 x	2.367 x	2.283 x	-	2.324 x	2.063 x	1.968 x	1.794 x
Free Cash Flow ¹	2,008	2,243	2,273	-	1,712	2,283	2,147	2,271
ROE (net income / shareholders' equity)	21.1%	19.6%	19.5%	-	20.7%	23.6%	24.9%	25.7%
ROA (Net income/ Total Assets)	7.27%	6.23%	5.9%	-	5.98%	6.52%	6.79%	6.84%
Assets ¹	20,882	22,192	22,188	-	16,595	21,042	21,476	22,443
Book Value Per Share ²	0.9000	0.9000	0.8600	-	0.8100	0.7500	0.7700	0.7700
Cash Flow per Share ²	0.4300	0.4700	0.5000	-	0.3600	0.4800	0.4700	0.4600
Capex ¹	1,371	1,396	1,633	-	1,141	1,030	1,211	1,172
Capex / Sales	14.72%	15.57%	17.74%	-	11.21%	9.93%	11.37%	10.8%
Announcement Date	20/02/20	26/02/21	24/02/22	23/02/23	22/02/24	-	-	-

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Maxis

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3.53 MYR

Average target price

4.016 MYR

Spread / Average Target

+13.76%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Wireless Telecommunications Services

	1st Jan change	Capi.
T-MOBILE US	+9.89%	207B
AT&T INC.	+13.89%	137B
KDDI CORPORATION	-5.17%	55.06B
CHINA UNICOM HONG KONG LIMITED	+46.33%	28.1B
VODAFONE GROUP PLC	+1.75%	23.56B
ADVANCED INFO SERVICE	-3.69%	16.92B
TELENOR ASA	+4.37%	15.62B
VODACOM GROUP LIMITED	-8.01%	10.34B
TAIWAN MOBILE CO., LTD.	+8.52%	9.96B

Other Wireless Telecommunications Services