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Results Note – Maxis (ADD, maintain) - 2Q12 impacted by asset write-off




Affin Hwang Investment Bank Bhd


10 Oct 2012





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1H12 core net profit up 1.6% yoy – within expectations Maxis reported a 1H12 revenue of RM4.44bn (+3.6% yoy) and net profit of RM1.0bn (-5% yoy). Stripping off EI comprising of RM125m of write-off of network assets and last mile broadband tax incentive, 1H12 core net profit came in at RM1.1bn (+1.6% yoy). This was inline with expectations, accounting for 47% and 48% of our and street FY12 estimates. 1H12 core net earnings growth was driven primarily by the higher revenue which was predominantly driven by non-voice revenue (NVR). 1H12 NVR amounted to RM1.9bn (+9.8% yoy) with growth underpinned by rising demand for data. As at 1H12, NVR accounted for 45.3% of mobile revenue (1H11: 42.4%). 1H12 EBITDA margin was stable at 50.4% (1H11: 51%) and remained above industry average. Maxis announced an interim DPS of 8 sen (1H12 DPS of 16 sen), which was inline with expectations.

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