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Results Note – Maxis (ADD, maintain) - 4Q12 hit by lower margin, accelerated depreciation




Affin Hwang Investment Bank Bhd


26 Feb 2013





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FY12 core net profit down 7% yoy – inline with expectations Maxis reported a FY12 revenue of RM9.0bn (+1.9% yoy) and a core net profit of RM2.0bn (-6.5% yoy), after stripping off EI comprising of RM133m of write-off of network assets, accelerated depreciation of RM162m and last mile broadband tax incentive. FY12 core net profit was inline with expectations accounting for 97% and 96% of our and street estimates. Despite the revenue growth, core net earnings was weaker yoy due to the weaker FY12 EBITDA margin of 48.7% (FY11: 50.5%) and higher finance charges (+26.5% yoy). Maxis also announced an interim DPS of 16 sen (FY12 DPS: 40 sen), inline with expectations.

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