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Results Note – Maxis (ADD, maintain) - 1Q13 core net profit jumps 10% qoq




Affin Hwang Investment Bank Bhd


09 May 2013





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1Q13 core net profit down 6.5% yoy – slightly ahead Maxis reported a 1Q13 revenue of RM2.3bn (+4.4% yoy) and a net profit of RM475m (-17% yoy). 1Q13 core net profit of RM521m (-6.5% yoy) was slightly ahead of our expectations, accounting for 24% of our estimates (24% of street as well). The variance is due to the stronger-than-expected EBITDA margin of 49.6% (this is also above management’s guidance of 48%-48.5% for FY13) Overall, despite the revenue growth, core net earnings was weaker yoy due to a weaker 1Q13 EBITDA margin of 49.6% (1Q12: 51.5%) and higher depreciation charges (+25.4% yoy), a result of accelerated depreciation charges of RM60m booked in for the quarter. Management has guided for an additional RM30m to be booked in for the remainder of the year. Dilution in EBITDA margins are likely due to higher device sales (RM122m of revenue vs RM95m in 1Q12). Maxis also announced a first interim DPS of 8 sen, inline with expectations.

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