Analyst Research Report Snapshot

Title:

Results Note – Maxis (ADD, maintain) - 2Q13 core earnings lifted by margin improvement

Price:

$23.00

Provider:

Affin Investment Bank

Date:

06 Aug 2013

Pages:

3

Type:

AcrobatPDF

Companies referenced:

MXSC.KL

Available for Immediate Download
Summary:

1H13 core net profit down 2.3% yoy – inline Maxis’ 1H13 core net profit of RM1.08bn (-2.3% yoy) was impacted largely by a slightly lower EBITDA margin of 50.4% (1H12: 50.7%), higher interest charges (+9.3% yoy) and a higher effective tax rate of 28.2% (25.6% in 1H12). Results were nonetheless inline with expectations – 49% of our FY13 estimate (50% of street). Worth noting is that 1H13 EBITDA margin is above management’s guidance of 48% and our FY13 forecast of 48.1%. Should management sustain their cost discipline, there could be room for earnings surprise in 2H13. However, we note that 1H13 effective tax rate of 28% is above our forecast of 26%. At the revenue level, 1H13 revenue growth of +4% is slightly behind management’s KPI revenue growth of mid-single digit. We leave our forecast unchanged for now (our EPS revision takes into account the one-off items). As usual, Maxis announced an 8 sen interim DPS (1H13: 16 sen), inline with expectations.

Why buy analyst research?

  • Institutional quality research
  • Available for Immediate Download
  • Detailed company or industry insight
  • Print or save
  • 24 hour customer support
Return to previous page without adding this item to your cart.
Email Customer Support.

About Analyst Research

Analyst research reports are available for immediate download after purchase. You will have unlimited access to the report for 24 hours after purchase, to download, print or save it as many times as you wish. Analyst Research provided by Reuters does not constitute investment advice, and is not endorsed by Reuters Research. This information is protected by copyright and intellectual property laws. More information on Analyst Research.