Analyst Research Report Snapshot

Title:

Company Update – Maxis (ADD, maintain) - Awakening of a sleeping giant

Price:

$58.00

Provider:

Affin Investment Bank

Date:

18 Sep 2013

Pages:

6

Type:

AcrobatPDF

Companies referenced:

MXSC.KL

Available for Immediate Download
Summary:

Revenue share loss – worst could be over Maxis continued to experience revenue market share erosion in 2Q13 (and ever since 2Q07), slipping to 37%, narrowing the differential between Celcom to 2.4pps from nearly 16pps, just six years ago. In short, since Maxis’ re-listing in 2009, it’s peers Celcom and DiGi have continued to grow at a much faster pace. We however believe that the pace of Maxis’ revenue share erosion would not only lessen, but importantly with stronger prospects of a turnaround going forward. Three factors underpin our optimism: 1) rivals have possibly picked all the low hanging fruits; 2) Maxis’ tariffs have become more comparable over time making its package propositions now more compelling; and 3) new management team with a highly experienced CEO in place - Morten Lundall is expected to report for duty on 1 October 2013 and would be a full-time CEO, unlike his predecessor.

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