Bogged down by staff optimisation cost
Tue, 14-Nov-2023 11:46 am
by Lee Cherng Wee • Apex Research

Counter

MAXIS (6012)

Target Price (RM)

4.44

Recommendation

Hold

• Maxis’s 9MFY23 net profit of RM936m was below our expectations due to higher costs related to workforce optimisation.

• Looking ahead, Postpaid revenue continues to lead Maxis’ growth and device sales expected to rebound in 4Q23 in conjunction with iPhone 15’s launch.

• We maintain our HOLD recommendation with a lower target price of RM4.35 (WACC 5.67%, terminal growth 1%).

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