[%ndjD%] 
Research by APEX
BUY – TP RM 4.32

" Exciting growth venue from data centre”

• Maxis recorded CNP of RM365.0m (+9.9% yoy, +2.8% qoq) in 2QFY24, bringing 1HFY24 CNP to RM720.0m (+9.4% yoy), which was in-line with ours and consensus’ expectations, accounting for 54% and 51% of forecasts respectively.
• We adjust our FY24-26 earnings by +7.1%/+6.6%/+6.1% to account for the revision in EBITDA guidance and growth opportunity in the data centre space.
• Re-iterate our BUY recommendation with higher TP of RM4.32, based on DCF valuation (WACC of 6.5% with a long-term growth rate of 0.5%).

Analyst:
Steven Chong
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$KLSE-MAXIS 
Research by APEX
BUY – TP RM 4.32

" Exciting growth venue from data centre”

• Maxis recorded CNP of RM365.0m (+9.9% yoy, +2.8% qoq) in 2QFY24, bringing 1HFY24 CNP to RM720.0m (+9.4% yoy), which was in-line with ours and consensus’ expectations, accounting for 54% and 51% of forecasts respectively.
• We adjust our FY24-26 earnings by +7.1%/+6.6%/+6.1% to account for the revision in EBITDA guidance and growth opportunity in the data centre space.
• Re-iterate our BUY recommendation with higher TP of RM4.32, based on DCF valuation (WACC of 6.5% with a long-term growth rate of 0.5%).

Analyst:
Steven Chong
stevenchong@apexsecurities.com.my