[%zQnx%]
Research by Maybank
HOLD – TP RM 3.70

"Stable delivery”

Maxis’ 2Q24 results were in-line with our/consensus forecasts, with Maxis maintaining a 4sen quarterly DPS. While we believe 5G capex risk is pricedin to some extent (given the YTD share price correction), we see an absence of strong re-rating catalysts in the next 12 months. Maintain HOLD with a lower DCF-based TP of MYR3.70 (-8%). We prefer CelcomDigi (CDB MK, BUY, CP: MYR3.53, TP: MYR4.50) in the telco space. 

Analyst:
Tan Chi Wei, CFA
[%vFLC%]

$KLSE-MAXIS
Research by Maybank
HOLD – TP RM 3.70

"Stable delivery”

Maxis’ 2Q24 results were in-line with our/consensus forecasts, with Maxis maintaining a 4sen quarterly DPS. While we believe 5G capex risk is pricedin to some extent (given the YTD share price correction), we see an absence of strong re-rating catalysts in the next 12 months. Maintain HOLD with a lower DCF-based TP of MYR3.70 (-8%). We prefer CelcomDigi (CDB MK, BUY, CP: MYR3.53, TP: MYR4.50) in the telco space. 

Analyst:
Tan Chi Wei, CFA
chiwei.t@maybank-ib.com