[%RcbF%] Maxis Bhd 
Research by Kenanga
UNDERPERFORM ; Target Price : RM4.90 

"'Partnering with Astro"
MAXIS has entered into a strategic partnership with ASTRO to provide fibre broadband bundled with TV content. This provides new and existing customers a more affordable pricing for both services, which leans to expand MAXIS’s broadband user base, albeit not as large as its mobile segment. However, we expect meaningful earnings only in the longer term. Hence, we leave our UP call with our DCFdriven TP of RM4.90 unchanged for now. 

Clement Chua
[%gLGb%] 

$KLSE-MAXIS Maxis Bhd 
Research by Kenanga
UNDERPERFORM ; Target Price : RM4.90 

"'Partnering with Astro"
MAXIS has entered into a strategic partnership with ASTRO to provide fibre broadband bundled with TV content. This provides new and existing customers a more affordable pricing for both services, which leans to expand MAXIS’s broadband user base, albeit not as large as its mobile segment. However, we expect meaningful earnings only in the longer term. Hence, we leave our UP call with our DCFdriven TP of RM4.90 unchanged for now. 

Clement Chua
clement.chua@kenanga.com.my 