KLCI Stock - MAXIS / 6012 - 2012 Quarter 3

MAXIS BERHAD


Company Description

MAXIS BERHAD is a mobile communications service provider in Malaysia. The Company operates in three segments: mobile services, fixed line services and international gateway services. The Company operates its postpaid mobile service under the maxis brand and its prepaid mobile service under the HOTLiNK brand. The Company's fixed line services comprise a suite of voice services, data services, Internet protocol (IP) and managed services to consumers and business customers. Its international gateway services comprise services to international telecommunications carriers for termination of traffic into Malaysia, services to send its own international traffic abroad and bandwidth leasing services. On October 1, 2009, the Company acquired Maxis Mobile Services Sdn Bhd, Maxis Broadband Sdn Bhd, Maxis International Sdn Bhd, Maxis Mobile Sdn Bhd, Maxis Collections Sdn Bhd and Maxis Multimedia Sdn Bhd, and 75% interest in Advanced Wireless Technologies Sdn Bhd.

Company Info

Listing Date	2009-11-19
IPO Price	5.0
Market Capital (Capital Size)	47,853,889,248 (Very Large)
Par Value	RM 0.10
Board	Main
Sector	Trading/Services
Major Industry	Telecommunication
Sub Industry	Mobile Communication & Network Services
Website	http://www.maxis.com.my/

My Analysis

Forecast P/E now	(6.38-0.4)/0.2711 = 22.06 (Moderate)
Target Price	6.24+0.4 = 6.64 (PE 23.0, EPS 0.2711, DPS 0.4)
First Support Price	6.3
Second Support Price	6.0
Risk Rating	MODERATE

Research House

BIMB Target Price	6.9 (2012-09-03)
HwangDBS Target Price	7.8 (2012-09-03)
Nomura Target Price	6.2 (2012-09-11)
Alliance Target Price	6.7 (2012-11-29)
CIMB Target Price	6.9 (2012-11-29)
Maybank Target Price	6.8 (2012-11-29)
MIDF Target Price	6.8 (2012-11-29)
RHB Target Price	7.4 (2012-11-29)
TA Target Price	8.13 (2012-11-29)
ECM Target Price	5.69 (2012-12-12)
Public Target Price	6.85 (2012-12-12)
AMMB Target Price	6.55 (2012-12-19)
OSK Target Price	6.5 (2013-01-03)
HLG Target Price	7.44 (2013-01-14)
Kenanga Target Price	7.2 (2013-01-23)

Accounting Ratio

Return on Equity	28.66%
Dividend Yield	6.27%
Gross Profit Margin	66.34%
Operating Profit Margin	31.95%
Net Profit Margin	28.52%
Tax Rate	29.91%
Asset Turnover	0.5026
Net Asset Value Per Share	0.96
Net Tangible Asset per share	-0.52
Price/Net Tangible Asset Per Share	-12.5
Cash Per Share	0.15
Liquidity Current Ratio	0.7615
Liquidity Quick Ratio	0.7446
Liquidity Cash Ratio	0.4316
Gearing Debt to Equity Ratio	1.4525
Gearing Debt to Asset Ratio	0.592
Working capital per thousand Ringgit sale	-7.1%
Days to sell the inventory	6
Days to collect the receivables	34
Days to pay the payables	314

Technical Analysis

SMA 10	6.484 (Downtrend)
SMA 20	6.544 (Downtrend 5 days)
SMA 50	6.487 (Downtrend)
SMA 100	6.644 (Downtrend)
SMA 200	6.402 (Uptrend)
MACD (26d/12d)	-0.037028 ( 0.006199 )
Signal (9)	-0.012121 ( 0.006227 )
MACD Histogram	0.024907 (Bearish trend 12 days)
Bolinger Upper Band	6.755
Bolinger Lower Band	6.333

My notes based on 2012 quarter 3 report (number in '000):-
- Lower pbt than FY11Q3 mainly due to the increase in device expenses and information technology expenses

- Estimate next 4Q eps after 2012 Q3 result announced = 0.2711, estimate PE on current price 6.1 = 18.87(DPS 0.4)
- Estimate next 4Q eps after 2012 Q2 result announced = 0.1381*2 = 0.2762, estimate highest/lowest PE= 24.11/21.36 (DPS 0.4)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.302, estimate highest/lowest PE= 22.19/19.17 (DPS 0.4)
- Estimate next 4Q eps after 2011 Q4 result announced = 8088000*0.28/7500000 = 0.302, estimate highest/lowest PE= 19.34/18.08 (DPS 0.4)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.3164, estimate highest/lowest PE = 17.89/15.68 (DPS 0.4)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.3164, estimate highest/lowest PE = 16.53/15.3 (DPS 0.32)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0719*4*1.1 = 0.3164, estimate highest/lowest PE = 16.5/15.3 (DPS 0.32)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0813*4*1.05 = 0.3415, estimate highest/lowest PE = 15.72/14.58 (DPS 0.32)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.075*4*1.05 = 0.315, estimate highest/lowest PE = 16.41/15.65 (DPS 0.32)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0736*4*1.05 = 0.3091, estimate highest/lowest PE = 16.66/15.92 (DPS 0.32)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.328*0.9 = 0.2952, estimate highest/lowest PE = 17.68/16.46 (DPS 0.32)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.082*4 = 0.328, estimate highest/lowest PE = 16.07/14.82 (DPS 0.24)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.082*4 = 0.328, estimate highest/lowest PE = 16.1/15.52 (DPS 0.24)

MAXIS latest news (English)

MAXIS latest news (Chinese)




Financial Quarter Summary Open in New Window

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	c_asset	liab	c_liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	gros_m	oper_m	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2012-11-28	2012	3	N/A	N/A	0.08	5.46%	18.27%	2216000	6661000	632000	2029000	442000	1478000	0.0589	0.1970	17759000	2027000	10513000	2662000	8000	7246000	2561000	604000	1646000	838000	1957000	311000	1149000	7503000	7501000	48769500	2012-09-30	66.34%	31.95%	28.52%	29.91%	0.5026	-	0.96	-0.52	-12.5	0.15	0.7615	0.7446	0.4316	1.4525	0.592	-7.1%	6	34	314
2012-08-30	2012	2	7.06	6.3	0.08	5.74%	12.81%	2216000	4445000	630000	1397000	464000	1036000	0.0619	0.1381	17858000	2044000	10531000	2550000	7000	7327000	1543000	385000	933000	838000	1158000	225000	1063000	7501000	7501000	52807040	2012-06-30	67.69%	31.32%	28.43%	26.03%	0.5014	-	0.98	-0.5	-14.08	0.14	0.8016	0.7761	0.4169	1.4387	0.5897	-5.7%	8	37	311
2012-05-31	2012	1	7.1	6.19	0.08	7.07%	7.07%	2229000	2229000	767000	767000	572000	572000	0.0763	0.0763	18759000	2773000	10641000	2788000	5000	8118000	788000	132000	322000	838000	656000	978000	1816000	7501000	7501000	46431190	2012-03-31	67.07%	37.60%	34.41%	25.29%	0.4742	-	1.08	-0.4	-15.48	0.24	0.9946	0.9645	0.6514	1.3116	0.5672	-0.2%	11	35	345
2012-02-24	2011	4	6.24	5.86	0.16	10.39%	29.16%	2265000	8800000	760000	3004000	900000	2527000	0.1200	0.3369	17991000	1836000	9903000	4386000	4000	8088000	3712000	1166000	2606000	898000	2546000	60000	838000	7500000	7500000	44925000	2011-12-31	68.34%	35.10%	33.55%	-	0.4891	17.778	1.08	-0.4	-14.98	0.11	0.4186	0.3935	0.1911	1.225	0.5504	-29.0%	15	36	377
2011-11-30	2011	3	6.06	5.36	0.08	6.20%	18.77%	2244000	6535000	746000	2244000	537000	1627000	0.0716	0.2169	17969000	1865000	10217000	5602000	3000	7752000	2735000	794000	1923000	898000	1941000	18000	916000	7500000	7500000	41250000	2011-09-30	68.49%	36.27%	33.24%	27.88%	0.4922	-	1.03	-0.44	-12.5	0.12	0.3329	0.3092	0.1635	1.3185	0.5686	-42.2%	17	34	357
2011-08-25	2011	2	5.55	5.16	0.08	6.36%	12.58%	2158000	4291000	757000	1498000	551000	1090000	0.0735	0.1453	18653000	2527000	10649000	6224000	2000	8004000	1774000	538000	647000	898000	1236000	589000	1487000	7500000	7500000	40650000	2011-06-30	69.83%	37.91%	35.08%	27.08%	0.4727	-	1.07	-0.41	-13.22	0.2	0.406	0.3711	0.2389	1.3308	0.5709	-41.9%	28	33	360
2011-05-31	2011	1	5.54	5.16	0.08	6.22%	6.22%	2133000	2133000	741000	741000	539000	539000	0.0719	0.0719	18584000	2463000	9970000	3281000	1000	8614000	903000	284000	204000	898000	619000	415000	1313000	7500000	7500000	40650000	2011-03-31	67.74%	37.74%	34.74%	27.13%	0.4762	-	1.15	-0.32	-16.94	0.18	0.7507	0.6775	0.4002	1.1576	0.5365	-9.2%	30	36	374
2011-02-28	2010	4	5.69	5.3	0.16	6.82%	25.66%	2310000	8869000	832000	3132000	610000	2295000	0.0813	0.3060	18225000	2103000	9559000	3323000	-	8666000	4091000	1455000	2930000	1192000	2636000	294000	898000	7500000	7500000	40725000	2010-12-31	66.32%	38.40%	36.02%	26.68%	0.4866	17.7451	1.16	-0.31	-17.52	0.12	0.6329	0.5685	0.2702	1.103	0.5245	-13.8%	26	39	389
2010-11-30	2010	3	5.49	5.25	0.08	6.72%	18.84%	2216000	6559000	815000	2300000	601000	1685000	0.0801	0.2247	17705000	1862000	9028000	3015000	-	8677000	2974000	941000	2260000	1191000	2033000	227000	964000	7500000	7500000	39675000	2010-09-30	68.32%	39.08%	36.78%	26.26%	0.4953	-	1.16	-0.31	-17.06	0.13	0.6176	0.5685	0.3197	1.0405	0.5099	-13.1%	19	31	339
2010-08-30	2010	2	5.47	5.24	0.08	5.95%	12.12%	2191000	4343000	720000	1485000	532000	1084000	0.0709	0.1445	17503000	1907000	8801000	3250000	-	8702000	1862000	468000	1679000	1192000	1394000	285000	907000	7500000	7500000	40350000	2010-06-30	65.27%	35.37%	32.86%	26.11%	0.4792	-	1.16	-0.31	-17.35	0.12	0.5868	0.5348	0.2791	1.0114	0.5028	-16.0%	19	36	291
2010-05-31	2010	1	5.54	5.18	0.08	6.17%	6.17%	2152000	2152000	765000	765000	552000	552000	0.0736	0.0736	17309000	1776000	8321000	2751000	-	8988000	798000	154000	1019000	1192000	644000	375000	817000	7500000	7500000	39150000	2010-03-31	66.73%	37.87%	35.55%	27.84%	0.4613	-	1.2	-0.27	-19.33	0.11	0.6456	0.5994	0.297	0.9258	0.4807	-12.2%	12	38	222
2010-02-25	2009	4	5.51	5.1	0.06	2515.00%	7890.00%	2211000	7611000	695000	1939000	503000	1578000	0.0671	0.2725	17798000	2132000	8853000	3311000	-	8945000	1245000	603000	1853000	1197000	1848000	5000	1192000	7500000	5790000	41400000	2009-12-31	67.44%	33.47%	31.43%	27.63%	0.4276	20.254	1.54	-0.36	-15.33	0.16	0.6439	0.6034	0.36	0.9897	0.4974	-15.5%	11	38	203
2009-11-30	2009	3	5.53	5.3	0.06	5875.00%	5505.00%	1833000	5400000	1304000	1270000	1175000	1101000	0.1567	0.1468	8195000	3555000	7070000	5285000	-	1125000	76000	66000	480000	1197000	142000	622000	575000	7500000	7500000	40875000	2009-09-30	45.12%	76.81%	71.14%	9.89%	0.8903	-	0.15	0.14	38.93	0.16	0.6727	0.649	0.2244	6.2844	0.8627	-23.7%	9	112	345
N/A	2009	2	N/A	N/A	-	160.00%	370.00%	1789000	3567000	17000	34000	32000	74000	0.0061	0.0142	N/A	N/A	N/A	N/A	-	N/A	56000	49000	N/A	1197000	7000	7000	1204000	5213000	5213000	N/A	2009-06-30	19.73%	3.35%	0.95%	-	N/A	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-	N/A	N/A
N/A	2009	1	N/A	N/A	-	210.00%	210.00%	1778000	1778000	17000	17000	42000	42000	0.0081	0.0081	N/A	N/A	N/A	N/A	-	N/A	29000	12000	N/A	1197000	41000	41000	1156000	5213000	5213000	N/A	2009-03-31	19.85%	4.72%	0.96%	-	N/A	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-	N/A	N/A
N/A	2008	4	N/A	N/A	-	N/A	N/A	1896000	7184000	53000	5000	14000	101000	0.0027	0.0194	3140000	1724000	3120000	2690000	-	20000	1584000	756000	N/A	369000	828000	828000	1197000	5213000	5213000	26065000	2008-12-31	23.95%	8.86%	2.80%	73.58%	1.2787	-	N/A	N/A	N/A	0.23	0.6409	0.6331	0.445	156.0	0.9936	-24.1%	4	43	406
N/A	2008	3	N/A	N/A	-	N/A	N/A	2119000	6187000	692000	2412000	480000	1740000	0.0640	0.2320	N/A	N/A	N/A	N/A	-	N/A	1641000	345000	249000	721000	1296000	1047000	1768000	7500000	7500000	37500000	2008-09-30	68.19%	32.00%	32.66%	30.64%	N/A	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-	N/A	N/A

Financial Quarter Balance Sheet Open in New Window

year	qrt	Deferred tax assets (A-0)	Derivative financial assets (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Loan receivables (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Amount due from associated companies (A-1)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Inventories (A-1)	Other receivables, deposits and prepayments (A-1)	Deferred tax liabilities (L-0)	Derivative financial liabilities (L-0)	Loan due to holding company (L-0)	Loan from a related party (L-0)	Loans & borrowings (L-0)	Payables and accruals (L-0)	Provisions (L-0)	Amounts due to fellow subsidiaries (L-1)	Amounts due to Group Companies (L-1)	Amounts due to related companies (L-1)	Current tax liabilities (L-1)	Dividend payable (L-1)	Loan from a related party (L-1)	Loans & borrowings (L-1)	Payables and accruals (L-1)	Provisions (L-1)	Minority interest (M-1)
2012	3	134000	18000	11130000	-	-	-	4450000	18000	1149000	8000	45000	807000	520000	419000	-	37000	6741000	46000	88000	-	-	26000	96000	-	-	2000	2479000	59000	8000
2012	2	111000	9000	11108000	-	-	-	4586000	15000	1063000	19000	65000	882000	559000	360000	-	37000	6892000	48000	85000	-	-	33000	56000	-	-	2000	2413000	46000	7000
2012	1	118000	-	11078000	-	-	-	4790000	12000	1816000	8000	84000	853000	502000	414000	-	36000	6752000	52000	97000	-	-	26000	77000	-	-	13000	2630000	42000	5000
2011	4	121000	3000	11060000	-	-	-	4971000	17000	838000	13000	110000	858000	551000	366000	-	36000	4409000	61000	94000	-	-	23000	6000	-	-	1464000	2828000	65000	4000
2011	3	132000	-	11036000	-	-	-	4936000	12000	916000	3000	133000	801000	569000	376000	-	35000	3432000	67000	136000	-	-	20000	327000	-	-	2460000	2742000	53000	3000
2011	2	100000	5000	11046000	-	-	-	4975000	11000	1487000	25000	217000	787000	573000	365000	-	34000	3259000	60000	134000	-	-	22000	342000	600000	-	2461000	2757000	42000	2000
2011	1	82000	-	11034000	-	-	-	5005000	12000	1313000	46000	240000	852000	599000	395000	-	34000	5480000	50000	131000	-	-	22000	233000	-	-	13000	2980000	33000	1000
2010	4	96000	-	11019000	-	-	-	5007000	14000	898000	41000	214000	936000	620000	349000	-	33000	5061000	46000	127000	1000	-	43000	100000	-	-	13000	3106000	60000	-
2010	3	78000	-	11012000	-	-	-	4753000	12000	964000	-	148000	738000	466000	327000	-	-	5060000	32000	128000	-	-	25000	220000	-	33000	15000	2668000	54000	-
2010	2	70000	-	11007000	-	-	-	4519000	17000	907000	-	169000	814000	373000	181000	-	-	4869000	6000	122000	1000	-	28000	367000	225000	32000	21000	2526000	50000	-
2010	1	83000	-	10999000	-	-	-	4451000	12000	817000	1000	127000	819000	390000	169000	-	-	4884000	7000	120000	2000	-	24000	296000	-	32000	21000	2335000	41000	-
2009	4	86000	-	11019000	-	-	-	4561000	10000	1192000	6000	134000	790000	406000	-	4992000	-	21000	7000	116000	1000	38000	19000	198000	450000	31000	22000	2496000	56000	-
2009	3	99000	-	111000	-	174000	10000	4246000	1449000	1186000	-	125000	795000	341000	-	-	-	1289000	8000	147000	-	3013000	23000	217000	-	-	4000	1976000	52000	-
2008	4	99000	-	35000	1096000	-	-	186000	33000	1197000	36000	21000	437000	-	-	-	-	430000	-	-	1000	38000	45000	291000	-	30000	3000	2268000	14000	-

Financial Quarter Income Statement Open in New Window

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Finance/interest income	Network operation costs	Share of net profit of jointly controlled entity	Other expenses
2012	3	2216000	189000	746000	90000	15000	465000	1000	14000	294000	-	18000
2012	2	2216000	164000	716000	79000	10000	422000	2000	15000	388000	-	6000
2012	1	2229000	194000	734000	82000	5000	392000	1000	11000	250000	-	20000
2011	4	2265000	141000	717000	45000	6000	458000	1000	10000	265000	-	36000
2011	3	2244000	208000	707000	77000	3000	435000	1000	9000	281000	-	10000
2011	2	2158000	205000	651000	73000	0	412000	1000	12000	242000	-	35000
2011	1	2133000	201000	688000	73000	5000	384000	1000	9000	245000	-	16000
2010	4	2310000	222000	778000	64000	28000	406000	-	9000	250000	-	17000
2010	3	2216000	214000	702000	59000	3000	394000	-	8000	240000	-	17000
2010	2	2191000	188000	761000	62000	8000	395000	-	7000	245000	-	23000
2010	1	2152000	213000	716000	55000	2000	370000	-	5000	243000	-	10000
2009	4	2211000	192000	720000	49000	1000	390000	-	4000	282000	0	80000
2009	3	1833000	129000	1006000	7000	876000	284000	-	3000	-	100000	11000
2009	2	1789000	15000	1436000	8000	-	281000	-	6000	-	75000	12000
2009	1	1778000	25000	1425000	9000	-	251000	-	8000	-	100000	18000
2008	4	1896000	39000	1442000	8000	-	273000	-	9000	-	116000	13000
2008	3	2119000	212000	674000	7000	1000	352000	-	21000	408000	-	8000

Financial Quarter Segments Revenue

year	qrt	Mobile Services	Enterprise fixed services	International gateway services	Home services
2012	3	2120000	53000	34000	9000
2012	2	2094000	50000	59000	13000
2012	1	2130000	45000	46000	8000
2011	4	2170000	46000	45000	4000
2011	3	2163000	44000	33000	4000
2011	2	2075000	48000	30000	5000
2011	1	2038000	43000	48000	4000
2010	4	2152000	46000	108000	4000
2010	3	2063000	43000	106000	4000
2010	2	2041000	40000	105000	5000
2010	1	2023000	43000	86000	-
2009	4	2075000	44000	92000	-
2009	3	1833000	-	-	-
2009	2	1789000	-	-	-
2009	1	1778000	-	-	-
2008	4	1896000	-	-	-

Financial Quarter Segments Profit

year	qrt	Others	Mobile Services	Enterprise fixed services	International gateway services	Home services
2012	3	3000	730000	9000	10000	44000
2012	2	-	709000	10000	7000	32000
2012	1	2000	854000	6000	3000	27000
2011	4	7000	798000	9000	3000	22000
2011	3	1000	807000	4000	5000	3000
2011	2	3000	816000	13000	9000	17000
2011	1	2000	814000	1000	5000	15000
2010	4	3000	855000	12000	-	17000
2010	3	2000	857000	2000	11000	2000
2010	2	1000	768000	13000	3000	2000
2010	1	-	802000	12000	1000	-
2009	4	57000	763000	17000	17000	-
2009	3	-	1408000	-	-	-
2009	2	-	60000	-	-	-
2009	1	-	84000	-	-	-
2008	4	-	168000	-	-	-

Short form reference
a_date = announcement date, yr = financial year end, qrt = quarter
h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter
div = dividend recommend or declare in the quarter, roe = return on equity
c_roe = cumulative of return on equity during the financial year
rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year
pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year
eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year
asset = total asset, liab = total liability, mino = minority interest, equi = total equity
cfo = net cash flow from operating activities, cfi = net cash flow from investing activities
cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year
final = cash and cash equivalents as at current financial period ended
share = diluted/basic weighted average number of ordinary shares
c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year
m_cap = market capital at announcement date of quarterly report, date = current financial period ended date
prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter
navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share
l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio
g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio
avg_w = working capital per thousand Ringgit sale
inv_d = days to sell the inventory, rec_d = days to collect the receivables
pay_d = days to pay the payables

CURRENT

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●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

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●CHANGES IN SHAREHOLDING

ARCHIVES

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●CHANGES IN SHAREHOLDING