Maxis: Sturdy showing

Maxis continues to stand out as our top pick for Malaysia Telcos, with its steady execution and resilient fundamentals. Earnings tracked in line with expectations, supported by balanced growth across its consumer and enterprise segments.

Competitive pressures remain contained, with niche MVNOs p osing limited threat.

Maxis

The group’s ~5% dividend yield is already attractive and could see further uplift from strong cash ows and a strengthening balance sheet.

Ambank retain BUY at TP of RM4.45/share. “Maxis remains our top pick for Malaysia Telcos.

“Our valuation is pegged to an EV/Ebitda multiple of 9.5x and CY27 Ebitda. Dividend yield is compelling at ~5%, while capital management initiatives provide further scope for increases. Meanwhile, potential M&A could unlock additional TP upside.”

Consumer postpaid and prepaid revenues increased 4% YoY and 2% YoY. Within enterprise, xed & solutions revenues jumped 12% YoY, due to higher IoT subscriptions and other xed network solutions. 1Q26 Ebitda margins was stable at 40%.

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