Maxis shares lower in morning session on weaker q3 results
Published on: Saturday, October 20, 2018
Kuala Lumpur: Maxis Bhd's shares fell in the morning session on Friday after posting weaker third quarter financial results.At 11.15 am, Maxis shares were down 13 sen to RM5.38 with 447,100 shares changing hands.Public Investment Bank in a research note on Friday said Maxis posted a nine per cent decline in the third quarter of financial year 2018 net profit to RM513 million mainly due to lower prepaid revenue.
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"Stripping out foreign exchange losses and other non-operating items, core net profit dropped 7.7 per cent to RM518 million," it said.Nevertheless, it said Maxis' nine-month financial year 2018 results came in within expectations, accounting for 78 per cent of the investment bank's and consensus full-year estimation.Kenanga Investment Bank in a separate note said moving forward, Maxis is set to continue to drive enterprise business solutions supported by higher momentum of business fibre. It said the company also plans to enhance digital capabilities through the digital transformation programme and widen its market share in the home fibre segment."Having said that, Maxis' management is expecting to face strong headwinds ahead in view of the network sharing arrangement termination, sales and services tax reintroduction, fibre broadband re-pricing and intense competition," it said.
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MIDF Amanah Investment Bank in another note said the revamped MaxisONE plan, which offers a better value proposition, continues to show good traction as the postpaid subscriber base continues to increase steadily.Stay up-to-date by following Daily Express’s Telegram channel.
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