Maxis Communications Bhd : 2QFY10 Net Profit Declines 3.6% QoQ On Higher - 01/09/2010

♦ Below expectations. 1HFY10 net profit of RM1,084m (-5% yoy) came in below expectations, at only 43.6% of our and 44.0% of the consensus fullyear estimates. Key variances against our forecasts were: 1) lower-thanexpected revenue; and 2) higher-than-expected administrative and network operation expenses.

Maxis Communications Bhd : 2QFY10 Net Profit Declines 3.6% QoQ On Higher - 01/09/2010

Corporate Highlights... - 01/06/2010

♦ Strategy / Earning Review : Downdraft Of Fear; Longer-term Outlook Still Positive

♦ Benchmarking
Market Update : Anticipating The Mid-Year Review

♦ Banking
Sector Update : Apr ‘10 System Data – Broadly Stable

♦ Sunway Holdings
News Update : Secures RM210m Building Job From SunCity

♦ Maxis
Results / Briefing Note : Delivering On Dividends

♦ Alliance Financial Group
Results Note : Lower-Than-Expected LLP Helps Beat Estimates

Corporate Highlights...-01/06/2010

Maxis Berhad : Delivering On Dividends - 1/6/2010

Within expectations. 1QFY10 net profit of RM552m (+0.9% yoy; -4.8% qoq, based on core profits) accounted for 22.2% of our and 22.4% of the full-year consensus estimates. However, we consider the results to be within expectations as we expect stronger performance in the coming quarters.

Maxis Berhad : Delivering On Dividends - 1/6/2010

RHB Equity 360° - 1 June 2010 (Earnings Review, Market, Banks, Sunway, Maxis, AirAsia, MNRB, Affin, WTK...)

Strategy Update
♦ After three consecutive quarters of positive earnings surprises, the earnings reporting season that has just ended showed that the bulk of the corporate results that we covered were within our (83.5%) as well as market (68.2%) expectations.
♦ Unlike the previous three quarters, there were no significant revisions to our individual company’s earnings numbers during this reporting season (except for Genting Bhd due to positive minority interest caused by exceptional items incurred in Genting S’pore and Genting M’sia), suggesting that major earnings upgrades have already been factored into analysts’ projections and that earnings growth might have peaked in 1Q.
♦ Sequentially, net EPS for FBM KLCI stocks under our coverage recovered to +10.6% qoq in the 1Q, after easing to +4.2% in 4Q09. Yoy, net EPS for FBM KLCI stocks continued to trend up and surged to a high of +35.6% in the 1Q, from +11.7% in 1Q09. The strong surge reflects partly a low base effect, although it points to sustained recovery in corporate earnings.

Economic Highlights - Broad Monetary Aggregate Moderated, But Loan Growth Bounced Back In April - 1/6/2010

Maxis Berhad : Results Delivered While Dividends Beat Expectations - 01/03/2010

Core net profit down 2.7% yoy, but within expectations. Excluding one-off costs totaling RM103m in relation to the IPO, Maxis’ FY09 core net profit of RM2.3bn (-2.7% yoy) met our and consensus estimates.

axis Berhad : Results Delivered While Dividends Beat Expectations - 01/03/2010

RHB Equity 360° - 01/03/2010 (Carlsberg, Sime, Genting, Genting Msia, Maxis, Ann Joo, AirAsia, Affin, IKML, Suncity, KPJ, Faber, Kossan, MCIL, etc.)

Top Story : Carlsberg – Hello Singapore!
Outperform

Briefing Note

• In FY09, Carlsberg was hit with higher raw material costs, flattish industry volumes and an increase in offtrade consumption due to value pressure, but gained +1% market share.
• Imported premium beer segment grew 56% in FY09 and has received favourable feedback from on-trade consumers, which could translate to gaining more pub contracts in Klang Valley and reduce dominance of Guinness and Heineken. Four new brands in imported premium beer segment to be introduced in FY10.
• Total TIV expected to recover by 2% in FY10 (vs. our assumption of 1%) driven by improving consumer sentiment, later timing of CNY festive season and World Cup celebration. New contracts for raw material prices locked in at lower prices in Jan and margins expected to return to more normal levels. Concerns remain on value pressures from customers as they become more used to lower priced beer.
• No changes to our forecasts. Maintain fair value of RM5.90 based on unchanged WACC of 9.2%.

RHB Equity 360° -01/03/2010 (Carlsberg, Sime, Genting, Genting Msia, Maxis, Ann Joo, AirAsia, Affin, IKML, ...