External broker reports(aggregated public sources), Kenanga Investment Bank Bhd

Kenanga Investment Bank Bhd

External broker reports(aggregated public sources)

Established for more than 45 years, Kenanga Investment Bank Berhad is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>MAXIS’s 1HFY23 results met expectations. It reported positive subscriber growth in the mobile and home internet segments while ARPU was stable.</li><li>It guided for a low single-digit growth for its services revenue and a lower 5G access cost for FY23.</li><li>We tweak our FY23F earnings 3% higher but maintain our TP of RM5.30 on an unchanged 12x FY24 EV/BITDA and OUTPERFORM call.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

MAXIS’s 1HFY23 results met expectations. It reported positive subscriber growth in the mobile and home internet segments while ARPU was stable.It guided for a low single-digit growth for its services revenue and a lower 5G access cost for FY23.We tweak our FY23F earnings 3% higher but maintain our TP of RM5.30 on an unchanged 12x FY24 EV/BITDA and OUTPERFORM call.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Oil & Natural Gas Corp / Technical Analysis

<ul>
<li>MSCI EM (EEM-US) has continued to hold above our $37-$37.50 line-in-the-sand, meaning we are constructive from a price perspective.</li>
<li>We have maintained an underweight to emerging markets, and we are overweight developed international (MSCI EAFE, Europe, Japan) as discussed in in <em>Int’l Compass</em> and <em>ETF Pathfinder</em> reports throughout 2023.</li>
<li>Still, there are plenty of attractive countries and Sectors within the EM landscape, which is what we are focusing on today.</li>
</ul>


MSCI EM (EEM-US) has continued to hold above our $37-$37.50 line-in-the-sand, meaning we are constructive from a price perspective.
We have maintained an underweight to emerging markets, and we are overweight developed international (MSCI EAFE, Europe, Japan) as discussed in in Int’l Compass and ETF Pathfinder reports throughout 2023.
Still, there are plenty of attractive countries and Sectors within the EM landscape, which is what we are focusing on today.


EM Strategy: MSCI EM Financials & Energy Improving-Overweight; Overweights: Taiwan, India, Mexico

External broker reports(aggregated public sources), TA Securities Holdings Berhad

TA Securities Holdings Bhd

<p>MyKRIS Asia), one of Malaysia’s leading managed network service providers, for a total cash consideration of up to RM157.5mn. This would represent Maxis’ largest acquisition to date as it seeks to beef up enterprise capabilities. [...] We continue to like Maxis for its long-term ‘converged’ strategy and decent FY21-23 forward yields of 4.2% amid the low- interest rate environment. [...] While the proposed acquisition is not subject to Maxis’ shareholders’ approval, it is subject to at least 75% of MyKRIS International’s shareholders’ approval. [...] In 2019, Maxis’ Employee Engagement Index Score improved 1pp to 88% and 96% of employees who responded to a survey indicated that they are proud to work for Maxis.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

MyKRIS Asia), one of Malaysia’s leading managed network service providers, for a total cash consideration of up to RM157.5mn. This would represent Maxis’ largest acquisition to date as it seeks to beef up enterprise capabilities. [...] We continue to like Maxis for its long-term ‘converged’ strategy and decent FY21-23 forward yields of 4.2% amid the low- interest rate environment. [...] While the proposed acquisition is not subject to Maxis’ shareholders’ approval, it is subject to at least 75% of MyKRIS International’s shareholders’ approval. [...] In 2019, Maxis’ Employee Engagement Index Score improved 1pp to 88% and 96% of employees who responded to a survey indicated that they are proud to work for Maxis.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Continues to Beef Up Enterprise Capabilities

<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Resilience Underpinned by Convergence Strategy

External broker reports(aggregated public sources), JF Apex Securities Berhad

JF Apex Securities Bhd

Malaysia

Maxis Berhad operates as a mobile and fixed communication service provider. The Company, through mobile and fiber telecommunications along with IT infrastructure services, offers mobile and fixed data products, voice and SMS services, mobile payment solutions, remote health monitoring, Cloud solutions, and a business directory to businesses and individuals in Malaysia.

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Maxis Bhd (MAXIS MK)

Results Note - Maxis Berhad - Onwards 5G

MAXIS’s 1HFY23 results met expectations. It reported positive subscriber growth in the mobile and home internet segments while ARPU was stable.

Kenanga Investment Bank Bhd

EM Strategy: MSCI EM Financials & Energy Improving-Overweight; Overweights: Taiwan, India, Mexico

MSCI EM Financials & Energy Improving -- Upgrading to Overweight; MSCI EM Technology remains an Overweight. Top Country Overweights: Taiwan, India,...

Vermilion Research

Continues to Beef Up Enterprise Capabilities

<p>MyKRIS Asia), one of Malaysia’s leading managed network service providers, for a total cash consideration of up to RM157.5mn. This would...

TA Securities Holdings Bhd

Resilience Underpinned by Convergence Strategy

Buy Maxis Berhad: Resilience Underpinned by Convergence Strategy. - By: TA Securities Holdings Bhd

TA Securities Holdings Bhd

Postpaid leads higher sales

Buy Maxis Berhad: Postpaid leads higher sales. - By: JF Apex Securities Bhd

JF Apex Securities Bhd

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