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.

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

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Frasers Logistics & Commercial Trust / Equity Bottom-Up

Frasers Logistics & Commercial Trust (FLT SP)

10 in 10 with Frasers Log & Com Trust – Building Frasers’ Flagship Industrial & Commercial Portfolio

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

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

10 in 10 with Frasers Log & Com Trust – Building Frasers’ Flagship Industrial & Commercial Portfolio

Singapore Exchange Ltd (SGX)

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