Malaysian Telcos Q2 23 review: Softer but YTD performance still tracking
Malaysian telcos reported a softer quarter, both on revenue and EBITDA. Despite this, OpFCF improved on lower capex spend; CelcomDigi is still tracking well against our FY23 EBITDA forecast (+1.7%). We maintain our Buy recommendation on Maxis and CelcomDigi, where we expect the latter to beat on EBITDA expectations.
Maxis is engaged as a communications service provider. Co. operates in three segments: mobile services, which comprises postpaid mobile, prepaid mobile, mobile data, broadband and roaming services; fixed line services, which comprises a range of voice services, data services, Very Small Aperture Terminal services and Internet Protocol and managed services to consumer and business customers; and international gateway services, which comprises services to international telecommunications carriers for termination of traffic into Malaysia, services to send Co.'s own international traffic abroad and bandwidth leasing services. As of Dec 31 2010, Co. had 13,954,000 mobile subscriptions.
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