PETALING JAYA: Analysts are adopting divergent calls for Maxis Bhd
as the telecommunication company group heads into 2026 after strong results last year (FY25).
Research houses are flagging moderating growth expectations and rising structural uncertainties.
Across the board, RHB Research, TA Research, BIMB Research and Kenanga Research characterised the group’s latest results as largely in line with forecasts, while highlighting differing risk emphases – from 5G cost structures to competitive pressure and earnings dilution risks.
Maxis has guided for low single-digit growth in both service revenue and earnings before interest, tax, depreciation and amortisation (Ebitda) for FY26, alongside capital expenditure (capex) intensity of 10% to 12% of total revenue.
Kenanga Research described the new guidance as signalling a more measured outlook, saying the “low single-digit for both service revenue and Ebit allude to a cautious stance,” especially compared with earlier ambitions of mid-single-digit growth.
The research house noted that higher capex will be directed by the telco towards fiberisation projects and supporting data centre connectivity.
BIMB Research similarly highlighted the forward-looking commentary, noting that “the management has introduced its FY26 guidance of service revenue growth of low single digit, Ebitda growth of low single digit, and capex intensity of 10% to 12% of total revenue”.
It added that Maxis “remains proactive in expanding its fibre footprint to strengthen network infrastructure,” with a clear focus on connectivity services to data centres and scaling up enterprise capabilities beyond core mobile offerings.
RHB Research and TA Research also pointed to a stable but unspectacular growth trajectory ahead, underscoring the need for disciplined execution amid stiff competition in both mobile and fixed broadband segments.
For FY25, Maxis posted a net profit of RM1.56bil, up 11.8% year-on-year (y-o-y), BIMB Research said this was largely within both its and consensus estimates at 101% and 102% respectively, reflecting steady operational delivery.
Service revenue in the fourth quarter of FY25 (4Q25) rose 2.1% y-o-y to RM2.3bil, driven mainly by the group’s postpaid segment, as well as the fixed and solutions portfolio within the enterprise division.
BIMB Research noted that enterprise fixed and solutions revenue was underpinned by connectivity deployment to 47 major data centres, highlighting a structural shift towards higher-value services.
Kenanga Research described FY25 as a year of “soft revenue but strong efficiency”, observing that while service revenue growth of 0.5% y-o-y fell short of earlier aspirations, core net profit still expanded 12% thanks to continuous cost management and operational optimisation.
Similarly, RHB Research also characterised Maxis’ FY25 results as broadly within expectations, citing resilient mobile performance and continued cost discipline as key supports for earnings stability, while TA Research observed that earnings were largely in line with forecasts, supported by stable service revenue and manageable operating costs.
All four research houses acknowledged the continued strength in Maxis’ postpaid base, with BIMB Research highlighting that mobile subscribers rose 4.9% y-o-y to 13.64 million, led by a 9.9% increase in postpaid users to 5.92 million.
Postpaid average revenue per user (Arpu) stabilised at RM63.10, while blended Arpu rebounded to RM42.90.
Kenanga Research pointed to Maxis’ robust postpaid net additions of 62,000 in 4Q25, extending the group’s growth streak since 2Q21. Postpaid Arpu improved sequentially, reflecting ongoing migration and upselling efforts.
Meanwhile, the telco’s enterprise performance also drew attention, with BIMB Research highlighting an 8.6% y-o-y growth in fixed and solutions revenue in 4Q25, supported by demand for connectivity services.
