Maxis Berhad: Overview Of Products And Services

History of the Malaysian Telecom Industry

In the year 1891, there was an installation of the first telephone exchange in Kuala Lumpur and the same brought about a beginning of the telecom industry. There were only 21 telephones at the initial stages that further spread over to 400 miles and the year 1985 was marked as the introduction towards the mobile services as there was a grant of wide range of licenses to the telecom sector.

One of the leading service providers towards the communication in Malaysia is Maxis Berhad. They provide a lot of products and services that had a relation with the mobile communication. The offered services and products included the calls, prepaid and postpaid SMS plans, data, facilities of roaming, wireless broadband, fiber internet, fixed residential lines, MMS, WAP and GPRS and GSM. The company is also apt in offering a wide range of facilities towards the business customers that include the cloud computing, internet speed, machine to machine services, services based on satellite, calls of conferencing, other mobile plans. It also includes the It also include the online games and provision of the stores of music that would help the customers to download the multimedia contents.  

It is the most experiences and premier company of telecommunication that covers widely the whole nation. It provides services of both prepaid and postpaid nature as it has subscribers that sum up to around 13 million. It is the leading provider of broadband services and is also growing its services that would add value and worth to the overall company. It provides 2G and 3G services along with the introduction of the Services of the Automatic Radio Telephones. It also uses the technology of Extended Total Access Communication System i.e. ETACS and the Advanced Mobile Phone System that is AMPS. It also offers digital GSM and obtained licenses to provide the Virtual Mobile Operator services and satellite phone (Devaux 2015).

The company has faced and will be facing a wide range of difficulties and challenges forming part of the prepaid segments that is forming part of the extensive competition and the same is evidenced by the decline that had been seen on the part of subscriptions. The same was faced at the last quarters. It has faced a lot of negative subscribers that had lead to the loss of the base of subscribers by around 13.2 million. The loss of the subscribers was due to the segments of prepaid that was a result of the expiration of the Sims. There was also a failure of the legacy plans and policies that are a part of the Sims that thus not take active part in the generation of the revenues.

Maxis Berhad: Leading Service Provider in Malaysia

The prepaid revenues improved in a slight manner since 2013 in cases of postpaid services. The company has been taking steps in improving and taking aggressive steps towards the prepaid market to capture the entire market space. It has acknowledged the weaknesses among the prepaid segment and established markets with competitors that include the gains and growth in terms of internet in mobile, non urban populace and the migrants. It had taken steps to introduce new Sims that was named as Hotlink and the same had streamlined charges of SMS and voices along with the free internet offered.   

The internet prices were lowered by the Maxis and the same was done to gain the market share and match the prices of Maxis. There were a number of entrants that included the Altel Communications, Virgin Mobile and DiGi but the company managed to maintain the brand name. The revenue from the SMS also has a way to face cannibalization as the company offers free data services to its customers. Furthermore, the segments of the postpaid services are safe and secured and the pricing of the data networks and the services are important factors towards the improvement of the margins. The major markets identified with Maxis are the multi-devices, segments of enterprises and the mid tiers. The same has been targeted by Digi and the U-Mobile towards both the multi device markets and the mid tiers. Further, there has been analysis that the company has an undue advantage due to the large holdings of spectrum, evolution of long term 4G and the coverage of best quality products and services (Delen et al. 2013).

The company has spent a huge amount of economy and finances towards the expansion of the entire range of business with its products and services. It has an outlook of having a larger footprint towards the investment of huge finances and growth and maintenance of the more finances towards the infrastructure. It has taken steps and moves towards the acquisition of the cellular company of Nepal that is Ncell and the same has moved the industries. The challenge and issue appeared once when the same had to be translated into the stock prices. The share price of the company had not performed along with the competitors and compared companies like the Telenor ASA and the Singapore Telecommunications Ltd. The company had been not remained in a smooth position as the same had been surrounded with issues like competition, currency and the regulations.    

Maxis Products and Services for the Consumer Market

The share price of the company had remained stable after the year 2013 and even though the company had steady returns even though the same had not been improved within the regions. It has faced a period of gestation for the earnings and returns in little market after the investments and the same are small markets. The addition of Celcom Axiata had formed a part of the earnings of Axiata and the same had been part of the own issues of the fair values since a long period of eighteen months. The Celcom Axiata has been an important part of contribution towards the whole company and as per the research the proceeds of the company will increase and increased by about 40% in the coming years, 30% from the technologies in Indonesia and 10% form others like Ncell and the Dialog (Collier 2015).

The company had finalized and undertaken acquisition of 80% stake in the Ncell of Nepal and the enlargement towards the financials to Axiata from Ncell will be instantaneous. The same further leads to the addition of the fact that the dimensions and the dynamics of the company are not comparable with the SingTel that is too far ahead. The footprint of the SingTel is too wide and the same do not take the positions of control in the market unlike the company Axiata. The company had been come through a long way and the same had a long view towards the growth of the stock.

Even though there is saturation in the growth of the market, the company had been growing in both an organic and inorganic manner. The company had been an aim and objective of being a regional champion since its inception and the same has achieved in over around ten and more countries that include Bangladesh, Sri Lanka, India, Pakistan, Cambodia, Indonesia, Malaysia, Singapore, Myanmar and Nepal too. The Ncell acquisition has increased the range of subscribers in all the ten markets mentioned above and the same will give returns to the capital markets.

Maxis Berhad; Highlights:

• The company has been able to achieve the revenue and net profit gains by an increase of total 15% from the year 2015 to 2016 i.e. RM 1747 to RM 2013.  The current asset returns had provided recommendations that there is a sustainability situation that was the result of the operating returns gained over the last four year period.
• The performance of the overall company is best when compared with the other competitors of the country.  It is expected that the company will maintain the position of the relatively higher returns instead of the growth increments related to the other companies (Chytis 2015).
• The ratio of price / book will help towards the comparison of the overall value of the market of the stock to the book value. The ratio which is lower will reflect an undervaluation scenario of the stock and the same is computed by the division of the closing values by the book values of the share. The ratio of price / book is 10.24 that mean the same is overvalued and thus, the stock is valuable from the perspective of the investors.
• The margins of gross nature have increased from the years 2015 to 2016 i.e. from 68.28% to 68.39% that is a signal for the future of the company in maintaining the return.
• It has been effective towards the achievement of the margin expansion of EBITDA by 1.5% points i.e. from 51.9% to 52.8% in the years 2015 to 2016 respectively.
• The company has faced an increase in the earnings before interest, tax, depreciation and amortization from the year 2015 to 2016 i.e. RM4331 to RM4551 respectively. Thus, a variance of RM220 i.e. 5% in terms of percentage was faced by the company.
• There was a record of normalized profits of RM1960 million that had changed to RM1963 million as compared to the previous year.
• There is no change in the distribution policy of the dividend. The dividends for the years 2015 and 2016 were same i.e. 20sen per ordinary shares respectively.
• The EPS i.e. the earnings per share of both basic and diluted per share has seen an increase of 15% as per the years 2015 and 2016 was 23.2sen and 26.8sen respectively.
• The retained earnings have increased from 2015 to 2016 i.e. from RM3237.1 to RM3970 that has marked increase of RM732.9.
• The tax rate for the financial year that has ended in 2016 was higher by 24% that has increased by the legal standards of the country. The reason of effective tax rates being high was that the expenses were not deducted for tax calculations and the effective rates of return stayed high as the total amount of taxes were RM713 in 2015 and the RM724 in 2016.

Axiata; Highlights:

• The company has been able to achieve the revenue and net profit gains by a decrease of total 10% from the year 2015 to 2016 i.e. RM 19883 to RM 21565.  The current asset returns had provided recommendations that there is a sustainability situation that was the result of the operating returns gained over the last four year period.
• The ratio of price / book will help towards the comparison of the overall value of the market of the stock to the book value. The ratio of price / book is 2.61 that mean the same is overvalued and thus, the stock is valuable from the perspective of the investors.
• The margins of gross nature have increased from the years 2015 to 2016 i.e. from 75.20% to 78.30% that is a signal for the future of the company in maintaining the return.
• It has been effective towards the achievement of the margin expansion of EBITDA by 1.5% points i.e. from 51.9% to 52.8% in the years 2015 to 2016 respectively.
• The company has faced an increase in the earnings before interest, tax, depreciation and amortization from the year 2015 to 2016 i.e. RM7530 to RM8011 respectively. Thus, a variance of RM481 was faced by the company.
• There was a record of normalized profits of RM2554 million that had changed to RM504 million as compared to the previous year (Endaweke 2015).
• There is been a change in the distribution policy of the dividend. The dividends for the years 2015 and 2016 were 0.22sen and 0.17sen per ordinary shares respectively.
• The EPS i.e. the earnings per share of both basic and diluted per share has seen a decline of 80.55%.

The property plant and equipments of the company gets depreciated on the basis of the straight line methods and the same helps in the write off of the costs forming part of the each category of assets to the value left over that is spread over the estimated useful life. The estimated life is as follows:

Maxis Products and Services for Business Customers

Property, Plant and Equipment	Useful Life (in years)
Buildings	42-50
Telecommunications equipment	2 – 25
Submarine cables (included within telecommunications equipment)	10-25
Site decommissioning works (included within telecommunications equipment)	15
Motor vehicles	5
Office furniture, fittings and equipment	3-7

 
The inventories of capital nature and the work in progress that include the tools of renovations, telecommunications and the information technology systems get depreciated after the intention of being ready for use. The residual and the salvage values gets adjusted and assessed again and the same gets done at every ending date of reporting.  

Revenue Recognition

The income must be valued at the fair value of the receivable and the received considerations towards the services and goods that has been sold by the group of companies. The sales within the group are excluded and the revenue is shown after the adjustments of the discounts, returns, amount collected from the third parties (Billah et al. 2015). The major recognitions done by the company are as under:

The company Axiata has a dealing related with the provisioning of telecom markets and the same provides on a worldwide scale for the telecommunication consultancy. The companies Axiata and Maxis are both competitors and the same are growing and expanding over time. The company also deals with the operations related to the non telecommunication along with the telecommunication. There also has been an advancement of strategy known as the “Advance Asia” strategy that has captured the markets at higher rates and prices. The companies have also taken steps in capturing the swift improvement in the businesses related with the data and the internet. The below is a comparison of the structure of financial nature with the two competitors in the industry of telecommunication i.e. among Axiata and Maxis (Friedman 2012).

The commitment of transforming and modifying the models of the company Axiata is fast than the Maxis model. The statements of finance help in the tracking and inspecting of the ratios and it will help in the replication of the accounting principles. The calculations of the ratios are carried on so that there is a reporting of the assets that have no current or present values and they have an inspection carried on the wider lines of the products and the services that are followed by the company (Brigham and Daves 2012). The ratios are analyzed towards supporting the practical analysis of the corporation.

The assessment and the evaluation of the statements of finance can get performed by the analysis of the ratios that gives illustration towards the utilization of the financial statements. The ratios help towards the evaluation of the business concerns that are comprehensive in nature and leads to the improvement of the overall structure.  The performance can be evaluated with the computation and consideration of the following financial ratios:

Challenges Faced by Maxis

Four years trend of revenue & gross profit growth rate

	Maxis		Axiata
Years	2016	2015	2014	2013	2016	2015	2014	2013
Revenue (MYR)	8612	8601	8389	9084	21565	19883	18712	18371
Gross margin rate (%)	68.39	68.28	67.73	66.00	92.7	75.2	75.7	86.00
Net margin rate (%)	23.37	20.22	20.47	19.43	3.05	12.85	12.55	13.88

The income proceeds of the Maxis company has faced an increase of 1% in the market approximately while the company Axiata has faced increase of 8% approx from the year 2015 to 2016 that makes the company Axiata more efficient in comparison.

The gross margin rate is not the exact estimate of the approaches that are carried on by the company towards the identification of particular expenses and deciding the pricing structure. The Maxis Company had seen stability while Axiata faced an increase of 12% growth that Axiata has a better growth and beneficiary position.

A fair and correct percentage of the margin of profits has consistency and thus is devoid of many fluctuations. In case of Maxis, the margin of net profit has changes around 3% while, Axiata did face a loss or decline in the margin by around 9% that makes Maxis a more efficient one in this case (Grubel 2014).

	Maxis		Axiata
Years	2016	2015	2014	2013	2016	2015	2014	2013
ROCE (%)	14.02	13.16	13.64	12.73	1.51	6.85	6.94	7.75

The ratio of return on employed capital and the invested capital has increased from 2015 to 2016 in case of Maxis Company. While, in case of Axaita, the return on invested capital has faced a drastic decline thus, in case of Maxis there are more proceeds from the investments. 

	Maxis		Axiata
Years	2016	2015	2014	2013	2016	2015	2014	2013
Quick Ratio	0.49	0.56	0.60	0.49	0.53	0.77	0.78	1.14

The Acid test ratio also known as the Quick ratio is a measure of the total currents assets divided by the total current liabilities. The current assets will be excluded with the prepaid expenses and the inventories unlike the current ratio. The acid test is better when compared with the current ratio as the same gives a proper evaluation of the position of the current liabilities and assets (Abdul Hamid et al. 2013). However, the acid test has a conservative approach as it demarcates the stock and the prepaid expenses that make the procedure of conversion complex. The better position of the company will get highlighted with the better quick ratio. In the above compared companies, both of them are having quicker ratio and the same is more or less similar to the current ratio of the companies. Thus, the levels of the inventory or stocks are lower in both companies. The analysis further proves that the company Maxis is better in terms of performance in comparison to the company Axiata.  

	Maxis		Axiata
Years	2016	2015	2014	2013	2016	2015	2014	2013
Debt equity Ratio	2.09	2.10	1.72	1.11	0.94	0.59	0.58	0.59

The debt to the equity ratio represents the total liabilities of the company divided by the total equity of the shareholders.

Maxis’ Growth Strategies and Financial Performance

The ratio is a part of the capital structure and the same is a basis of calculating the cash position towards the meeting of the debts of longer terms with the available investments. The standard position is supposed to be 1 and the same is a representation of the situation of the better solvency of the organization. As per the above table the ratio of the debt to equity is high for both the companies under comparison (Brigham and Ehrhardt 2013). However, the company Maxis has a more favorable position in meeting up the debts that are continuing as the same has high amount of investments when compared with the total liabilities and debts.

	Maxis		Axiata
Years	2016	2015	2014	2013	2016	2015	2014	2013
Leverage Ratio	4.02	4.53	3.84	2.89	2.77	2.39	2.37	2.22

The leverage ratio measures the total debts divided by the Earnings before interest, taxes and depreciation. The ratio evaluates the sustainability of the level of the debts that the organizations have. Moreover, the companies borrow and take on debts at particular points of time that enhances the enabling of the company in meeting up the required objectives. The principle problems include the utilization of the excessive amount of debts that might convince the investors to lose their confidence and interest in the business. The ratio also measures the going concern of the company and it can also lead to a situation of bankruptcy for the companies. The company will have a favorable position if the ratio will be high and in the given case, Axiata has better ratio when compared to Maxis. Thus, it can be said that the company is effective in meeting and covering the interests related to the long term debts of the company.  

	Maxis		Axiata
Years	2016	2015	2014	2013	2016	2015	2014	2013
Asset Turnover Ratio	0.45	0.46	0.47	0.52	0.34	0.38	0.40	0.43

 The asset turnover ratio is a representation of the total sales by the total assets of the company in average.

The ratio has an expectation to get evaluated by the major management teams to know whether the present assets can have a conversion into the sales. The higher ratio will represent more favor as the company will be able to generate higher sales with the accumulated assets. Thus, after analysis and evaluation it can be said that the company Maxis has been efficient in creation of larger sales.

As per the above analysis, the company Axiata is among the diverse companies and the company have been successful in capturing the global market. On the evaluation of the financial performances, there was a representation that among the two companies in comparison, Axiata has been maintaining the speed and stability. Maxis have been growing speedily but Axiata has a more stable position as compared with Maxis.

Maxis’ Acquisition of Ncell in Nepal

	Maxis	Axiata
	2016	2015	2014	2013	2016	2015	2014	2013
EPS	0.24	0.23	0.23	0.27	0.29	0.27	0.29	0.06

The Earning per share is the total earnings earned on the total amount of shares held by the company. The companies had been efficient in generating the sufficient amount of earnings with the invested capital and shares. The companies were generating the major part of the income from the new products and services implemented having relation with the telecom industry. The company Maxis had been stronger as compared to Axiata that can be observed from the above graph. The company Axiata had however, seen a fall in the total EPS in the year 2016 and the same was due to the lowering of the profits and incomes from the products and services. In comparison the earning per share of the companies had been going along with each other, except in the year 2016 where the company Axiata had earned too less i.e. 0.06.

	Maxis	Axiata
	2016	2015	2014	2013	2016	2015	2014	2013
Dividend payout ratio	0.2	0.31	0.32	0.4	118.1	71.4	0	0

The dividend payout ratio is the total ratio of the dividend that is paid from the total earnings of the companies. The companies retain back their profits to distribute their excessive income earned from the products and services of the company. The company Maxis does not have an attractive approach towards the shareholders and investors as it has not been having a good ratio of payout of dividends. The company Axiata had been started paying off the dividends out of its earnings from the year 2015 and a way too high than the company Maxis. The dividend payout ratio was the highest for the year 2016 i.e. 118.10 for the company Axiata and the company Maxis had been just 0.2 for the year 2016. The higher the ratio of dividend payout, the better the position of the company as the higher dividends carries a lot of attractiveness from the investors and the shareholders.

	Maxis	Axiata
	2016	2015	2014	2013	2016	2015	2014	2013
Dividend Yield	1.11	1.72	2.1	2.09	0.17	0.22	0	0

The dividend yield is the capacity of the companies in generating dividends. In terms of the yield of the dividends, the company Maxis had been declining from the years 2015 but still had been higher than the Axiata. The dividend yield is the total dividend that is paid from the total investments of the companies. The companies retain back their profits to distribute their excessive income earned from the products and services of the company. The company Maxis does not have an attractive approach towards the shareholders and investors as it has not been having a good dividend yield. Maxis had been not been effective in yielding higher dividends as compared to the company Axiata. Thus, the company Maxis must work upon increasing the dividends.

Particulars	2013	2014	2015	2016
Cash Flows From Investing Activities
Investments in property, plant, and equipment	-4117	-3748	-4861	-5564
Property, plant, and equipment reductions	47	115	21	81
Acquisitions, net	-463	-3043	-1008	-5132
Purchases of investments	-334
Sales/Maturities of investments		219
Purchases of intangibles	-878	-254	-233	-1003
Other investing activities	378	363	-259	783
Net cash used for investing activities	-5367	-6347	-6340	-10835
Cash Flows From Financing Activities
Debt issued	3053	2614	5403	9022
Debt repayment	-2193	-2643	-5196	-4837
Common stock issued		551	43	678
Dividend paid	-2986	-1885	-722	-983
Other financing activities	-8	966	-4	410
Net cash provided by (used for) financing activities	-2134	-397	-476	4291
Effect of exchange rate changes	30	26	314	98
Net change in cash	-7471	-6718	-6502	-6446
Cash at beginning of period	7894	6011	4867	4561
Cash at end of period	424	-707	-1635	-1886
Free Cash Flow
Capital expenditure	-4995	-4003	-5094	-6567
Free cash flow	654	1581	1197	208

The company had been taking steps in investing towards the property, plant and equipments so that the company will grow and develop as per the required modern technologies and approach. As per the above analysis, the company has acquired in net 5132 MYR in terms of plant property and other equipments. The investments in tangibles also had increased that means the total investments had been too huge making the figure negative. But, a negative figure does not represent that the company will face losses or problems. It states that the company has been effective towards acquiring new technologies to get hold of the future gains and profitability (Marimuthu and Hassan 2016).

The company has acquired finances but also issued a huge amount of debts that has created a positive figure. The cash had turned negative that means that the company is unable to meet the position of liquidity. But still, the company has been maintaining stability in maintaining the position of the free flow of cash. The capital expenditures have increased that represents that the company is taking steps to maintain the capital position and requirements of the company.

Further, the below analysis will help in further evaluation of the structure cash flows of the company: 

Particulars	2013	2014	2015	2016
Operating Cash Flow Growth % YOY	-17.39	-1.14	12.66	7.70
Free Cash Flow Growth % YOY	-52.46	141.90	-24.30	-82.64
Cap Exp as a % of Sales	27.19	21.39	25.62	30.45
Free Cash Flow/Sales %	3.56	8.45	6.02	0.96
Free Cash Flow/Net Income	0.26	0.67	0.47	0.41

The above analysis states the following:

• The operating cash flow growth percentage has increased over the years i.e. from a negative figure in 2013 to 7.70 in 2016 that represents a favorable condition for the company (Michalski 2014).
• The free cash flow growth has declined but the same has been due to the cash getting intact in the capital expenditures and other long term expenses on investments.
• The capital expenditure of the company has been increasing as the company is taking steps to invade in a lot of new facilities and communication structures in the telecom industry. Thus, the same is a healthy sign for the company.
• The percentage of the free cash flow to the net income has decreased over the years and it represents the total free cash flows upon the total sales of the company. Thus, the same must be maintained to get an overall effective structure for the company.
• The percentage of the free cash flow to the sales has decreased over the years and it represents the total free cash flows upon the total income of the company. Thus, the same must be maintained to get an overall effective structure for the company.

Conclusion

Thus, from the above it can be seen that the company Axiata must be considered as the target firm. The ratios have shown the overall financial condition and the cash flow statement has also helped in further explanation of the same.

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