Maxis Bhd (6012) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Maxis Bhd MYR 3.74, price MYR 3.61, upside +3.6%, quality 67 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 2.64 MYR – 4.21 MYR · fair‑value band 2.50 MYR – 5.27 MYR · the 3.61 MYR price screens below the 3.74 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Maxis Berhad, an investment holding company, provides a suite of converged telecommunications, digital, and related services and solutions in Malaysia and internationally.
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Maxis Berhad, an investment holding company, provides a suite of converged telecommunications, digital, and related services and solutions in Malaysia and internationally. It offers mobile plans; devices, such as mobiles, tablets, wearables, and home devices; broadband services; data and internet, and satellite services; and digital, point of sales and payment, collaboration, voice, security, and Internet of Things solutions. The company also provides cloud and data center solutions; hardware and software solutions for retailers; develops technology platforms to aid online learning and educational services; and managed network services and other network services. It serves retail, manufacturing, logistics, food and beverage, and financial service industries, as well as public sector. The company was founded in 1995 and is based in Kuala Lumpur, Malaysia. Maxis Berhad is a subsidiary of BGSM Equity Holdings Sdn. Bhd.
Stock analysis
Maxis Bhd (6012) currently trades at 3.61 MYR, while our model-based Fair Value estimate is 3.74 MYR, implying the stock looks roughly 3.5% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 3.68 MYR per share, and 10 of the 24 models we run sit above the 3.61 MYR price.
Bear case: the Asset-Based group reads lowest at 0.5300 MYR, and 14 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 2.50 MYR (bear) to 5.27 MYR (bull), the price of 3.61 MYR sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 67/100 (solid quality), in the Communication Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Maxis Bhd reported revenue of 10.6B MYR in FY2025 versus 9.2B MYR in FY2021, a compound +3.4%/yr. Reported net income was 1.6B MYR in FY2025, compounding +4.5%/yr from FY2021.
Key figures
Market cap 28.3B MYR (≈ $6.9B) · P/E ratio 17.2 · P/S ratio 2.54 · EPS (TTM) 0.2100 MYR · Dividend yield 4.4% · Net margin 14.8% · Return on equity 26.7% · Return on assets (EBIT) 10.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 47% fair-value upside, at 4%, 6012 screens richer than that median.
Fair Value models
Bear 2.50 MYRFair Value 3.74 MYRBull 5.27 MYR
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.0293 MYR per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.75/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+0.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.4%
Start year 2020 (pandemic). Over 10 years: +2.1% a year
Revenue growth 19 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.2%
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What shareholders gained per year (last 5 years), in MYR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in MYR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+4.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.4%
Dividend (yield on the price)4.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.2% vs −2%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.28% → 24%
Start year 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+4.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (Malaysia: IMF forecast 2.0% a year to 2030, 1.8% from 2016 to 2025) that is about +2.6% a year for the price and +0.3% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Telecom Services · 251 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside+6% · Above median
Profitability
Return on equity (TTM)27% · Top 25%
Return on assets6% · Top 25%
Net margin (TTM)15% · Top 25%
Operating margin (TTM)21% · Top 25%
Growth and dividend
Revenue growth5% · Above median
Dividend yield (TTM)4.4% · Above median
Balance sheet
Debt / equity0.88× · Above median
Valuation Multiplesvs Telecom Services median · lower = cheaper
P/E (TTM)17.2× · Cheaper than median
P/B1.10× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Maxis Bhd Fair Value". https://www.fairvalue-calculator.com/stock/6012
Frequently asked questions
Is Maxis Bhd (6012) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 3.74 MYR versus a price of 3.61 MYR, about +4% upside (fairly valued).
What is the fair value of 6012?
Our model-based fair value for Maxis Bhd is 3.74 MYR (as of Sep 24, 2026), built from audited fundamentals. The current price: 3.61 MYR.
What is the quality score of 6012?
Maxis Bhd has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Maxis Bhd (6012)?
Our model-based price target is the fair value of 3.74 MYR (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 2.50 MYR, optimistic scenario 5.27 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the Maxis Bhd stock forecast for 2026?
Our models put fair value at 3.74 MYR, about +4% upside versus a price of 3.61 MYR (fairly valued). Cautious scenario 2.50 MYR, optimistic scenario 5.27 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of Maxis Bhd (6012)?
Maxis Bhd reported trailing-twelve-month revenue of about 10.8B MYR (latest available figure, as of Sep 24, 2026).
Does Maxis Bhd pay a dividend?
Maxis Bhd currently shows a dividend yield of about 4.43% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Maxis Bhd (6012)?
For today's price to be fair in a discounted-cash-flow model, Maxis Bhd would have to grow free cash flow by +4.6 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 6012 use?
Our models discount Maxis Bhd at 9.7 %: a base by market capitalisation (mid), damped by beta 0.29, country premium for Malaysia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Maxis Bhd that is +4.6 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Maxis Bhd (6012) delivered so far?
Over the past 5 years revenue at Maxis Bhd grew +3.4 % a year. The price currently implies +4.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Maxis Bhd (6012) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into Maxis Bhd (+4.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Maxis Bhd (6012)?
The free-cash-flow yield on the price is 8.01 %: that much free cash flow Maxis Bhd produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Maxis Bhd (6012)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Maxis Bhd it is 3.74 MYR per share (as of Sep 24, 2026), against a price of 3.61 MYR. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Maxis Bhd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 6012 trades below its calculated fair value: price 3.61 MYR, fair value 3.74 MYR, a gap of about +4% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 6012?
No. The price is what the market pays today (3.61 MYR); the fair value is what the company's own numbers justify (3.74 MYR). For Maxis Bhd the two are 0.1300 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is Maxis Bhd worth?
The market values Maxis Bhd at about 28.3B MYR (market capitalisation, as of Sep 24, 2026). Per share that is 3.61 MYR; our models calculate a fair value of 3.74 MYR per share.
What do the bullish and bearish scenarios say about 6012?
Our models span a range for Maxis Bhd: cautious scenario 2.50 MYR, base 3.74 MYR, optimistic 5.27 MYR per share (as of Sep 24, 2026, price 3.61 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6012?
Maxis Bhd trades at a price-to-earnings ratio of 17.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 3.74 MYR is built from several models across several years. Other multiples: PEG 2.2, P/B 1.1, P/S 0.6, EV/EBITDA 3.4.
What is the PEG ratio of 6012?
The PEG ratio of Maxis Bhd is 2.21 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Maxis Bhd (6012)?
Balance-sheet figures for Maxis Bhd (as of Sep 24, 2026): return on equity 26.7%, debt of 0.88 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is 6012 from its 52-week high?
Maxis Bhd trades at 3.61 MYR, about 14% below its 52-week high of 4.21 MYR and 12% above the low of 3.23 MYR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 3.74 MYR is for.
Which stocks are comparable to Maxis Bhd?
From the same area (Communication Services) we also value China Mobile Limited, T-Mobile US, Inc, Verizon Communications Inc, AT&T Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Maxis Bhd stock attractive at the current price?
The data as of Sep 24, 2026: price 3.61 MYR, calculated fair value 3.74 MYR (+4%), Quality Score 67/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 6012 calculated?
We run Maxis Bhd through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 3.74 MYR, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Maxis Bhd currently trades 4 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Maxis Bhd (6012)?
The closing price on Sep 23, 2026 was 3.61 MYR. Our model-based fair value is 3.74 MYR, about +4% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Maxis Bhd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (2.50 MYR to 5.27 MYR) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Maxis Bhd (6012) come from?
Earnings per share at Maxis Bhd grew −4.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.7 %, EBIT margin −4.7 %, tax rate +0.2 %, residual (interest, one-offs) −1.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Maxis Bhd
How large is the market capitalisation of Maxis Bhd (6012)?
The market capitalisation of Maxis Bhd is 28.3B MYR (≈ $6.9B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Maxis Bhd (6012)?
The price-to-sales ratio of Maxis Bhd is 2.54 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Maxis Bhd (6012)?
Earnings per share at Maxis Bhd are 0.2100 MYR (price ÷ EPS = P/E 17.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Maxis Bhd (6012)?
The dividend yield of Maxis Bhd is 4.4% (payout 76.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Maxis Bhd (6012)?
The net margin of Maxis Bhd is 14.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Maxis Bhd (6012)?
The return on equity (ROE) of Maxis Bhd is 26.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Maxis Bhd (6012)?
On an EBIT basis the return on assets of Maxis Bhd is 10.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Maxis Bhd (6012)?
The operating margin of Maxis Bhd is 21.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Maxis Bhd (6012)?
Revenue at Maxis Bhd is growing +4.7% versus a year earlier (3y avg +2.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Maxis Bhd (6012)?
Earnings per share at Maxis Bhd are growing +12.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Maxis Bhd (6012) carry?
The net debt of Maxis Bhd is 8.5B MYR (fiscal year 2025, ≈ 3.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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