Is Maxis a Cash Machine Hiding in Plain Sight?

Everyone talks subscribers, spectrum, 5G rollouts. But what if Malaysia’s most interesting telco story isn’t about growing bigger – it is about making scale pay?

Maxis has quietly crossed a line few noticed. It is no longer just a mobile giant. It is a fully converged operator where Mobile + Home + Enterprise now compound together, turning connectivity into recurring cash. Revenue is rising steadily, margins have stabilised, and cost discipline is doing the heavy lifting. Not sexy, but powerful.

The real punchline? ROIC sits above the cost of capital. In a mature industry. In 2025.

This is not a hyper-growth rocket — it is a cash-conversion engine. And the upside story now rests on one question:

Can Maxis squeeze more value from customers it already owns?

Higher Enterprise penetration, better ARPU, fewer subsidies — just a few subtle shifts could unlock a structurally stronger Maxis than the last decade ever showed.

Investors love growth stories. Quiet compounders? They get ignored… until they don’t.

Maxis is no longer the telco you thought you knew.

For more insights, go to Maxis: Where Scale Becomes Cash https://www.i4value.asia/2025/11/maxis-where-scale-becomes-cash.html#more