New Street Research - Axiata Group Bhd. (6888) ... Malaysian Telcos Q1 25 review: Weaker service revenue impacted by prepaid and one-offs; EBITDA better

Report

New Street Research

Chris Hoare

EUR 8482.00 For Business Accounts Only

Malaysian Telcos Q1 25 review: Weaker service revenue impacted by prepaid and one-offs; EBITDA better

Service revenue trends deteriorated in Q1, impacted by one-offs and ongoing prepaid competition. On an underlying basis, both CelcomDigi and Maxis were stable YoY. Still, EBITDA managed to inflect to positive territory (although barely). Both remained confident in delivering low-single digit service revenue growth in 2025 as they build up their Enterprise segments.

03/07/2025 1 EN

Underlyings

Axiata Group Bhd.

Axiata Group is an investment holding company. Co. is engaged in the provision of mobile communication services and network transmission related services. Co.'s principal activities are investment holding and provision of technical and management services. The principal activities of Co.'s subsidiaries are mainly the provision of mobile communication services and network transmission related services. Co. provides mobile services, leasing of passive infrastructure, and others such as provision of interconnect services, leased services, pay television transmission services and provision of other data services. Co. operates within Malaysia, Indonesia, Bangladesh, Sri Lanka.

See profile

MYL6888OO001 Malaysian Exchange Malaysia

CELCOMDIGI BHD

See profile

Maxis Bhd.

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.

See profile

MYL6012OO008 Malaysian Exchange Malaysia

Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Chris Hoare

Other Reports on these Companies

UOB

Telecommunications - 1Q25 Results Largely In Line; Mobile Competition Remains Intense

1Q25 Results Largely In Line; Mobile Competition Remains Intense 1Q25 sector earnings rose 5% qoq but fell 3% yoy driven by stable postpaid revenue, robust enterprise revenue and good cost control. Prepaid earnings were adversely impacted by intense unlimited data offerings. Broadly, earnings came in within expectations except for Axiata. After the results, we trim sector earnings by 7%. Maintain MARKET WEIGHT; catalysts include Axiata’s monetisation of EDOTCO and CelcomDigi’s synergistic savings by 2027. Top picks: Axiata, CelcomDigi and TIME.

June 9, 2025 June 9, 2025 1 EN

UOB

CelcomDigi (CDB MK) - 1Q25: Within Expectations; Focus On Integration Efforts For The Year

1Q25: Within Expectations; Focus On Integration Efforts For The Year CelcomDigi’s 1Q25 net profit rose 141% qoq and 5% yoy to RM388m. This included costs related to changes in the operating model, inventory and equipment asset adjustments in 1Q25 and accelerated depreciation in 4Q24. Stripping these out, 1Q25 core net profit came in at RM430m (+6% qoq; -10% yoy), in line with expectations. The group maintains its 2025 guidance of low-to-mid single-digit EBIT growth. BUY on weakness with a DCF-based target price of RM4.30.

May 23, 2025 May 23, 2025 1 EN

Novo - Ozempic Outlook Worsening (SELL, TP DKK350, 26pgs)

US Ozempic scrips have continued to deteriorate, resulting in further downgrades to our estimates. We are 9% below US Ozempic cons. in 2025, 24% below in 2026 & 56% below by 2030. Were consensus to fall to our forecasts, we show this would reduce EPS by 4% this year and 15% from 2027 (assuming minimal cost savings). NRx is now declining, yet cons. assumes 3% H225 sales growth despite an expected >MSD price cut. The mid-point of guidance is at risk in our view given the deterioration in Ozempic momentum. In addition, post-ADA, we now see limited opportunity for Cagri & material risk from orfo’ ...

EUR 4241.00

20h / 15m 20h / 15m 1 EN

Pierre FerraguÊ

Pierre FerraguÊ

Replatforming Analysts and Disintermediating SaaS? Top takes from our conversation with ThoughtSpot

We hosted the third webcast of our AI transforming Industries series last week. We had a fantastic conversation with Ketan Karkhanis, CEO of ThoughtSpot on how AI is disrupting business analytics. Please see the link below our top thoughts on the back of this conversation, along with a full transcript.

July 2, 2025 July 2, 2025 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Malaysian Telcos Q1 25 review: Weaker service revenue impacted by prepaid and one-offs; EBITDA better

Telecommunications - 1Q25 Results Largely In Line; Mobile Competition Remains Intense

CelcomDigi (CDB MK) - 1Q25: Within Expectations; Focus On Integration Efforts For The Year

Novo - Ozempic Outlook Worsening (SELL, TP DKK350, 26pgs)

Replatforming Analysts and Disintermediating SaaS? Top takes from our conversation with ThoughtSpot

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe