JKSB Quarterly Highlights_Dialog Axiata PLC (DIAL)_1QCY16
​DIAL reported a 35% YoY increase in earnings for 1QCY16, supported mainly by strong top line growth (+22% YoY) across its core mobile, television, and fixed LTE businesses. At a subsidiary level, DBN reported a widening of net losses YoY - with a robust 21% YoY increase in revenue being offset by higher depreciation charges - while DTV reported an increased net loss of Rs. 182mn for the quarter, on the back of a significant 19.6ppt YoY contraction in EBITDA margin stemming from an aggressive box pricing entry subsidy for pre-paid connections, as well as costs relating to an expansion of the channel portfolio in 2HCY15. Increased SIM share (+2ppt YoY to 42%) was reflected in 15% YoY growth (normalised for a change in the basis of permanent disconnections) in DIAL’s subscriber base for 1QCY16 which, coupled with a higher blended ARPU of Rs. 393 for the quarter, supported a robust 12% YoY increase in core mobile voice revenues. While floor rate charges on new packages were revised to a flat rate of Rs. 1.50 for on-net and off-net charges w.e.f Feb 2016, DIAL’s existing subscriber base has not migrated to the new tariff structure (given the beneficial Rs. 1.00 difference for on-net vs. off-net rates).
•JKSB is one of 15 founding members of the Colombo Stock Exchange with roots in share trading dating back to 1896, and is a subsidiary of John Keells Holdings PLC (JKH), the largest listed entity on the Colombo Stock Exchange with a market capitalization of US$ 1.3bn.
•JKSB’s core client base is Foreign Institutional Investors, Local Institutions and HNWI’s
•JKSB has a co-branded Research tie up with CIMB and a Research Referral agreement with Credit Suisse, along with trade execution relationships with several other global and regional securities firms.
•JKSB’s trade execution partners include Credit Suisse, CIMB, Merrill Lynch, Exotix, Daiwa, Convergex, Deutsche Asia Securities and Morgan Stanley
•JKSB is a research contributor to Bloomberg on ‘KEEL’
•The JKSB Research Universe covers 72 stocks across 15 sectors, with most Research efforts focused on approximately 45 of the more liquid counters.
•The JKSB Universe constitutes 67% of total market cap and approximately 80% of turnover at the CSE.
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