Report
EUR 1167.00 For Business Accounts Only

New Street: Malaysian mobile: Slight improvements, Axiata pt up to MYR 5.75, Q3 review

Slight improvements in the revenue and EBITDA trends this quarter but pressure remains. Axiata and Digi cut guidance which suggests that Q4 should remain challenging. At company level, Celcom (Axiata) is again the clear outperformer and remains our only Buy.
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.

Digi Communications NV

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.

Provider
New Street Research
New Street Research

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Analysts
Chris Hoare

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