GOTO: 4Q22 Results - Margin Guidance Intact
What's new: Margin guidance remains intact where contribution margin could turn positive within 1Q23, and group-level adjusted EBITDA would gradually improve QoQ to turn positive within 4Q23. While margin outlook is encouraging, we are cautious on the execution as challenges remain to maintain market share without having to remain aggressive in promotions in a price sensitive environment. We lower our PT from IDR 130 to IDR 115 and maintain our NEUTRAL rating. Our revised PT of IDR 115 implies a 6.2x FY23 EV/Rev.Analysts:
Jin Yoon
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
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.