reports
Dialog Axiata Plc: 1 director
A director at Dialog Axiata Plc sold 481,000 shares at 11.438LKR and the significance rating of the trade was 58/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...
- Kavinda Perera
Dialog Axiata: 2Q CY21 - Digitisation and self-help drive solid result
We maintain our TP at LKR 14.00/share (+19.7% upside; +26.7% TSR) and BUY rating for DIAL. Adjusted EPS of LKR 0.59 in 2Q was slightly ahead of our estimates (LKR 0.52), with lower finance costs. Underlying net profit (ex-FX translation loss) was up 192% YoY (+33.1% QoQ) as the lockdowns imposed a lesser impact than 2Q CY20 with digital infrastructure for key operations being active. DIAL prepaid USD 10mn of its USD-denominated debt (in addition to USD 18mn scheduled payment) which lowers FX ...
- Kavinda Perera
Dialog Axiata: Sri Lanka: DIAL SL - FX volatility masks a robust under...
We maintain our TP at LKR 14.00/share (+12.0% upside; +18.2% TSR) and BUY rating for DIAL. 1Q CY20 earnings were below our estimates, as higher network costs pushed down EBITDA. However, we note that the underlying net profit (ex-LKR 1.7bn FX translation loss) was up 35.6% YoY (+9.3% QoQ). We expect a lower impact from the ongoing lockdowns compared to 2Q CY20 as the digital infrastructure for key operations is active. We also see some one-off cost benefits seen in CY20 continuing in 2Q CY21 ...
- Kavinda Perera
Dialog Axiata: 3Q CY20 - Cost discipline boosts 3Q EBITDA; 5G in the h...
We maintain BUY and increase our TP to LKR 13.50/share (+3.8% to old; +15.4% upside; +20.4% TSR). Overall, solid cost discipline and falling away of the short-term headwinds (significant bad debt provisions and offers during lockdown) delivered 3Q CY20 net profit of LKR 4.6bn (+97.4% YoY). We expect 4Q CY20E earnings to be impacted again given the ongoing localized lockdowns creating similar issues as Q2, albeit to a lesser extent. However, we expect a normalisation of EBITDA in CY21E. While ...
- Kavinda Perera
Dialog Axiata: 2Q CY20 – Lockdown headwinds weigh on PAT; long-term ...
We maintain BUY and increase our TP to LKR 13.00/share (+18.2% to old; +14.0% upside; +17.3% TSR). Overall, we are positive of DIAL’s self-help measures – especially on opex reduction – supporting EBITDA margin expansion once the short-term headwinds (significant bad debt provisions, and concessions during lockdown) fall away. Net profit (ex. FX translational gain) for 2Q CY20 was LKR 1.8bn (-15.2% YoY) with all three segments taking a hit from COVID-related issues. Mobile data usage cont...
- Kavinda Perera
Dialog Axiata: Q1 CY 20 – Digitisation push and data usage drives EB...
We maintain Buy, but cut our TP to LKR 11.00/share (-26.7% to old; +25.0% upside; +27.6% TSR), factoring in some of the short-term headwinds. Overall, the move towards a digital economy would support DIAL’s EBITDA going forward. Adjusted net profit (ex. FX translational loss) for 1Q CY20 was LKR 2.8bn (-24.1% YoY). Data usage as expected continues its upward path, while higher adoption of digital distribution and paperless operations would add to organic EBITDA. High depreciation would absorb....
- Dishan Leo
JKSB: Quarterly Highlights: Dialog Axiata PLC (DIAL): 1QCY19
DIAL reported robust growth in earnings (+71% YoY) for 1QCY19 resulting from stronger topline contributions from data, mobile and fixed segments. GP margins and operating margins for the group remained stable throughout the quarter. Stronger performance was largely from mobile operations which grew by 21% for data and 2% for voice segments YoY. EBITDA margins grew from 38.2% to 41.6% due to the adoption of SLFRS 16 ‘Leases’ alongside topline growth and cost optimizations at a company level. Str...
- Kavinda Perera
Sri Lanka (Asia Securities): Dialog Axiata – 1Q 19: Results beat our...
DIAL’s adjusted net profit (ex. FX translational losses) for 1Q CY19 of LKR 3.6bn (+10.4% YoY) came on the back of aggressive subscriber additions and improved cost efficiency. However, we note that price competition in the data business is intensifying, and service bundling becomes key. However, 4G data is more profitable, and we do not see a large hit on overall EBITDA margins. While rising depreciation due to high capex in CY17-18 will absorb EBITDA partially, we see overall CY19E (adjusted...
- Usama Jiffry
- Usama Jiffry
Dialog Axiata - Earnings Review Q3FY2017
Clarification on the telecom tower taxes will be an important factor affecting the profitability and the pricing of the counter going forward. On a standalone basis we expect the company to continue its cost management strategies which will allow for the margins to be maintained. Improvements in the subscriber base coupled with improved minutes of use will also complement the top line of the company and allowing for increased profitability. The uncertainty surrounding the levy though can be expe...
- Usama Jiffry
Dialog Axiata PLC - Earnings Review Q2FY2018
The re-introduction of VAT did have the expected impact on the group’s profitability with consumption levels being affected. The removal of the 10% telecommunications levy imposed on data usage though will improve the respective segment of the group positively, and with the increased usage and integration of online/apps development/etc. the demand for the same can be seen to continue. We arrive at a price target of LKR 11.80 and therefore recommend a HOLD on the counter over the short term.
- Usama Jiffry
- Lourdeena Kudaliyanage
JKSB Quarterly Highlights_Dialog Axiata PLC (DIAL)_1QCY17
DIAL reported a 42% YoY decline in Group earnings for 1QCY17, with modest topline & EBITDA growth (+5% YoY & +3% YoY respectively) being offset by increased depreciation charges and net finance costs coupled with higher non-cash forex translational losses stemming from LKR depreciation during the quarter. The result is in-line with our expectations of a weaker year for DIAL, due largely to the hit to consumer spending/revenues from implementation of VAT charges w.e.f Nov 2016. Despite the hit to...
- Lourdeena Kudaliyanage
JKSB Full Year Highlights_Dialog Axiata PLC (DIAL)_CY16
Note Summary:DIAL reported a strong 74% YoY increase in full year Group earnings for CY16, supported by 1) healthy topline and EBITDA growth (+17% YoY & +23% YoY respectively); and 2) lower unrealised forex losses (non-cash forex translational losses of Rs. 0.8mn in CY16 vs. Rs. 2.2bn in CY15), due to a lower depreciation of the rupee vs. CY15 and a partial shift to LKR borrowings (LKR:USD debt split now at 30:70 vs. 100% dollar debt in CY15). At a subsidiary level, DTV reported a net loss of Rs...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
- Lourdeena Kudaliyanage
JKSB Quarterly Highlights_Dialog Axiata PLC (DIAL)_3QCY16
Note Summary:DIAL reported a significant 317% YoY increase in profit for 3QCY16, with substantial non cash forex translational losses of Rs. 1.4bn in 3QCY15 (stemming from a ~6% QoQ depreciation in the LKR relative to the USD during the quarter) skewing the YoY comparison. On a normalised basis, 3QCY16 profit grew 34% YoY, supported by healthy topline growth (+16% YoY) and EBITDA margin expansion stemming from 1) monthly cost savings of Rs. 80mn-Rs. 100mn arising from the newly commissioned BBG ...
- Lourdeena Kudaliyanage
JKSB Corporate Update_Dialog Axiata PLC (DIAL)_August 2016
Data and Pay TV businesses to drive DIAL’s next growth phase We expect DIAL’s data and Pay TV businesses to drive top line growth over the next 3 years, given 1) near saturation of core voice revenues; and 2) growing erosion of SMS and international revenues by OTT applications such as Skype, Whatsapp, and Viber (in-line with a rapid increase in smart phone penetration in SL). Reduced box prices (stemming from increased price competition following the entry of Dish TV) should drive Pay TV su...
- Lourdeena Kudaliyanage
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 ...
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