reports
- Chris Hoare
CelcomDigi (Buy, RM 5.6, +72%) Q4 25 Quick Take: Slow recovery in pro...
: CelcomDigi saw the recovery in service revenue trends continue, backed by continued Postpaid and Fibre strength. Profitability was weaker however due to higher traffic and bad debt costs, and margin guidance is disappointing.
- Chris Hoare
Malaysian Telcos Q3 25 review: Still pressured by Prepaid but reitera...
Service revenue bounced back (1.4% YoY from -0.3%), supported by Fibre and Postpaid offsetting Prepaid weakness. Operationally, Maxis delivered stronger EBITDA growth on cost efficiencies while CelcomDigi was weighed by higher bad debt provisions. Maxis raised its EBITDA guidance to MSD growth, from LSD and CelcomDigi reiterated their LSD service revenue guidance, implying a stronger 4Q for both.
- Chris Hoare
Malaysian Telcos Q2 25 review: Still pressured by Prepaid but reitera...
Service revenue improved to almost flat (-0.3% YoY from -1.1%), supported by Fibre growth and Postpaid growth offsetting Prepaid weakness. Operationally, Maxis delivered stronger EBITDA growth on cost efficiencies while CelcomDigi was weighed by higher bad debt provisions. Both reiterated their LSD service revenue guidance, implying a stronger second half.
- Chris Hoare
Malaysian Telcos Q1 25 review: Weaker service revenue impacted by pre...
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.
- Chris Hoare
Malaysian Telcos Q4 24 review: Soft Q4; guidance suggests recovery on...
4Q24 service revenue trend remained soft off prepaid weakness, partly offset by Fibre and Enterprise momentum which enabled Maxis to grow faster than CelcomDigi. Industry EBITDA was weaker off a higher comparable base, but guidance suggests a recovery in 2025 in particular for CelcomDigi.
Maxis Bhd: 1 director
A director at Maxis Bhd bought 310,500 shares at 3.175MYR and the significance rating of the trade was 70/100. 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 clearly sho...
- Anas Fitri Bin Ahmad
- Chong Lee Len
- Heidi Mo Jinghui
- Jo Yee Ng
- Kasemsun Koonnara
- Limartha Adhiputra
- Llelleythan Tan Tan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Wei Xiang Ku
Regional Morning Meeting Notes: Wednesday, June 12, 2024
GREATER CHINA Sector Consumer Dragon Boat Festival: Consumer services, experiential spending, and lower-tier cities lead growth. INDONESIA Update Vale Indonesia (INCO IJ/HOLD/Rp4,300/Target: Rp4,300) Issuance of new shares to complete the divestment process. MALAYSIA Sector Telecommunications 1Q24 earnings up 14% yoy on the back ...
AS7 ANTA SPORTS PRODUCTS LTD.
CK CH. KARNCHANG PCL
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
6012 MAXIS BHD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
INCO VALE INDONESIA
6888 AXIATA GROUP BHD.
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
T TELEKOM MALAYSIA BHD
BAUTO BERMAZ AUTO BHD
BRC BRC ASIA LTD
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
TDC TIME DOTCOM BHD
6186 CHINA FEIHE LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
ME 23ANDME HLDG CO
CDB CELCOMDIGI BHD
TIMECOM 029 GROUP SE
- Chris Hoare
- Chris Hoare
Malaysian Telcos Q2 23 review: Softer but YTD performance still track...
Malaysian telcos reported a softer quarter, both on revenue and EBITDA. Despite this, OpFCF improved on lower capex spend; CelcomDigi is still tracking well against our FY23 EBITDA forecast (+1.7%). We maintain our Buy recommendation on Maxis and CelcomDigi, where we expect the latter to beat on EBITDA expectations.
- Chris Hoare
Malaysian Telcos Q1 23 review: Signs of recovery post-consolidation
Malaysian telcos reported a better quarter as ARPU has now inflected after 6 consecutive quarters of decline. As a result, service revenue improved to +2.3% YoY while continued cost cutting and post consolidation led to EBITDA growing ahead.
- Chong Lee Len
Maxis (MAXIS MK) - Maxis Likely To Sign 5G Access Agreement To Support...
Maxis Likely To Sign 5G Access Agreement To Support 5G Rollout We expect Maxis to sign the 5G AA with DNB, which may or may not require shareholder approval as it is subject to the terms of the agreement. In the meantime, we see near-term headwinds for the wireless players as there are talks that telcos may be invited to inject equity into DNB as a short-term measure before a potential dual wholesale network rollout in 2024. Maintain HOLD with an unchanged DCF-based target price of RM4.10. The s...
- Chong Lee Len
Telecommunications - 1Q23 Results Within Expectations; Special Interim...
1Q23 Results Within Expectations; Special Interim Dividend From TIME 1Q23 results came in within our expectations except for Axiata (below expectations). In essence, the quarter was characterised by: a) decent service revenue growth of 5% yoy, b) strong fixed-line take-up, c) higher-than-expected finance cost and depreciation from Axiata, and d) special dividend from TIME. After the results announcement, we trimmed 2023-24 net profit by 15% and 8% respectively. Maintain MARKET WEIGHT. Prefer fix...
- Chris Hoare
- David Lopes
- Chong Lee Len
Maxis (MAXIS MK) - 1Q23: Results In Line; Interim Dividend Disappoints
1Q23: Results In Line; Interim Dividend Disappoints Maxis’ 1Q23 net profit rose 7% yoy and 33% qoq to RM320m. The qoq jump was due to the absence of Prosperity Tax while the yoy better performance was due to the strong postpaid segment. 1Q23 service revenue was flat qoq but rose 4% yoy. Results are in line but the first interim DPS of 4 sen/share (98% payout) is lower than the DPS of 5 sen/share in 2022. Maxis’ roadmap for 5G is the key event to look out for. Maintain HOLD with a higher target p...
- Chong Lee Len
Telecommunications - Malaysia Plans Dual 5G Network After DNB Achieves...
Malaysia Plans Dual 5G Network After DNB Achieves 80% Coverage WHAT’S NEW Malaysia decided to roll out 5G via Digital Nasional (DNB) until it reaches 80% coverage by end-23. Thereafter, the governmet agreed that a new entity can establish a second network, as early as Jan-24 (see chart below). In essence, Malaysia will move towards a dual network model (DWN) for its 5G rollout after coverage reaches 80%. According to Commmunciations Minister Fahmi Fadzil, DNB has achieved 57.8% coverage of pop...
- Chong Lee Len
Telecommunications - 4Q22 Results Above Expectation; Special Interim D...
4Q22 Results Above Expectation; Special Interim Dividend From TIME 4Q22 results beat our expectations except for Maxis (in line). In essence, the quarter was characterised by: a) muted service revenue growth of 1% yoy, b) strong fixedline take-up, c) better-than-expected cost control, and d) dividend surprises from TIME. After the results announcement, we raised 2023-24 net profit by 2% and 3% respectively. Maintain MARKET WEIGHT. The sector trades at five-year mean 7x EV/EBITDA. Prefer fixed ov...
- Chong Lee Len
Telecommunications - 5G Uncertainties To Remain Until End-1Q23
Telecommunications – Malaysia 5G Uncertainties To Remain Until End-1Q23 The 5G network policy by DNB with added features will be tabled before the Cabinet by end-1Q23. We expect the single wholesale network to remain with potential changes including a secondary equipment provider. Other possibilities include a dual wholesale network or award of 5G spectrum to telcos. Maintain MARKET WEIGHT on the sector. We project 16% yoy sector growth in the absence of the prosperity tax for 2023. TIME offers ...
- Chong Lee Len
- Johnny Yum
- Jonathan Koh
- Keith Wee Teck Keong
- Kwanchai Atiphophai
- Malaysia Research Team
- Singapore Research Team
- Tham Mun Hon
Regional Morning Notes - Tuesday, January 03, 2023
GREATER CHINA Economics PMI: Weaker PMI on reopening pains. INDONESIA Strategy Alpha Picks: Outperformed The JCI In 4Q22 And 2022: Our picks: ROTI, BBRI, BBNI, SMGR, EXCL, KLBF and MAPI. MALAYSIA Strategy Preparations For Winter: 2023 should be a warmer and less turbulent year for Malaysian equities. Sentiment would likely be frigid for most of 1H23 before turning positive around mid-year. Sector Banking: Nov 22 loans growth continues to ease along with leading loans growth indicators. Maintai...
- Chris Hoare
- Chong Lee Len
- Damon Shen
- Hazmy Hazin
- Jieqi Liu
- John Cheong Ming Chern
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
Regional Morning Notes - Tuesday, November 22, 2022
GREATER CHINA Sector Property: Market sentiment to improve in 2023; high interest rates remain a key risk. INDONESIA Sector Banking: Solid GDP growth in 2023 to support loan growth and asset quality. Upgrade to OVERWEIGHT. MALAYSIA Results Malaysia Smelting Corporation (SMELT MK/BUY/RM1.62/Target: RM2.42): 3Q22: Below estimates; earnings impacted by weaker tin prices and lower smelting output. Update DiGi.Com (DIGI MK/HOLD/RM3.87/Target: RM3.85): Digi-Celcom merger lifts 2023 net profit by 13%...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.