1Q24: Results In Line; Transition To Dual Wholesale Network For 5G In 2H24 1Q24 results were within expectations with earnings growth of 14% yoy on the back of a 2% service revenue growth, higher wholesale income (as TM and TIME benefit from burgeoning data centre build-ups) and good cost discipline. We expect the sector to transition to a dual wholesale network by 21 June. Key events to look out for in 2H24 include: a) fixed-line price competition, and b) synergistic savings from CelcomDigi. Ma...
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 ...
Due to the transfer of coverage and the recent developments, we revisited our estimatesfor DIGI. We reiterate our Buy recommendation with a 12-m ex-div TP of RON 84, implyinga 26% upside potential. DIGI trades at P/E of 15.0x and EV/EBITDA of 4.8x, based on ourestimates, implying that the stock is valued at a premium compared to its peers.DIGI aims to provide superior communication services to a large customer base at the mostaffordable prices, offering ‘Pay TV’, ‘Fixed Telephony’, ‘Mobile Telep...
EME Equity Market – May 2024 Turkish equities lead, in the mostly green month of May. The MSCI EM Europe Index rose by 0.7% mom in EUR terms and 1.8% mom in LCU terms in May. The Turkish ISE30 index reported the strongest performance, adding 3.6% mom in EUR terms, followed by the Romanian BET and the Czech PX (+2.7% and 2.1% mom in EUR terms, respectively). The Hungarian BUX index and the Polish WIG20 remained broadly flat (+0.4% and +0.2% mom in EUR terms, respectively); although, in LCU terms,...
HEADLINES: • Sphera Group: out of the shadows (stays BUY) • PCF Group: 1Q24 EBITDA above our and the market's expectations, driven by self-publishing POSITIVE • Asseco Poland: 1Q24 review – net profit up 16% yoy, 10% the above consensus POSITIVE • Ten Square Games: 1Q24 adjusted EBITDA as expected NEUTRAL • Echo Investment: 1Q24 – benign margin environment continuing for Polish homebuilders NEUTRAL • GTC: 1Q24 in line, management recommends PLN 0.22 DPS NEGATIVE • PGE: 1Q24 earnings in line with...
1Q24: Strong Set Of Results; Postpaid And Enterprise Fuel Growth Maxis’ 1Q24 net profit rose 10% yoy to RM353m (-2% qoq) – with revenue growth accelerating ahead of management’s 2024 guidance. The yoy growth was thanks to positive flow-through from Maxis’ pre-to-postpaid strategy, higher enterprise revenue and cost discipline. Maxis declared a first interim DPS of 4 sen/share (89% payout). Its roadmap for a 5.5G rollout is the key event to look out for in the next 12 months. Maintain BUY with a ...
GREATER CHINA Economics Economic Activity April data reflects uneven progress. Sector Property The central government announced a solid policy combo to revive buyers’ sentiment, marking a positive action to mitigate the property industry’s risks. INDONESIA Results Indo Tambangraya Megah (ITMG IJ/SELL/Rp24,075/Target: Rp21,500) 1...
HEADLINES: • Benefit Systems: strong 1Q24, but May card base estimate disappoints POSITIVE • Magyar Telekom: 1Q24E results review – EBITDA up 46% yoy, 6% above the consensus; 2024E guidance upgraded POSITIVE • Patria Bank: strong bottom-line print in 1Q24, but loan book development remains absent POSITIVE • GEVORKYAN: 1Q24 EBITDA up 24% yoy, 17% above our estimate POSITIVE • Mo-BRUK: 1Q24 EBITDA 5% above our forecast, 6% miss vs. the consensus NEUTRAL • DataWalk: 1Q24 numbers fully in line with ...
Digi has reported a solid set of Q1 numbers vs expectations: Both SR and EBITDA growth rates are slower, but remain impressive. A launch in Portugal has been pushed back to H2 (same timing as for Belgium) and no further details were given on the launch particulars. We remain unconvinced that Digi can build NPV positive businesses in either market, but we think it will launch in both, with all the associated costs– indeed, Digi upped capex guidance for 2024 to €650m-€700m from €650m. This drag to...
HEADLINES: • InPost: strong 1Q24, as expected; FY24E guidance maintained; slight volume deceleration in 2Q24 so far POSITIVE • Graphisoft Park: 1Q24 – occupancy and results stable so far; guidance maintained POSITIVE • Sphera Group: 1Q24 above our expectations POSITIVE • Hidroelectrica: 1Q24 – lower power prices offset by no tax on producers NEGATIVE • DIGI Communications: 1Q24 results – adjusted EBITDA up 22% yoy, 6% above our estimate POSITIVE • AROBS Transilvania Software: weak 1Q24 results, ...
HEADLINES: • mBank: solid 1Q24 results justify one of the top market valuations (1Q24 P/BV of 2.1x) POSITIVE • OTP Bank: books solid 1Q24, keeps 2024E guidance unchanged NEUTRAL • Bank Millennium: 1Q24 results in line • CCC: 40% EBITDA beat in 1Q24, on opex control POSITIVE • Dino: 2-7% EBITDA miss in 1Q24 NEGATIVE • AmRest: 1Q24 broadly in line with our forecasts, but below the consensus NEGATIVE • MOL: 1Q24 results – EBITDA below expectations on maintenance NEUTRAL • MedLife: 1Q24 results poin...
HEADLINES: • Budimex: 1Q24 EBIT 13% above our forecast on solid gross margin, but broadly in line with the consensus POSITIVE • European oil and gas monthly: April 2024 – margins retreating • Bank Handlowy: to pay PLN 10/share dividend NEUTRAL • PKO BP: estimates cost of credit holidays extension at PLN 489m NEUTRAL • Bank Millennium: expects a PLN 201-247m impact from the 2024E credit holidays extension for PLN mortgagors NEUTRAL • Inter Cars: April sales recover by 19.5% yoy POSITIVE • MOL: 1Q...
EME Equity Market – April 2024 Market performance – green across all geographies, with Turkey outperforming. The MSCI EM Europe Index was up 5.3% mom in EUR terms and 4.2% mom in USD in April; while the Turkish ISE30 saw the strongest performance, adding 11.6% mom; followed by the Hungarian BUX (+5.0% mom); the Czech PX (+2.8% mom); the Greek ASE (+1.8% mom), the Polish WIG20 (+1.2% mom) and the Romanian BET (+0.1% mom) (all in EUR terms).
GREATER CHINA Sector Online Travel Agencies: Robust Qingming festival travel momentum continues into Labour Day. Results Dian Diagnostics (300244 CH/BUY/Rmb14.36/Target: Rmb18.50): 2023: Results in line; smooth progress in developing esoteric testing business. EVE Energy (300014 CH/SELL/Rmb35.00/Target: Rmb20.00): 4Q23: Earnings miss on margins. Maintain SELL. Cut target price from Rmb24.00 to Rmb20.00. Huizhou Desay SV Automotive Co (002920 CH/BUY/Rmb118.01/Target: Rmb145.00): 1Q24: Earnings mi...
A director at Digi Communications NV sold 35,000 shares at 54.209RON and the significance rating of the trade was 56/100. 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 ...
HEADLINES: • Budimex: stands out, but deserves a pause (downgraded to HOLD) • CCC: 4Q23 slightly below prelims; sales acceleration and gross margin widening in 1Q24E POSITIVE • PGE: takeaways from the 4Q23 earnings call NEUTRAL • Hungary macro: the rise of the “Peter Magyar” phenomenon • Poland macro: local elections and NBP decision show continuity • Budimex: UOHS cancels decision on choosing BDX's offer for the D11 highway NEGATIVE • Budimex: potential new contract in road construction (PLN 0...
Compelling Risk-reward; Earnings Momentum Remains Healthy We see emerging value as the stock trades at 8x EV/EBITDA, -2SD from its mean valuation. Stepping into 2H24, we see an improving risk-reward profile for Maxis as Malaysia draws close to a potential dual wholesale network. Anchored by strong management, we expect the group to deliver a healthy three-year earnings CAGR of 8%. Upgrade to BUY with a DCF-based target price of RM4.20.
GREATER CHINA Sector Internet: Rewarding shareholders in 2023; emerging strategic growth prospects in 2024. MALAYSIA Update Maxis (MAXIS MK/BUY/RM3.55/Target: RM4.20): Compelling risk-reward as Maxis focuses on driving its core business and delivering three-year earnings CAGR of 8%. Upgrade to BUY with a higher target price of RM4.20. SINGAPORE Strategy Higher-for-a-lot-longer Interest Rates: Some companies to suffer, some to benefit.
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