April 21, 2018
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KUALA LUMPUR (Apr 16): CIMB IB Research has upgraded DiGi.Com Bhd to “Add” at RM4.48 with unchanged target price of RM5.10 and said DiGi’s 1Q18 EBITDA rose 1.3% quarter-on-quarter (q-o-q), but core EPS fell 5.8% qoq due to higher depreciation.

In a note April 14, the research house said results were in line with house expectations.

It said 1Q18 dividend per share at 4.9 sen implies 99% payout.

“Service revenue eased 2.0% qoq in 1Q18, but rose 0.7% yoy for the first time since 2Q15. Postpaid revenue growth continues to be robust.

“EBITDA margin rose qoq to 46.3% due to lower device, traffic and O&M costs.

“We forecast EBITDA to grow 2.6%/5.5%/4.0% yoy in FY18/19/20F on higher service revenue and improving margin.

“We upgrade from Hold to Add with an unchanged DCF-based target price of RM5.10,” it said.

 

 



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