Highlights
KLSE: TIMECOM (5031)       TIME DOTCOM BHD MAIN : Infrastructure
Last Price Today's Change   Day's Range   Trading Volume
8.35   -0.02 (0.24%)  8.35 - 8.37  103,500
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Overview

Market Cap: 4,855 Million
NOSH: 581 Million
Avg Volume (4 weeks):590,661
4 Weeks Range:7.06 - 8.43
4 Weeks Price Volatility (%):
94.16%
52 Weeks Range:7.06 - 9.90
52 Weeks Price Volatility (%):
45.42%
Average Price Target: 9.83
Price Target Upside/Downside: +1.48

Financial Highlight

Latest Quarter | Ann. Date 31-Mar-2018 [#1]  |  31-May-2018
Next QR | Est. Ann. Date: 30-Jun-2018  |  28-Aug-2018
T4Q P/E | EY: 26.21  |  3.82%
T4Q DY | Payout %: 2.06%  |  53.99%
T4Q NAPS | P/NAPS: 3.92  |  2.13
T4Q NP Margin | ROE: 21.22%  |  8.13%

Headlines

Date Subject
05-Jun-2018 时光网络3年财测上修
04-Jun-2018 上升股:时光网络阻力RM8.40
04-Jun-2018 TIME dotCom - 1Q18 Analyst Briefing
04-Jun-2018 Mplus Market Pulse - 4 Jun 2018
04-Jun-2018 PublicInvest Research Headlines - 4 Jun 2018
01-Jun-2018 TIMEdotCom - A strong start
01-Jun-2018 TIME dotCom - 1Q18 results above expectations
27-Feb-2018 TIMEdotCom - An encouraging performance
27-Feb-2018 Time DotCom - FY17 Results Above Expectation
29-Dec-2017 (CHOIVO CAPITAL) An analysis of TIME dotCom Berhad (“TIME”)
27-Nov-2017 TIMEdotCom - Margin pressures setting in
27-Nov-2017 Mplus Market Pulse - 27 Nov 2017
27-Nov-2017 Time DotCom - 9M17 Results Below Expectations
29-Aug-2017 Time DotCom - 1H17 Results Below Expectations
28-Aug-2017 TIME DotCom - IRU Sales Taper
19-Jul-2017 退休基金局吸纳.时光网受青睐

Business Background

Time Dotcom Bhd is a telecommunications company that offers fixed-line and enterprise services, including data (broadband and wireless), voice, and data center services, where the majority of revenue comes from. The company divides its customer base into three segments: wholesale, retail, and enterprise. Retail and enterprise deal with households and companies, respectively. The wholesale segment provides backhaul services to Asia-Pacific and Malaysian telecommunication companies. This is enabled through the company's ownership of telecommunications infrastructure, specifically a fiber-optic cable network.
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  5 people like this.
 
Kristal Jon, your detail analysis and determination to hold do indeed helps a lot to shareholders of Timecom.
GREAT HELP JON
30/12/2017 01:41
uptrending Jon, Profits have been coming down in the recent quarters, what sre the reasons ? Thanks...
01/01/2018 12:01
Jon Choivo Operational profit have fallen this year higher depreciation of RM6.7 million mainly due to the completion of SKR1M and AAE-1 cable systems during the year, as well as the impact of depreciation from the Asia Pacific Gateway submarine cable system, which was not fully included in the results for 2016 as the cable system was only completed on 28 October 2016.

In addition, there was a higher net loss on foreign exchange of RM17.6 million in 9M 2017 compared to RM5.2 million in 9M 2016, and zero dividend income for the year compared to the previous year, as all their DIGI shares have been disposed.

Naturally, more care must be taken to ensure these cost are truly one of or extraordinary, and not one-off/extraordinary cost that happen with regularity.

In addition, lower one-off IRU sales, also contributed to lower profit.

If you ask me what result will happen next year, or whats the future profit figure, i have absolutely no idea. I only know its a fantastic business that has resilient growth at an ok-ish price.

Like i said, i don't dare to buy more as it is not cheap and the size at 28% of portfolio is big enough for me. It may even be too big at this price. Future purchase will only be if my portfolio becomes to big and i need to re-balance it, incredible out-performance in fundamentals, or incredible drop in price.

I'm not looking at 3 month period for this one, im looking at 3-5 years at least. Unless you are willing to really understand this company (especially since its really not cheap at all) and do you own valuation. Id suggest something else. LATITUD or FAVCO is an easier buy.


Posted by uptrending > Jan 1, 2018 12:01 PM | Report Abuse

Jon, Profits have been coming down in the recent quarters, what sre the reasons ? Thanks...
01/01/2018 12:21
Jon Choivo Also, Q4 2016, they have fantastic IRU sales and huge deferred tax gain. So this coming quarter is probably not going to bea last years.

This should mean some possible discounts come febuary. I won't sell as i promised myself to only purchase or sell on fundamentals or value, and not prediction of price movements.

You may feel differently. Different strokes for different folks.
01/01/2018 12:28
uptrending Jon,

Thank you for your detailed explanation.
01/01/2018 17:39
singgang If result out by 28 Feb....there will be gap down...
26/02/2018 11:59
jianeric16 great result
26/02/2018 13:23
Jon Choivo Fairly ok with the result. I think next year will be quite fantastic. I will top up a little if it drops.
26/02/2018 14:27
Kristal Its good to have an OK from a competent analyst like you Jon. Thanks.
26/02/2018 15:00
khoo890 Jon is time to top up now :)
if you look at Q by Q recurring income increase every quarter you will know their future potential, and the net profit margin for every quarter is more than 20%.
26/02/2018 15:50
singgang Revenue is increasing but the PE now on the higher side same like Maxis, Axiata, Digi...last year PE 11.05, now shooting to 30.08...too bad to hold....waiting for PE to reduce below 15 and will only consider to reenter
26/02/2018 16:52
Jon Choivo True, difference is this. TIME has plenty of room to grow, and they will keep all their current customers and continue taking customers from the rest.

You can't say that for any of the others.

When i paid average 9.4 or so. I paid above fair value for it. At 8. Its at fair value, or maybe a little lower. Its already my largest position at 31% of portfolio.

It needs to drop to something like 15-20 PE before i can top up. Either way, if my analysis is correct, and this turns out to be the next public bank 10-20 years from now. Whether i paid 8 or 9.4 will make little difference. The question is if i held it for that 10-20 years.

Anyway, as always, let me know if i missed out something. Criticism is always much preferred. Its hard to know if you're wrong with compliments.


Posted by singgang > Feb 26, 2018 04:52 PM | Report Abuse

Revenue is increasing but the PE now on the higher side same like Maxis, Axiata, Digi...last year PE 11.05, now shooting to 30.08...too bad to hold....waiting for PE to reduce below 15 and will only consider to reenter
27/02/2018 10:13
trulyinvest can invest timecom ka?
27/02/2018 11:41
Second Coming How come there's quite big interest in the Call Warrant today? I dont get it..
27/02/2018 11:50
singgang I believe this company is good for a long term...as i used to invest more than 50% of my portfolio....but when I realized the PE is suddenly up then I quickly disposed all my share....I just waiting the right time to reinvest again when the price is undervalue..i.e PE <15 or <10....Overtime i strongly believe this company will group up and give market capitalization equally to its peers like TM,Maxis or digi......but i would take a longer time by looking at current growth now. And by that time I would miss other attractive counter which is growing much faster than time.
27/02/2018 16:02
trulyinvest Y result yoy drop, hl stil recomend buy?
27/02/2018 23:25
Jon Choivo Haha didnt really affect me, cause i know what the normalized PE was. I was ready to pay 30 normalized P/E. But like i told everyone it is fair value or above fair value and not cheap.

Problem is, truly fantastic companies are almost never cheap. PBBANK is always one of the most expensive banks in malaysia for the last 50 years.

This stock i know, if i tmr coma, wake up 30 year later. My portfolios should still be ok. I can don't want look at stocks or annual reports for a year also can. Very few companies can give me that.

In the meantime, paper loss since my average is 9.5. its ok, i have no commitments, everything in cash. i can hold or even top up if the time comes.

singgang I believe this company is good for a long term...as i used to invest more than 50% of my portfolio....but when I realized the PE is suddenly up then I quickly disposed all my share....I just waiting the right time to reinvest again when the price is undervalue..i.e PE <15 or <10....Overtime i strongly believe this company will group up and give market capitalization equally to its peers like TM,Maxis or digi......but i would take a longer time by looking at current growth now. And by that time I would miss other attractive counter which is growing much faster than time.
27/02/2018 16:02
28/02/2018 14:57
foreverchung @Jon Choivo I truly agree with your statement. I'm not scared to hold this company cuz I experienced their service myself. I have been using Time's service for 7 years now. My internet line only went down twice throughout. Their retail sales almost double if you read properly. This means their recurring profit is doing good.

Their AIMS data center is also impressive. Double digit growth until now. And most importantly for me, they do reward their shareholders. For me, Time > TM x1000. Easy.
28/02/2018 15:53
Jon Choivo @foreverchung,

Yeap. Spot on.

https://klse.i3investor.com/blogs/PilosopoCapital/142735.jsp

I wrote a small bit of research on it, let me know if i missed out on anything, especially if you feel i made a mistake. Id like the perspective of a user. I never had the chance to your their lines.
28/02/2018 22:17
foreverchung @Jon Choivo,

I agree with what your review, basically sums up what they have at the moment.

As a User of Time Fibre, their service has been very satisfactory for me and the people I recommended it to. 7 years, 3 locations, 2 times internet down, that's it. I have been noticing more and more Time's advertisement everywhere from offline to online platforms too. Whereas for reviews, if you read carefully enough, you will notice that Time's good ratio to bad is much better than TM. Most of the complaints will be "Why no coverage here blablabla similar" - only if these people know that the market is monopolized and one specific player has backing from the authorities.

From what I can see, Time has been expanding very actively despite majority of the market is being monopolized. My review is simple. If they can do so well while being pinned down by larger player, try imagine what they can do if the ports are fully opened? As per your review, I too can view this when I do a simple research in Time (If I am first time investor for Time).

1. They did not focus solely on Malaysia. They have infrastructure connecting from SG > TH maybe even further.

2. Their core business now is slowly moving to be distributed proportionately between their retail sector and datacenter. Data center has been growing fast.

3. Internet is one thing people cannot live without now, with Time, I can say whenever Time is present, well informed users will choose Time over TM/Celcom/Maxis fiber. So even if global crisis, people still need internet. Unless the crisis wipes out worldwide internet (if it did, investment is probably the last thing you'll be worried about), people still need internet. And guess who's recurring profit is growing at double digits?

4. Even with their lacking in terms of infrastructure / large investments from some large bodies, they still manage to put up such a strong fight. Even with the entrance of Broadcom, I don't see them posing a huge threat to Time. All infrastructure based business need time to lay its foundation and expand. That gives existing companies to store up cash to fight price war in the future.

5. The BoD is doing a good job and pointing the company in the correct direction in preparation for future (data center, IOT), that is my view.

6. Last but not least, even with the lacking of infrastructure, that did not stop Time from doing this.

https://www.lowyat.net/2018/153974/mcmc-network-report-17-tm-std/
02/03/2018 00:05
Jon Choivo @foreverchung

Shhhhh =)

Until late 2018 or 2019, when people can clearly see the figures, on the sites, it should not move much. I really hope i will get a chance to top up on this one, but there are so many bargains now. And time is not cheap.

Time is the only company in my portfolio, where i know if tmr crisis, and this one drop 50% i can top up all the way. The others are cheap, but the business and its position is no where near as good.
05/03/2018 16:58
singgang Why today no transaction?...any announcement soon?
06/03/2018 11:30
trulyinvest yahooo strong up up up
14/03/2018 14:51
trulyinvest hopefuly can go back to 9.50
14/03/2018 15:00
trulyinvest Sold all 835. Thx for d div n capital gain
03/04/2018 19:59
singgang why no transaction today?...this counter so cold...
11/04/2018 11:44
Yael Jasper on, Profits have been coming down
11/04/2018 16:32
Yael Jasper hahaha!
11/04/2018 16:37
George NG epf keep selling
18/04/2018 11:03
Jon Choivo Haha. Alright. Good luck with your ventures. Im staying in :)
25/04/2018 09:50
Jon Choivo Just finished the annual report, fairly happy with the results. Mostly in line with my expectations.

I should probably study the data center business more, as it appears quite lucrative. The wholesale data drop, is not very good. But i can see how OTT players would want their own lines. The rise in retail is in line with my expectation.

All in all, quite happy with the results. But allow me to state, the company is at fair value. This is a wonderful company at a fair price. It is not cheap. They are alot of companies that are very cheap in bursa now.

Size your investment with that in mind.
01/05/2018 15:01
yikwei91 Just went to have a quick look at their facebook page, more than 80% of the post is complaining about their service especially customer support and not-up-to-par as per advertised bandwidth. Isn't that worrying?
01/05/2018 17:55
Jon Choivo Bad customer service is normal for a fast expanding co. But they appear to still be on top of it.

I think the increased complaints is due to the retail division increasing by 85% last year. So they should have at least 85% more complaints. Especially given the speed with which they are expanding.

I imagine it will be difficult to land a installation appointment.

As long as they are striving to be better, im ok with it.
01/05/2018 20:38
PanjiAlam55 this telco is only making profit on their shares not by their telco bisness, the CEO, Afzal is always seen on Annoucement to boost up the shares. He was CEO that never care about the staff but only on profit only, now the company devided into chines workers seat on mgt, while malays on coorworkers or working level. No prospect for malays to work there now bcoz is racist company now although Afzal got it from Khazanah during UEM disposes their to public. Very sad now the company can be charge name to Time Lot Com in chines pronounce. I was former staff before they offer me MSS without any other choise to stay. Very sad...
02/05/2018 01:23
PanjiAlam55 by the way Timecom or Timedotcom internet hub for international seated in Singapore (Singtel or Starhub) they more focus to profit the Siangaporean then Malaysian and most of their local SDH and Server are located in parking lot in building basement with unproper arrangement on fibre optical included Fibre to the drain that's was their service always down. Haw Par building at level 2 parking lot is the worse comment room for the server.
02/05/2018 01:34
blitzrig sour grape. this is fundamental investor forum not an individual emotional shoulder to cry on....
09/05/2018 16:48
Jon Choivo I'm fine with it. Even if he just come here complain, should have some truth. If your investment is good, no need to worry.

I studied more about what he said, and i dont see a problem.
10/05/2018 05:37
foreverchung @yikwei91 To be honest, I'm pretty sure TM's comments / reviews are far worst in terms of percentage / ratio compared to Timecom. And I for one believe, Facebook is one of the places where customers lash out if their requests / expectations not met.

I am one proud user of Timecom. Their internet service (KL Area, Penang Area) on high-rise has been a breeze. Low Ping, No packet loss. I've been using their service since 2012 in 6 different locations, and their service only went down 3 times IN TOTAL. During their downtime, customer service was quick to resolve it, technical only went offline for less than 1 day. Payments has been a quick and easy too.

So I don't get what is the fuss about their 'bad reviews'. I can tell you that even after 8 months in a old condo (where there's TM/Maxis/Celcom), people still have to wait for their internet application cuz their ports are FULL. New condo where I am staying need to wait 3 months cuz the port is FULL. That tells you alot about the company's recurring income.

Whereas if you look at the fundamentals, their recurring income has been growing healthily, that's only taking into account no surpluses from other segment like AIMS and Undersea cable networks. I for one, trust that this company has far better future ahead.
12/05/2018 02:54
foreverchung On top of that, now that the government has changed, there is a good chance Timecom can expand into landed residential / commercial highrise which was predominantly monopolized by certain parties. Even if only open tender is practiced, I'm very sure that it will open up lots of revenue stream for Timecom too.
12/05/2018 02:56
yikwei91 Hi @jon & @foreverchung, thanks for replying! I have been eyeing Time as well. Unfortunately due to my small limited funds, I'm awaiting for a big dip. Hopefully I get to pick up on the coming week. Another question for @jon would be, what makes you says 5g is less impactful than you thought (I remember seeing you mentioned in your blog or something before).
12/05/2018 21:54
Jon Choivo Hey, yikwei91

"The real risk to TIMECOM is that people may decide to only go with one internet connection and in this case wireless is better as it is more convenient.

The problem is that given the growth in usage of data, especially if Malaysians start streaming, wireless spectrums just can’t support that kind of usage unless 5G is used.

However, Malaysia have not even implemented 4.5G, and right now 5G is still a pipe dream even for the developed countries, where even the current standards of definitions of 5G is still under debate.

In addition, there is the technological aspect, 5G spectrums is generally very short range and requires a direct contact tower to tower with no obstructions from trees buildings etc. This would require an incredibly large amount of towers.

In addition, these towers still need to be connected to a fibre network. If 5G were to actually take off, it would require a much denser fibre optic network, and this, would be in more ways than one, very beneficial to TIME’s wholesale division."

Correct me if im wrong.
14/05/2018 12:30
singgang Quater result out?
31/05/2018 15:54
jibbie must be bad. some insiders probably known earlier and dumped their shares
31/05/2018 15:57
KLCI King Insider eat meat outsider eat dust
Insider run away outsider die die

Should be very bad, sigh..........

If really want to check, SC should be able to get these people, but SC never do their jobs, rubbish SC
31/05/2018 16:17
Jon Choivo Fairly decent set of results.

Quite happy.
31/05/2018 18:13
foreverchung Ain't bad at all. It will just keep rising especially if this revenue is brought about by recurring income.
31/05/2018 18:46
khoo890 Write a comment..http://www.malaysiastock.biz/Blog/BlogArticle.aspx?tid=19247
08/06/2018 16:42
USApg http://www.kwongwah.com.my/?p=533294
20/06/2018 18:51
USApg https://www.theedgemarkets.com/article/gobind-broadband-prices-decline-least-25-end2018
20/06/2018 19:05
Jon Choivo New low cost package.

Sell 50mb speed for RM120, compared to 100mb for 149. Seems ok.
20/06/2018 19:12


 

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