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KLSE: TIMECOM       TIME DOTCOM BHD
Last Price Avg Target Price   Upside/Downside Price Call
8.95 10.12     +1.17 (13.07%)
* Average Target Price, Price Call and Upside/Downside are derived from Price Targets in the past 6 months.
** Price Targets are adjusted for Bonus Issue, Shares Split & Shares Consolidation (where applicable).
Date Open Price Target Price Upside/Downside Price Call Source News
03/06/2019 8.88 10.14 +1.26 (14.19%) BUY HLG Price Target News
27/05/2019 8.90 10.00 +1.10 (12.36%) BUY BIMB Price Target News
07/05/2019 9.08 10.21 +1.13 (12.44%) BUY HLG Price Target News
10/04/2019 8.78 10.21 +1.43 (16.29%) BUY HLG Price Target News
19/03/2019 8.82 10.14 +1.32 (14.97%) BUY HLG Price Target News
01/03/2019 8.10 10.14 +2.04 (25.19%) BUY HLG Price Target News
01/03/2019 8.10 10.00 +1.90 (23.46%) BUY BIMB Price Target News


Price Target Research Article/News (past 6 months)
03/06/2019  HLG TIME dotCom - 1Q19 Results in Line
27/05/2019  BIMB TIME dotCom - Retail segment remains robust
07/05/2019  HLG Telecommunications - The Mother of All Mergers
10/04/2019  HLG Telecommunications - NFCP Industry Consultation Report
19/03/2019  HLG TIME DotCom - Another Record Year Ahead
01/03/2019  HLG TIME DotCom - The Time That Money Can Buy
01/03/2019  BIMB TIME dotCom - TIME to shine



  5 people like this.
 
relaks Wah, ini macam ka? Aku mesti berhati2 sblm subscribe time lol ... I also heard customer service time not good. If got issue u org complain mana ya?

chooheng they upgrade on paper; speed of internet almost the same. last time 100Mbps RM149 download speed test 42Mbps, now say 500Mbps RM139 speed test still 42Mbps. like that i think Time revenue and operating cost won't affected much and in fact might lure more customers. shld accumulate when price low
18/10/2018 15:59
30/10/2018 5:23 PM
neverends the speed also depend on your hardware also...i read from lowyat forum mostly they satisfy with TIME o, just don't have much coverage
03/11/2018 9:16 PM
Jaya Jon Chivo
You on timecom payroll ha
21/11/2018 2:48 AM
Choivo Capital I wish haha.

Can take care of my investment myself then.
21/11/2018 10:56 AM
Jaya Lol
21/11/2018 4:48 PM
jit008 TIME is the best!
22/11/2018 5:19 PM
RainT Anybody know what is the difference between TIMECOM and TM ???
23/11/2018 3:31 PM
Choivo Capital https://klse.i3investor.com/blogs/PilosopoCapital/142735.jsp

====

RainT Anybody know what is the difference between TIMECOM and TM ???
23/11/2018 15:31
23/11/2018 5:00 PM
wkl1063 wahh ini TIME good quarter... ini kali lahh
27/11/2018 5:50 PM
foreverchung @Jon Choivo, as we mentioned last time, I for one, is very satisfied with Time's services. Kudos to the management for this QR.
27/11/2018 6:01 PM
Choivo Capital I was hoping people panic sell due to TM quarter and thinking MSAP will kena time. But it didnt happen.

MSAP is very good for time.


=====
foreverchung @Jon Choivo, as we mentioned last time, I for one, is very satisfied with Time's services. Kudos to the management for this QR.
27/11/2018 18:01
27/11/2018 6:12 PM
Outliar Pretty good, one off revenue gain and foreign exchange gain to boot though
27/11/2018 6:18 PM
Choivo Capital Yeap, but the one off revenue gain, is not really one off either, because its wholesale and it recurrs each year in an erratic manner.

Having said that, i only keep track on recurring, and data whose growth is firmlly on track.

Last year Q also had Forex and impairment hit.
27/11/2018 6:24 PM
foreverchung Those with internet speed that doesn't tally with speed subscribed, please go learn what is the issue instead of being a clown here. But for the benefit of spoonfeeding you all, here's the possible issues:

1. Router cannot cope = Go get dual band router with 5ghz connection.
2. Your mobile device cannot support = 2017 and newer phone should be able to accept. If still can't, plug in using 1gbps LAN wire with your desktop / laptop.
3. WiFi unless you sit right beside the 5ghz router, you won't get more than 50mbps.

Geez, not hard to fix all these issues but people just don't get it. I'm now subscribing 500mbps and yet I'm constantly 505mbps+ on wire, 300mbps+ on 5ghz dual band, no issues. 4k porn also no problem.
28/11/2018 11:37 PM
PanjiAlam55 TM is pure network infra with own optic fiber submarine to USA, while Timedot com or Timecom they hv own server but network tumpang2 they tumpang TM network sikit, Digi sikit, Suntek sikit and Thaicom sikit, they dun hv own submarine optic fibre to USA they rent it from APCN cable
28/11/2018 11:47 PM
PanjiAlam55 then some more TM internet can be served to any location in Malaysia included Sabah and Serawak, but Time only in Klang Valley not all only at few area, other places Time cannot give their sevices, event Time also cannot provide their services in Putrajaya till now
28/11/2018 11:50 PM
PanjiAlam55 that is different between TM and Time
28/11/2018 11:51 PM
PanjiAlam55 who said Time is the best? Have u check and see their comment room at build where they provide customer their network? Go and see it first, dulu2 Time know as Fibre to the longkang, but now dun know if still hv, the only good about Time is they very fast to attend ur problems if u make report, bacoz their MRTA is last 5 hour
28/11/2018 11:55 PM
Choivo Capital Panji,

I lazy teach you. or explain to you for everyone benefit. Its not in my interest to have timecom price go up. Cause im always looking for chance to top up.
29/11/2018 11:48 AM
foreverchung @Jon Choivo, Couldn't agree more. I just top up and keep for 10 years.

Panji
Comment 1: Wrong.
Comment 2: Wrong again.
Comment 3: Not sure what are you talking about.

Anyhow, if you are supporter of TM, please feel free to move on and go on to support on their page. No point hatin' over here if you can't provide concrete proof. Probably bought TM shares and now cried.
29/11/2018 5:01 PM
neverends obiviously panji is trying to give a false info. TIME don't tumpang TM or Digi network. They don't resell other people network. only sell own 100% infra. Go check out their official info https://www.facebook.com/TIMEinternet/photos/pcb.2226022187438995/2226021570772390/?type=3&theater
03/12/2018 7:57 AM
foreverchung My Time is up, my Time is now. You can't see it, the Time is now.
12/01/2019 12:10 AM
sharegod666 foreverchung diam la
14/01/2019 4:24 PM
foreverchung sharegod666 what's the matter? you lost money?
22/01/2019 6:41 PM
LouiseS Last 5 years EPS on decreasing trend, decreased by 18.4% over last 5 years, PE ratio is at 18, ROE 10%, and dividend yield 2.09%

https://louisesinvesting.blogspot.com/2019/01/preliminary-screening-of-counters-with_4.html
27/01/2019 12:09 PM
James Ng https://klse.i3investor.com/blogs/general/192783.jsp
[转贴] [Facebook live:浅谈Time DotCom bhd (TimeCom)] - James的股票投资James Share Investing
10/02/2019 11:45 AM
foreverchung EPS at 2 year high, Div 20.56 cents, congrats all shareholders.

I wanna take the Time to rub the faces of all doubters back on valentine's day few years back when I bought Time. They told me that this is a shit company and recurring will not take off because TM monopoly what not. Thank you for giving me the chance to prove you wrong.
28/02/2019 8:02 PM
gs888 Great!
28/02/2019 8:07 PM
Choivo Capital Woot. I like how its still below my cost, despite performing as well over the last 2 years as i expected.. Seems like its time to start topping up.
28/02/2019 9:10 PM
Nicholasming91 Future will buy TM company ahhaha
01/03/2019 12:30 PM
(US/CHN trade war doesn't matter) Philip Yes, top up more. put in all your money.

https://klse.i3investor.com/blogs/philip2/197219.jsp
11/03/2019 12:39 AM
(US/CHN trade war doesn't matter) Philip I'm confused. Can someone explain?

>>>>>>>
Now for more information. Go to your latest time quarterly report, go to note 16 under tax earnings. Go to recognition of previously unrecognized temporary differences. Tell me exactly what that means. That quarter, (18,286,000). That cumulative year (72,540,000). Go ahead, I'm waiting.

While you are doing that, try explaining to me how a company that makes (304,811,000) in profit before tax only pays (16,141,000) in taxes. That is like paying 5% tax, no?

Isn't the tax rate 24%? They should be paying 73 million in tax, after minusing the 14 million allowable, tax should still be around 59 million to pay.

Explain me that.
12/03/2019 10:08 PM
Choivo Capital Un-absorbed capital allowances, not underutilized tax losses, two completely different things.
12/03/2019 10:47 PM
(US/CHN trade war doesn't matter) Philip Completely different things with the exact same application and purpose, to reduce the amount of taxable income to be paid to government.

LGE says no more.

KUALA LUMPUR, Nov 2 ― Business entities are allowed to carry forward unabsorbed losses and unutilised capital allowances in a year of assessment for a maximum period of seven years of assessment, said Minister of Finance Lim Guan Eng.

So now the question with you unutilized capital allowance has a time limit. When does the music end for time dotcom? When does this 7 year reflection end.

Or you believe, they can continue to pay 5% tax forever?
12/03/2019 11:21 PM
Choivo Capital An unutilised capital allowance is created each year when they buy PPE, and used each year when they are profitable. This means the probabilities of it being older than 7 years is more like zero.

Now if it was, it would have been charged out AT the fourth quarter. Before the fourth quarter results is released, the auditors will have already been auditing the company for 1-2 months, and ensure everything is materially accurate by the last quarter.

Why? Because the fourth quarter results is not supposed to have a more than 10% difference with the audited results. If it were, you will see a bursa and sc query on variance of result and potential admonishment.

Very embarrassing for the auditor.

Now this item, is a standard checklist item when the audit is performed before the fourth quarter. Especially since there is such a loud announcement by the government.

Now there is a very small chance, that the entire unutilised capital allowance is more than 7 years old, and KPMG actually failed to notice it. In which case , we would see, potentially, 300 million adjustment in the audited accounts.

Which well, would be an absolute sight to behold.

Do note, im an ex-auditor.
13/03/2019 12:42 AM
stockraider Friend capital allowances and tax losses can only be carried forward 8 yrs only...based on new PH budget loh...!!

Heavy capex no good loh....high risk if gestation is long mah...!!

Posted by Choivo Capital > Mar 13, 2019 12:42 AM | Report Abuse

An unutilised capital allowance is created each year when they buy PPE, and used each year when they are profitable. This means the probabilities of it being older than 7 years is more like zero.

Now if it was, it would have been charged out AT the fourth quarter. Before the fourth quarter results is released, the auditors will have already been auditing the company for 1-2 months, and ensure everything is materially accurate by the last quarter.

Why? Because the fourth quarter results is not supposed to have a more than 10% difference with the audited results. If it were, you will see a bursa and sc query on variance of result and potential admonishment.

Very embarrassing for the auditor.

Now this item, is a standard checklist item when the audit is performed before the fourth quarter. Especially since there is such a loud announcement by the government.

Now there is a very small chance, that the entire unutilised capital allowance is more than 7 years old, and KPMG actually failed to notice it. In which case , we would see, potentially, 300 million adjustment in the audited accounts.

Which well, would be an absolute sight to behold.

Do note, im an ex-auditor.
13/03/2019 1:05 AM
Choivo Capital Raider look how much allowance they use per year versus the amount of the Recognised deferred tax in relation to ppe.
13/03/2019 1:30 AM
(US/CHN trade war doesn't matter) Philip Up to you to believe whatever you wish. I see no such thing in all my other profitable companies (which have never registered a loss) like TOPGLOV, YINSON, PCHEM, QL. Their ppe capital expenditure dwarfs TIME any day every year. And yet I see no such capital allowance at all. The only ones I see are from turnaround companies that have made huge losses before and carried out forward to their profitable years to rationalize their investments.(LGE says hi.)

Very simple question.

What capital expenditure did they do in 2018(or 7 years in), which would allow them to do temporary difference of (72,540,000) ?

You build a fiber network. This is usually 14% if it was depreciation. So in this case you think the ppe is for what item? And it was done this year? Try thinking business sense. What exact unutilised capital allowance are we doing here. Family mart? Fpso ship conversion? New glove production lines? New urea plant?

This is why I like to keep my investments easy and simple to understand.

All I need to know is, if TIME continues to be profitable next year, will they be able to claim temporary differences of 72 million tax expense reduction every year forever? In which case this is no longer temporary, but permanent.

So if you think they can continue to waive off 72 million every year ( LGE says no) without any changes upcoming, on a growing profit before tax of 300 million. For the next 5-10 years?

Then you should buy. Buy much much more. Put all your investments into this one stock.

Because the government is bankrolling TIME over my other companies QL, TOPGLOV, PCHEM and YINSON. Which all seem to have to pay 24% tax, despite record capital investments.

>>>>>>>

An unutilised capital allowance is created each year when they buy PPE, and used each year when they are profitable. This means the probabilities of it being older than 7 years is more like zero.
13/03/2019 6:33 AM
Choivo Capital Yes Phillip,

Let me put it this way, since 2009 when Afzal took over, the company has made a lot more than one billion in profit. Whatever the old allowances they are is already used.

Now, you are right that it is not common for a company to have such large capital allowances. However there are a few things you need to be aware off.

From an audit perspective, one of the things that auditors do when auditing a PLC. Is that they will give the tax and deferred tax computations to the tax director to have a quick look and ensure its materially accurate.

What i'm pointing out here is that the figures in Q4 are likely to be materially correct.




Th question now is that is there such a large capital allowances, which relate to recent years?

My guess is, the company depreciates the majority of their telecommunications assets such as fibre lines etc, over the life of the asset, which can be as long as 20 years, or 5%

But when it comes to capital allowances, its classification may require say 14% for initial capital allowance, and 10% subsequently.

If you were to have alot of capex over the last 10 years (which they did) there will be naturally be a mismatch this large, as it does not just relate to the current year purchases, but the mismatch in capital allowance compared to depreciation for assets bought in the last 10 years as well.

There is new unutilised capital allowance every year for asset bought previously. Remember, 10% capital allowance for every subsequent year, while depreciation is at 5%.
13/03/2019 9:41 AM
(US/CHN trade war doesn't matter) Philip Your guess is wrong, because it is clouded not by facts, but because you want it to work out.

Don't guess, find out exactly where it is coming from.

Don't confuse depreciation with capital allowance. Big, huge, difference.
13/03/2019 11:34 AM
Choivo Capital Phillip,

I am an ex-auditor.

I have done or checked the deferred tax computations for hundreds of companies, many of them PLC's. Both foreign and local.

I know what i'm talking about.
13/03/2019 11:35 AM
Choivo Capital Here are some facts and figures for you.

For capital allowances, in Malaysia. They are 4 categories.



Heavy Machinery/Motor vehicle: Initial Allowance 20%, Annual Allowance 20%

Plant and Machinery: IA 20%, AA 14%

Computer & ICT Equipment: IA 20%, AA 40%

Others: AA 20%, IA 14%



Given that telecommunication network are depreciated at 20 years or 5%. There will be a mismatch.

Why is the amount large? Let me put it this way. In previous years, their telecomunication network additions is easily 10-20% of the previous year total. This slowed down in recent years to sub 10%. It should pick up in 2018.

TM's is barely even 2%.

You are however free to believe whatever you want.
13/03/2019 11:54 AM
James Ng https://klse.i3investor.com/blogs/general/199272.jsp
[转贴] [Facebook live:浅谈Time Dotcom bhd (TimeCom)] - James的股票投资James Share Investing
23/03/2019 11:52 AM
KKKS If the director is disposing their shares what does it tell you... RUNNNNNNNNNNNNNNNN
28/03/2019 12:04 PM
factorrumour Even though they have niche, small and focused market share, their customer service level is very poor, i saw in fb comment people trying to call their customer service hotline but nobody answered, direct pm them on their fb page only get slow and muted responses, they have to keep commenting on its public posts to get attention, even i experience the same issue, though its not happening so often, but they sure are taking their sweet time in customer service and resolving internet down issue, in today's world internet is up 24/7, but their employees are not working 24/7, clearly they have shortage in manpower, like this how to grow? Luckily now still have maxis/celcom/digi mobile network to compensate
04/05/2019 3:44 PM
Choivo Capital https://www.soyacincau.com/2019/05/10/u-mobile-time-5g-backhaul-mou/

Kind of expected.
10/05/2019 3:24 PM
alivetoinvest Kind of expected that choivo capital is rubbish lol
24/05/2019 4:30 PM
RainT wah wah wah

here comes the ego CHOIVO

want show off his auditor work experiences
24/05/2019 5:19 PM
KKKS Waiting for TNB to launch broadband.... Lets see their growth then...
24/05/2019 6:10 PM
ezx7 Sudden drop
28/05/2019 10:08 PM


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