CelcomDigi Bhd (CDB) reported an 8.1% QoQ increase in 2QFY23 net profit to RM343.5m, mainly due to lower operating and tax costs. Revenue was down 1.8% QoQ though this was offset by a drop in total cost, mainly device cost, regulatory compliance cost and depreciation charges. After adjusting for non-operating items such as allowances on trade receivables, gain on disposal/write-off, fair value gain etc, normalized net profit of RM667.5m came in below market expectation but within our forecast at 41% and 46% of full year estimates, respectively. We make no changes to our earnings forecasts and maintain our Neutral rating on the stock. A second interim dividend of 3.2sen per share was declared (2QFY22: 2.8sen), bringing a year-to-date dividend for FY23F to 6.4sen per share.
Source: PublicInvest Research - 21 Aug 2023
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