Timecom still holding digi shares.Half of it has been given to shareholders as dividen in species and they still kept other half. Any insiders here willing to let us know when are they going to let us have the other half?
2013 net profit was boosted by deferred taxes; core pre-tax profit was in line with our expectations.
A dividend policy was announced ahead of expectations, reaffirming the group’s strong capital management potential.
Reiterate BUY with an unchanged TP of MYR4.40.
What’s New
TDC’s 4Q13 net profit of MYR187m included substantial deferred tax credit (RM171m). At the pre-tax level, 4Q13 core pre-tax profit (excluding Digi dividends) of MYR28m (+53% YoY, +17% QoQ) brings 2013 core pre-tax profit to MYR116m (+58% YoY), 99% of our forecast (note that consensus forecasts incorporate differing treatments of the Digi dividends).
TDC formulated a dividend policy ahead of our expectations. Management will pay out up to 25% of normalised PAT for 2014. The policy will be reviewed annually.
What’s Our View
The solid results should allay any operational concerns that might have crept up in recent months. TDC remains the purest exposure among Malaysia telcos to the secular growth trends of data usage. The dividend policy is a good start. We see scope for higher payouts going forward. TDC also has another 137.5m Digi shares that could be distributed to shareholders or placed out for cash in the longer term.
Reiterate BUY. We value 1) the core business at MYR3.21 per TDC share based on DCF, and 2) its 137.5m Digi shares at MYR1.19 per TDC share (based on our MYR5.00 Digi TP)
the stock just broken and is entering all time high...with strong fundamental, i think it still have some way to go. Immediate target around RM4.40-RM4.60
Timecom still holding digi shares.Half of it has been given to shareholders as dividen in species and they still kept other half. Any insiders here willing to let us know when are they going to let us have the other half?
TIME dotCom Bhd announced today its participation in a consortium to build a new submarine cable system that will link Asia and Europe via the Middle East, further enhancing its global footprint.
“Together with 16 international service providers, TIME will construct and maintain the Asia-Africa-Europe-1 (AAE-1) submarine cable system, a high-capacity cable system linking Asia and Europe via the Middle East,” it said in a statement.
Construction of the cable system is expected to start in the second quarter of 2014 and TIME’s investment will see the group secure 1.88Tbps of capacity in AAE-1 upon its targeted completion in 2016.
With a length of 25,000 kilometres, the cable system connects Hong Kong, Vietnam, Cambodia, Malaysia, Thailand, Myanmar, India, Pakistan, Oman, UAE, Qatar, Yemen, Djibouti, Saudi Arabia, Egypt, Greece and France.
“Our investment in AAE-1 is strategic for a number of reasons,” added Afzal. But he did not state the value of TIME’s investment.
icapital.biz Bhd said it posted a net profit of RM20.18 million for third quarter to end-February 2014, up by nearly three folds from RM5.24 million a year ago.
For the cumulative three quarters to end-February, total profit stood at RM27.04 million compared to RM9.69 million in similar period the previous year.
The closed-end fund said its net assets value (NAV) per share was RM2.98 as at end-February 2014, lower than RM2.99 at end-February 2013.
AAE-1 is a very interesting development. Looks like they are back in action doing what they do best. Fiber. This new sub cable will serve as 1.msia as a gateway to the developing countries as well as an 2. alternative to the existing only path if internet to US before the rest of the world. Very promising indeed. Very visionary. Well done Mr. Afzal.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
kenlfo
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Posted by kenlfo > 2013-11-20 10:13 | Report Abuse
slow and steady...