Highlights of the day
§
DiGi.Com
(Results Review): 3QFY12:
Within house expectation (Maintain HOLD, TP: RM4.14) [download
report]
DiGi’s 9MFY12 results came in within expectation, accounting
for 75% of our full year estimates. On a q-o-q basis, 3QFY12 core net profit
decreased by 3% dragged by ‘lost revenue opportunities’ that was attributed to
lower net adds from cautious acquisition approach and higher churn due to
network related issues. A third interim net DPS of 4.0 sen was declared,
bringing YTD net DPS to 15.8 sen which implies a payout ratio of 128%.
Positively, Digi has also declared a special tax exempt net dividend of 8.0sen.
We raise our DPR assumption of 108% in FY2012 to 119%, assuming a 4.0sen net
DPS in 4QFY12. With the higher DPR assumption coupled with the 8.0sen special
dividend, we raise our target price from RM4.05 to RM4.14.
Other reports
Other Malaysian news
§
Bumi Armada:
RM100m
charter contract extended
§
UEM
Land
§
Steel: Anti-dumping
duty
§ Astro: Wins
US$250m suit against Lippo group
§ Astro: Top
management buys shares
§
Malaysia
Airports: KLIA2
to start operations May 1
§
Dialog: Disposes of 50% stake in Tracerco Asia
§
Berjaya
Corp: To
acquire 51% in MEVSB
§
Scomi: Squabble at Scomi
§
Daya
Materials: Signs
MoU for RM250m GDV project in Sabah
§
Petronas: To meet Canadian
officials over Progress bid
§ Plantation
Global news
§ Europe: Spain
§ Europe: Rajoy
sees case for slowing Spain
§ Europe : Greek
premier gets rebuff from coalition on aid package
§ Europe : ECB would gain power over banker bonuses in
oversight plan
§ Europe: King says BOE is ready to add to stimulus if UK
§ Taiwan
Our on-line
trading portal at www.ecmmoney.com
