RHBInvest Research

Friday, July 22, 2011

Digi: Benefits from rebound in voice Trading Buy

2QFY11 Results / Briefing Note

¨ 1HFY11 net profit of RM567.7m (+2% yoy) was in line with expectations, accounting for 50-52% of our and consensus full-year estimates.

¨ QoQ, revenue grew 2.6% due to stronger data (+6.1%), as well as a rebound in prepaid (+2.9%) and postpaid (+2.2%) voice. EBITDA margin was stable at 45.8% (1QFY11: 45.9%). Net profit, however, dropped 28.7% qoq mainly due to the RM145.5m accelerated depreciation booked in 2Q (if stripped out, net profit grew 15.2% qoq).

¨ DiGi declared its 2nd interim single-tier DPS of 30 sen, i.e. payout ratio of 99% (in line with net payout ratio assumption of 100% in FY11, as guided by management).


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