Axiata's Robust 3Q24 Earnings Results To Drive Growth Trajectory In Volatile Markets
Axiata's Robust 3Q24 Earnings Results To Drive Growth Trajectory In Volatile Markets
According to Maybank IB, the earnings exceeded consensus forecasts, with significant contributions from cost-rescaling efforts in subsidiaries such as Dialog in Sri Lanka and Robi in Bangladesh, which achieved sequential EBITDA growth. However, XL in Indonesia underperformed due to pricing pressures, and the Myanmar operations, under edotCo, faced delays in asset sales due to regulatory approvals.
Analysts have expressed varying opinions on Axiata Group Bhd following its commendable third-quarter (3QFY24) performance with BUY and NEUTRAL calls, marked by robust earnings recovery and improved balance sheet metrics.
分析師們對Axiata集團在其令人滿意的第三季度（3QFY24）表現表示了不同的看法，買入和中立表態，表現出強勁的收益恢復和改善的資產負債表指標。
Maybank Investment Bank Bhd (Maybank IB) maintained a BUY call on Axiata with an unchanged target price of RM3.20, citing the group's strong sequential net profit growth despite currency headwinds. Meanwhile, RHB Investment Bank Bhd (RHB Research) reiterated its BUY rating, raising its target price to RM3.40, reflecting a 45% upside, while MIDF Amanah Investment Bank Bhd (MIDF Research) retained its NEUTRAL stance with a revised target price of RM2.44.
馬來亞銀行投資銀行馬來亞銀行（Maybank IB）維持對Axiata的買入評級，目標價不變爲RM3.20，稱儘管受到貨幣風險的影響，集團的淨利潤順序增長強勁。與此同時，RHb投資銀行（RHb Research）重申其買入評級，將目標價上調至RM3.40，反映出45%的上漲，而馬來亞新興投資銀行（MIDF Research）保持中立立場，將目標價修正爲RM2.44。
Axiata's 3QFY24 core net profit surged to RM228 million, a 78% quarter-on-quarter and 200.2% year-on-year increase. This brought the cumulative 9MFY24 net profit to RM551 million, a 116% improvement from the previous year.
Axiata的3QFY24核心淨利潤飆升至22800萬令吉，環比增長78%，同比增長200.2%。這將9MFY24的累計淨利潤提高至55100萬令吉，比上一年增長116%。
According to Maybank IB, the earnings exceeded consensus forecasts, with significant contributions from cost-rescaling efforts in subsidiaries such as Dialog in Sri Lanka and Robi in Bangladesh, which achieved sequential EBITDA growth. However, XL in Indonesia underperformed due to pricing pressures, and the Myanmar operations, under edotCo, faced delays in asset sales due to regulatory approvals.
據馬來亞銀行投資銀行稱，收益超出共識預測，子公司如斯里蘭卡的Dialog和孟加拉國的Robi通過成本重組努力實現了順序的EBITDA增長作出重大貢獻。然而，印尼的XL由於定價壓力錶現不佳，而緬甸的運營由於監管批准的延遲導致了edotCo資產銷售的延遲。
RHB Research highlighted Axiata's net debt-to-EBITDA ratio improvement to 2.59x in 3QFY24, down from 3.17x in the previous year, driven by early Eurobond redemptions and stronger EBITDA contributions. Analysts pointed to macroeconomic tailwinds, operational efficiencies, and merger synergies—such as those with CelcomDigi and ongoing merger developments with Smartfren in Indonesia—as significant catalysts for further growth. These initiatives are expected to optimise spectrum usage and create scale advantages in a highly competitive telecommunications landscape.
RHb Research強調了Axiata在3QFY24的淨債務至EBITDA比率從上一年的3.17倍降至2.59倍的改善，這得益於提前贖回的歐元債券和更強勁的EBITDA貢獻。分析師指出宏觀經濟的順風順水，運營效率和合並協同效應，如與CelcomDigi的合併以及印尼Smartfren的合併發展等，將是進一步增長的重要推動因素。預計這些舉措將優化頻譜使用，在競爭激烈的電信行業中創造規模優勢。
Conversely, MIDF Research flagged potential earnings risks in Bangladesh due to civil unrest and market softness in Indonesia, coupled with increased depreciation and competitive pressures. While the group's revenue and EBIT grew 3.3% and 37% year-on-year for the first nine months of 2024, MIDF Research remained cautious about Axiata's exposure to volatile markets, foreign exchange risks, and geopolitical uncertainties. The research house adjusted its target price to RM2.44 from RM2.56 to reflect these challenges.
相反，MIDF Research指出，由於孟加拉國的內亂和印尼市場疲軟，加上折舊和競爭壓力增加，存在潛在的盈利風險。儘管該集團2024年前九個月的營收和EBIT同比增長了3.3%和37%，MIDF Research仍對Axiata暴露于波動的市場、外匯風險和地緣政治不確定性保持謹慎。該研究機構將其目標價從RM2.56調整爲RM2.44以反映這些挑戰。
Maybank IB raised its FY24 to FY26 net profit forecasts for Axiata by 9%, 4% and 3%, respectively, citing lower capital expenditure in edotCo and higher interest income as key factors. It also noted that Axiata's commitment to a minimum annual dividend per share of 10 sen remains intact, which could further support investor confidence.
馬來亞銀行投資銀行將Axiata的FY24至FY26淨利潤預測分別提高了9%，4%和3%，原因是指出edotCo的資本支出較低和利息收入較高是關鍵因素。它還指出，Axiata對每股最低10仙的年度股息承諾仍然完好無損，這可能進一步支持投資者信心。
Despite the contrasting views, analysts generally recognised Axiata's ongoing focus on deleveraging its balance sheet, enhancing operational efficiencies and leveraging its diverse telecommunications portfolio across Asia. While RHB Research and Maybank IB see upside potential supported by improving fundamentals, MIDF Research remains more reserved, reflecting differing risk assessments for Axiata's growth trajectory in volatile markets.
儘管存在不同看法，分析師們普遍認可Axiata繼續專注於降低債務槓桿，提升運營效率並利用其在亞洲各地的多樣化電信投資組合。儘管RHb研究和馬來亞亞洲投資銀行認爲有望上升，受到基本面改善的支撐，MIDF研究仍然持保守態度，反映出對Axiata在波動市場中增長軌跡的不同風險評估。
譯文內容由第三人軟體翻譯。