CelcomDigi's Cost Tapering Efforts Shows Results
CelcomDigi's Cost Tapering Efforts Shows Results
Cost efficiencies flowing through
CelcomDigi's 3Q24 results were in line with expectation said Maybank IB noting that the earnings trended up sequentially on further cost tapering with no further updates were provided on the 5G situation.
CelcomDigi的2024年第三季度業績符合預期，Maybank表示，受成本進一步減少的影響，盈利環比上升，但關於5g概念的情況沒有提供進一步的更新。
The house believes 5G-capex risk is largely priced-in for CelcomDigi, and the stock could re-rate when merger synergies begin to manifest more meaningfully from FY25E onwards. Maybank reiterated its BUY call with an unchanged DCF-based TP of MYR4.50.
該行認爲，CelcomDigi的5g概念資本支出風險在很大程度上已經被市場消化，隨着合併協同效應在2025財年開始更明顯地顯現，股票可能會重新評級。Maybank重申其買入評級，目標價維持在基於DCF的4.50馬幣不變。
In line with expectation, but below consensus
CelcomDigi's 3Q24 net profit of MYR437m (-4% YoY, +8% QoQ) brings 9M24 net profit to MYR1,219m (+9% YoY), which represents 77%/68% of consensus full-year forecasts respectively. 3Q24 net profit was up sequentially as both COGS and opex tapered, partly offset by sequentially higher taxes. The house expects 4Q24 net profit to taper sequentially as higher
taxes offset EBITDA growth (9M24 tax rate was just 21%, against 28% in FY23). A 3.6sen DPS was declared for the quarter, again representing c.100% payout.
符合預期，但低於市場共識
CelcomDigi的2024年第三季度淨利潤爲43700萬馬幣（同比減少4%，環比增加8%），將2024年前九個月的淨利潤提升至121900萬馬幣（同比增加9%），分別佔市場共識全年預期的77%和68%。2024年第三季度的淨利潤環比上升，因爲COGS和運營費用均有所減少，部分被環比上升的稅收抵消。該行預計2024年第四季度的淨利潤將環比減少，因爲更高的稅收抵消了EBITDA的增長（2024年前九個月的稅率僅爲21%，而2023財年爲28%）。
本季度宣佈了3.6馬幣的每股分紅，代表約100%的派息率。
Cost efficiencies flowing through
3Q24 service revenue was down 0.2% QoQ (and down 0.8% YoY), with both mobile and enterprise decline being offset by home fibre growth. CelcomDigi began segregating and disclosing enterprise contribution this quarter (MYR295m of revenue in 3Q24, -2% QoQ). Meanwhile, 3Q24 costs were lower sequentially across most line items (including D&A). Consequently, 3Q24 EBITDA margin was up 3.2ppt QoQ to 48.4%.
成本效率正在顯現
2024年第三季度的服務營業收入環比下降0.2%（同比下降0.8%），其中移動和企業業務的下降被家庭光纖業務的增長抵消。CelcomDigi在本季度開始分離並披露企業貢獻（2024年第三季度的收入爲29500萬馬幣，環比下降2%）。與此同時，2024年第三季度的成本在各個項目中均較上一個季度有所降低（包括折舊和攤銷）。因此，2024年第三季度的EBITDA利潤率環比提高了3.2個百分點，達到48.4%。
No further 5G updates
Network integration and modernisation was c.70% complete at 3Q24 (c.10,500 sites modernised), with management expecting to achieve 75% completion by end-FY24 (ahead of schedule). Management did not provide further updates on the 5G situation in the results call. The earnings forecasts and MYR4.50 TP (DCF-based assuming 8.1% WACC and 2% LT growth) are unchanged. Net synergies achieved thus far have been more capex-oriented, with integration cost likely peaking in FY24.
沒有進一步的5g更新
到2024年第三季度，網絡整合和現代化工作大約完成了70%（約10,500個站點已現代化），管理層預計到2024財年末將實現75%的完成率（提前於計劃）。管理層在業績電話會議中沒有提供關於5g概念的進一步更新。盈利預測和MYR4.50的目標價（基於貼現現金流，假設8.1%的加權平均資本成本和2%的長期增長）保持不變。到目前爲止實現的淨協同效應更多地集中在資本支出上，整合成本可能在2024財年達到峯值。
譯文內容由第三人軟體翻譯。
