数码网络委新主席

（吉隆坡19日讯）数码网络（DIGI，6947，主板基建股）宣布，任命索比（Morten Karlsen Sorby）为该公司的主席，从即日起生效。

根据文告指出，索比將取代原任主席西格维布雷克，成为新任主席。
索比目前是挪威电讯（Telenor）亚洲区域的主管，並于2013年3月已受委为数码网络的董事。
另外，数码网络也在同日委任瑞典籍的诺林（LARS-AKE Valdemar Norling）为非独立非执行董事。http://www.orientaldaily.com.my/business/cj200015862

（吉隆坡20日訊）數碼網絡（DIGI，6947，主板基建計劃組）宣佈委任卡森索比擔任公司主席，即日生效。

根據文告，索比自1993年加入挪威電訊集團，曾擔任挪威電訊集團亞太區執行管理團隊，並在北歐及印度擔任過集團要職。

索比在2013年被委數碼網絡董事；他對於被委任為主席感到高興。（星洲網）

（莎阿南20日讯）数码网络（DIGI，6947，主板基建股）宣布，任命索比（Morten Karlsen orby）为该公司的新任主席，委任立即生效。

根据文告指出，56岁的索比将取代原任主席布雷克，而后者则在上周，已出任挪威电讯的主席及总执行长。

索比是挪威电讯亚洲区域的主管，也是集团执行管理团队的成员之一，并于2013年3月受委数码网络董事。

另外，数码网络也在同日委任瑞典籍的拉斯阿克诺林（LARS-AKE Valdemar Norling）为非独立非执行董事，杜雷庄生（ToreJohnsen）则受委为非独立非执行替任董事。http://www.nanyang.com/node/718731?tid=462

DiGi’s prepaid segment has gradually improved

By Kenanga Research / digitaledge Daily   | August 19, 2015 : 10:03 AM MYT 

DiGi.Com Bhd
(Aug 18, RM5)
Maintain outperform with a lower target price (TP) of RM6.10: DiGi.Com Bhd (DiGi) maintains its conviction that the current irrational price offers (for several mobile plans) are likely to be short-lived, but may still take a few months for industry players to achieve equilibrium price levels.

The current weak ringgit may not result in any severe impact to DiGi’s international direct dialling (IDD) segment as the group tends to renegotiate rates during times of high currency volatility, judging from its historical track record. There is no change to our earnings forecasts post our recent company visit.

We maintain our “outperform” call on DiGi but with a lower TP (from RM6.63 previously), given that the market appears to be undergoing a de-rating process as a result of the challenging macro and currency outlook. Our renewed TP is based on a lower targeted financial year 2016 (FY16) enterprise value/forward earnings before interest, taxes, depreciation and amortisation of 14.1 times (from 15.3 times previously), representing a +1 standard deviation (as opposed to +1.5 previously) above the four-year mean.

The intense price competition among telco operators is expected to be temporary as DiGi and another key player do not intend to respond any further to the recent price war initiated by Celcom Axiata Bhd and U Mobile Sdn Bhd, which launched several value-destructive plans.

Although these headline packages’ prices managed to draw some subscribers’ eyeballs, it could compromise their network qualities as well as users’ experience.

The management believes the big boys are still very much focused on earnings and subscriptions, while the smaller players tend to emphasise market share, thus suggesting that the current value-destructive plans are not sustainable.

DiGi believes the industry may need to take a few more months to get to the equilibrium price levels. The prepaid segment sentiment has yet to return to the pre-goods and services tax (GST) period. DiGi indicated that its prepaid segment had gradually improved but yet to return to the pre-GST period.

This is not a surprise, given that the consumers, especially the prepaid subscribers (which generally are more price sensitive than the post-paid users), have seen their disposable income eroded post GST, thus leading to more cautious spending. The management believes the market may take months to neutralise the GST impact. The weak currency may not have a severe impact on DiGi’s IDD segment. Generally speaking, the weaker ringgit is expected to dampen telcos’ IDD segment margins as the segment’s revenue is denominated in ringgit, while the traffic cost is US dollar-based.

Nevertheless, despite the US dollar strengthening by 14% against the ringgit during the fourth quarter of 2014 (4Q14) to 2Q15 period, the group’s traffic charges (which comprise IDD, mobile termination fees and fibre lease) have managed to stay at a range of between RM320 million and RM330 million (or 20.2% to 20.4% of its service revenue).

Apart from the cost efficiency, we understand that DiGi managed to renegotiate a better IDD traffic rate during the said period. As a result, should DiGi be able to maintain its efficiency, we are not surprised that the IDD traffic charges may be under control again in 3Q15, despite higher currency volatility.

While DiGi is reluctant to share more details on its IDD segment, we understand that the authorities have revealed that Malaysia’s migrant workforce stood at 6.7 million (of whom 2.1 million possessed valid work permits and were registered with the Immigration Department) in March. Thus, assuming 50% of the migrants opt for DiGi’s prepaid network, we estimate that the IDD segment could contribute  about 33% to 49% of the group’s prepaid revenue for 1H15.

Foreign shareholding continues to narrow, in tandem with the sector peers as well as the overall broader market. DiGi’s foreign shareholding has narrowed to 13.6% in July, from 14.9% in end-2Q15 and its all-time high level of 15.9% recorded in February.

Having said that, the recent roadshows attended by DiGi’s management suggested that foreigners are concerned more about the country’s macro and currency outlook rather than the company’s prospects. This suggests that foreign interests may likely return once the country’s macro environment improves. — Kenanga Research, Aug 18


http://www.theedgemarkets.com/my/article/digi’s-prepaid-segment-has-gradually-improved

預付市場受挑戰 數碼電訊跌20仙

財經股市6 Aug 2015 21:02

　（吉隆坡6日訊）隨著市場指數碼電訊（DIGI，6947，主要板基建）預付市場領導地位受其他業者威脅，該股股價節節下滑，閉市收在5.20令吉的1年新低水平。

　數碼電訊以5.34令吉開市，早盤最低挫至5.21令吉，休市報5.23令吉，跌17仙，為十大下跌股之一。該股閉市報5.20令吉，跌20仙，成交量2164萬8400股。

　聯昌證券研究在7月底將數碼電訊投資評級下修至“減持”，合理價也下調至5令吉。

　該行在報告指出，數碼電訊預付服務市場領導地位，將受到明訊（MAXIS，6012，主要板貿服）和天地通威脅。

　“雖然這股擔憂或在年底解除，但TM-P1的進軍將加劇市場競爭。數碼電訊作為國內第3大電訊商，因具最高預付營業額組合而最為脆弱。”

　這使聯昌證券研究削減數碼電訊2015至2017財年盈利預測。http://www.chinapress.com.my/node/643957

同行夹攻P1参战 数码网络预付龙头不保

• 财经新闻
• 财经

2015-08-05 11:38

（吉隆坡4日讯）面临同行“攻击”，又适逢马电讯（TM，4863，主板贸服股）旗下的P1即将加入战围，数码网络（DIGI，6947，主板基建股）在预付市场的领导地位岌岌可危，促使分析员下调财测和评级。

近期，数码网络受到明讯（MAXIS，6012，主板贸服股）和天地通的“攻击”。

明讯自去年第三季推出#Hotlink计划后，成功以免费网络吸引预付用户。

同时，明讯的国际直拨电话（IDD）费用也大幅减价，旨在吸引外国劳工用户。

至于天地通，早前则是推出了一项激进的预付产品，让用户享有免费数据、语音和短讯服务。

虽然这阶段的竞争将在年杪逐渐缓解，但联昌国际投行担忧，随着马电讯的P1加入战围，竞争会再升级。

由于预付业务占数码网络营业额比重甚大，分析员相信，该股将因此变得更脆弱，因新业者将瞄准对价格敏感的预付用户，从中分得市占率。

把P1的竞争纳入预算后，分析员将数码网络2015财年的核心每股盈利下调2.7%，明后两年分别下修4.7%和10.8%。

“我们估计，数码网络3年的利息、税务、折旧与摊销前盈利（EBITDA）年均复增料达1.5%。虽然已将6%的消费税转嫁给客户，但预计赚幅仍持平。”

两年资本开销增加

分析员推测，数码网络的核心每股盈利，将以2%的3年年均复增递减。

“另外，我们将明后两年资本开销预测上修28.6%，每年预计为9亿令吉；长期资本开销则料达8.5亿令吉。”

该公司放眼在明年杪，通过自己建设、与天地通租赁和合作，可以拥有1万公里的电缆。

惟截至次季，数码网络旗下电缆仅长5600公里，意味着未来需要投入更多资本。

由于净利滑落，分析员根据100%派息率估算，数码网络今明年的每股盈利会从26仙，微跌至25.3仙；后年则进一步降至24.6仙。

虽然周息率表现完好，但还是逊色于区域高收益股。

分析员将评级下修至“减持”，目标价格也一并调低至5.00令吉。

http://www.nanyang.com/node/715735?tid=462

数码网络放眼今年 扩大砂网络覆盖率

• 财经新闻
• 财经

2015-07-26 10:26


（美里25日讯）数码网络（DIGI，6947，主板基建股）放眼在今年底，扩大砂拉越高速宽带4G网络覆盖范围，至三马拉汉和诗巫。

数码网络砂州地区主管黄鸿业指出，目前4G网络的覆盖范围包括古晋、民都鲁和美里。

他日前在美里的数码网络商店开幕仪式后表示：“我们有信心，在砂州扩大4G网络的覆盖范围，我们的用户群将会继续增长。”

他表示，这也是在砂州的第四间数码网络商店，其他3间分别在古晋、美里和民都鲁。

“若古晋和美里的人民对网络需求再增长，我们会考虑在这两个地区开设第2家商店。”

http://www.nanyang.com/node/713905?tid=462

外勞預付成主戰場‧數碼網絡恐成最大輸家

（吉隆坡22日訊）電訊業激烈戰況令人屏息，分析員相信外勞預付市場將持續成為主戰場，加上消費稅（GST）落實利多遜預期，將使今年電訊公司第二和第三季盈利下行風險大增，數碼網絡（DIGI，6947，主板基建計劃組）恐是最大輸家。

聯昌研究表示，流動通訊市場競爭激烈，今年首季3大電訊公司銷售與行銷開銷按年增長5.5%，而隨著明訊（MAXIS，6012，主板貿服組）對外勞市場發起猛攻，而亞通（AXIATA，6888，主板貿服組）旗下天地通也大打反攻戰術，相信數碼網絡將成為雙雄夾攻的犧牲者，第二和第三季盈利表現將受到負面衝擊。

今年為止，數碼網絡已流失約30萬至40萬名外勞用戶。

電訊業首季營業額挫1.7%

回顧今年首季，在季節性因素影響下，電訊業流動服務營業額按季下跌1.7%，其中流動互聯網營業上揚3.4%，但遭語音/簡訊營業額下跌5.4%和14.2%抵銷。

目前，流動互聯網貢獻電訊業流動服務營業額的30.2%，主要歸功於智能手機滲透率年增16.6%至今年首季的56.2%。

在3大電訊公司中，明訊營業額市佔率在5年來首度季增1.1%，歸功於預付環節連續3季出現增長，而亞通旗下天地通則因流失外勞客戶群，以及東海岸水災影響，市佔率按季衰退0.9%。

盈利目標與股息下調

聯昌研究在考量預付市場競爭激烈，以及轉嫁6%消費稅利多遜預期下，下調3大電訊公司的2015至2017財政年營運盈利（EBITDA）和每股盈利目標，其中以數碼網絡調幅最高，因其預付市場的領導地位將面對嚴峻挑戰。

“隨著盈利下調，我們也調低每股股息目標。以100%派息率來看，我們現預測數碼網絡2015至2017財政年每股股息僅為26仙至27.5仙，相等於4.7%至4.9%週息率。”

該證券行補充，基於亞通盈利增長前景黯淡，每股股息上升空間不大，2015至2017財政年每股股息目標減至22仙至24.8仙，週息率為3.4%至3.8%，而明訊每股股息則調低至26.4仙至32.2仙，週息率為4.1%至5%。

整體來看，聯昌研究認為，儘管大馬電訊股已從今年頂峰回落11.4%，今年迄今平均跌幅為6%，但礙於市場競爭激烈，第二和第三季盈利表現恐難帶來驚喜，因此維持電訊業“減碼”評級。

“在我們調整盈利目標後，大馬電訊股2015財政年企業價值/經營自由現金流（EV/OpFCF）仍達18.3倍，比區域同儕平均值高出24%。”

（星洲日報／財經‧報導：洪建文）

热门股 数码网络上挑RM5.95

数码网络（DIGI，6947，主板基建股）日线趋势于6月3日显现一段技术反弹走势，闭市时收5.79令吉，按日涨15仙或2.66%。

短期内，该股料会上挑5.80至5.95令吉。

Source: http://www.nanyang.com/node/705027?tid=462

预付用户承担消费税 电讯业阴霾消除展望佳

（吉隆坡14日讯）预付加额消费税确定将由户自行承担，意味着电讯业者可转嫁消费税，迟迟悬而未决的不利因素终于消散，对领域展望正面。

延宕已久的电讯预付卡加额消费税问题，已有清晰结果。

政府敲定，预付用户只有在开始使用服务（如通过、简讯和数据）时，才会开始被征收消费税。

换言之，用户在购买加额卡时，不会被征收消费税，一张面值10令吉的加额卡，售价依旧是10令吉。

配合此进展，政府宣布，电讯业者有6个月的时间去筹备。

券商普遍正面看待此结果，因这意味着，消费税将由预付用户承担，电讯业者可成功将消费税转嫁到消费者身上。

或降价回馈客户

不过，马银行投行分析员认为，相对于之前业者自行吸纳销售与服务税，转嫁6%消费税对业者带来的好处，并非那么直截了当，也无法直接从营业额和净利中看见“全额”贡献。

“其中，还有很多弹性方面的考量，因为市场竞争依旧激烈。”

这也意味着，业者得到的新收入，有可能会通过降价的方式，部分回馈给客户。

营收时差利大于弊

虽然用户在使用服务时才会被征收消费税，导致加额和收取消费税之间出现“时差”，加上需要成本调整系统，然而，大众投行仍认为利大于弊。

“特别是数码网络（DIGI，6947，主板基建股），因该公司有73%的营业额源自预付业务。”

早前消费税的推行模式尚不明朗，拖累数码网络的股价表现。

另外，虽然业者需要另拨成本重新配置系统，及推出新的预付加额卡，但整体来看，始终利大于弊。

首选明讯亚通

马银行投行分析员维持领域“增持”的投资评级，首选明讯（MAXIS，6012，主板贸服股）和亚通（AXIATA，6888，主板贸服股）。

“去年，明讯和亚通均是领域的落后者，不过，今年的营运表现有望复苏。”

另一方面，政府也要求业者降低收费，对此，分析员一致认为，政府不会太过强硬要求，因为电讯服务费长期会走跌，主因是市场竞争大，加上科技进步，也使得每单位成本降低。

Source: http://www.nanyang.com/node/700756?tid=462

Time Needed To Sort Out GST On Prepaid Top-ups, Say Telcos

KUALA LUMPUR, May 11 (Bernama) -- Telecommunication companies (telcos) are in support of Communications and Multimedia Minister Datuk Seri Ahmad Shabery Cheek's efforts in determining the best solution to the issue of the Goods and Services Tax (GST) on prepaid mobile services.

However, they opined that implementation of any solution would take time, as it involves numerous parties along the prepaid ecosystem such as updating back-end processes, training the front liners as well as preparing communication materials for consumers.

"The prepaid market is a complex ecosystem. Hence, it will be a challenge for any mobile service provider to implement the required changes at short notice," U Mobile's Chief Executive Officer (CEO), Wong Heang Tuck said.

The value-chain is further complicated with various top-up options for the consumers like physical card, virtual reload, Internet and mobile banking as well as ATM machines, he told Bernama.

Ninety per cent of U Mobile subscribers are prepaid users and 10 per cent, post-paid.

U Mobile currently has more than 11,000 traditional dealers and 31,000 alternate distribution channels nationwide comprising convenience stores, electrical chain stores, hypermarkets and supermarkets.

"Despite the challenges, U Mobile is fully committed to supporting the minister and will focus on getting the distribution and back-end ready to serve our customers," Wong said.

Maxis Bhd echoed U-Mobile's concern, saying the firm needs enough time to reconfigure its system and work with third party retailers, resellers and sales agents.

"Implementing any new changes to the application of the GST on prepaid top-ups will involve similar complexities in reconfiguring the system and other activities.

"It also includes the massive effort of exchanging top-up tickets from all the physical touch points, which has to be done manually, dealer by dealer," its CEO, Morten Lundal said.

As of March 31, Maxis had 8.992 million prepaid customers, while the post-paid segment comprised 2.823 million.

According to Lundal, Maxis is willing to work with the authorities, including the Malaysian Communications and Multimedia Commission (MCMC), to ensure smooth implementation and treatment of the GST on prepaid top-ups.

"We will continue to extend our fullest support to the Minister, as part of the efforts to ensure an amicable solution is reached for the benefit of customers and the industry," it added.

Digi Telecommunications Sdn Bhd explained further that the difficulty also involved ensuring a seamless experience for customers and business continuity across 15,000 of Digi's touch points.

"With the majority of 45 million mobile consumers in Malaysia using prepaid to-date and inclusive those with multiple sim cards, we owe it to them to have a swift and definitive decision for peace of mind," CEO, Albern Murty said.

Digi spent more than eight months making adjustments for full compliance to the implementation of GST on April 1.

Another telco, Celcom Axiata Bhd, which has close to 10.2 million or 78 per cent in prepaid customers, said in comments, it was slightly premature for the company to estimate the time needed to change the system as it is a process under review.

As of December 2014, Celcom subscribers stood at 13 million with about 16,000 traditional distribution channels and 17,000 non-traditional.

At present, a reload top-up of RM10 has a GST value of 60 sen.

Until all these changes are made, users will continue to pay GST above the reload value.

-- BERNAMA

Kenanga Research - On Our Portfolio - Adding Digi into Dividend Yield Portfolio

Author: kiasutrader   |   Publish date: Tue, 12 May 2015, 09:46 AM 

We are adding 3,000 Digi.com (Digi) shares @ RM6.03/share to our Dividend Yield portfolio. Similar to other Cellcos, Digi has weakened, by c.4.3% since 1st of April, partially due to the on-going regulation hiccup in the prepaid segment following the GST implementation and we believe a permanent solution may take months due to the complexity involving various parties.

Despite some concerns arising from the Cellco prepaid segment, Digi’s outlook remains intact, in our view. In fact, the recent weakness could provide an opportunity for investors to participate in the company’s long-term prospect. We continue to favour Digi among the other Cellcos due to its higher operational efficiency and better competency in monetising data.

At current market price, Digi is trading at 22.5x and 21.4x FY15 and FY16 PERs, respectively, which is below Maxis (FY15: 26.8x; FY16: 25.1x) but on par with Axiata (FY15: 21.6x; FY16: 19.5x). On top of that, the group has declared a first NDPS of 6.1 sen (in conjunction to its 1Q15 result announcement), which is scheduled to go ex on 13-May. For the full financial year, we expect Digi to declare 25.8 sen (consensus: 26.6 sen) dividend, which implies a decent dividend yield of 4.3%.

Source: Kenanga Reseach - 12 May 2015

http://klse.i3investor.com/blogs/kenangaresearch/76383.jsp