1. Mid to high single digit revenue growth, estimate 10%. (Digi 2012 Guidance)
2. Sustained EBITDA and operation cash flow margin. (Digi 2012 Guidance)
3. Estimate 700mil-750 mil of Capital Expense on FY 2012 (Digi 2012 Guidance)
4. Accelerated depreciation on 2011 to 2013 on 2010 14th Annual General Meeting presentation.
~RM400mil –RM450mil for 2011
~RM500mil –RM550mil for 2012
~less than RM100mil for 2013
5. As per communication during last year @ Telenor CMD 2011, Digi aim to achieve a.) OPEX/sales < 26% and CAPEX/sales < 10% on 2013.
Potential upsides
1. Further tax incentives related to mobile broadband network facilities on 2012 & 2013?
2. Ongoing assessment of viable longer-term capital management initiatives to be realized on 2013
Estimated Target Price for Digi RM4.50@ 2012 & RM5.00@2013
