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Celcom likely to surpass Maxis within a year
PETALING JAYA: Celcom Axiata Bhd, which has been meeting its internal key performance indicators (KPI) over the last several quarters, expects the trend to continue.
StarBiz spoke to Celcom chief executive officer (CEO) Datuk Seri Shazalli Ramly to ask him if Celcom was in a position to take over the lead position in a very competitive market where customers are also demanding quality services.
Celcom has also been delivering profits consistently for several quarters now and making inroads into new market segments, especially the youth segment, which Maxis Bhd is said to be weak in. “We have consistently been meeting our KPI set by our parent, Axiata Group Bhd. “Our second-quarter 2013 results showed that we have the subscriber numbers and profits.
We also have our internal targets to gain more market share but ours is not measured against Maxis’ numbers. Its our own internal projections,” said Shazalli. Celcom’s gain has apparently come at the expense of Maxis.
DatoÍ Sri Shazalli Ramly, Chief Executive Officer of Celcom Axiata Berhad: ñCustomers who demand unparalleled connectivity within Celcom Territory can look forward to a premium 4G network that steps up to their ever-changing mobile lifestyles and data usage with the introduction of innovative consumer offerings that we will be announcing soon.
Shazalli: ‘We also have our internal targets to gain more market share but ours is not measured against Maxis’ numbers.’
A report by CIMB Research yesterday indicated that Celcom and DiGi.Com Bhd were gaining ground on Maxis when it came to the market share of mobile service revenue. “DiGi gained 0.6% point to reach 27.6% of mobile service revenue, while Maxis lost 0.4% point. Celcom’s market share of 35.1% is now just 2.2% points shy of Maxis’, and at this rate, we think Celcom could surpass Maxis as the largest mobile operator within a year,” analyst Kelvin Goh wrote. That leaves Maxis’ market share of mobile service revenue at 37%.
Maxis is currently overhauling itself to be more customer-centric and has restructured itself into four core units.
It has appointed Morten Lundal as its new CEO, who takes over from Oct 1, to ensure the company does not lose more ground and its prized pole position.
And while Maxis is still putting its house in order, its rivals have been sharpening their tools to eat into its market share.
Maxis once controlled close to 50% of subscriber market share in 2007 after locking horns with the other telco behemoth. However, its pie has since shrunk.
The market has over 42 million mobile subscribers, with the penetration rate having reached over 143%.
Goh said that Maxis’ revenue had remained flat over the last few quarters, adding that Celcom was within spitting distance of Maxis’ mobile service revenue market share.
“If this trend continues, then Celcom would likely surpass Maxis within a year, in our view,” he said.
An analyst with a local brokerage who asked to remain anonymous concurred with Goh.
“There is such a possibility if the current trend continues but these are early days and it depends on how Maxis executes its plans after Lundal comes in,” he said.
He, however, noted that Maxis would defend its turf, adding that that would depend on how the new captain at the helm executes it.
The fight in the future is about a bigger share of the consumer’s wallet, with data and content playing a major role.
And if Celcom or DiGi is unable to dislodge Maxis in the lead position, it could well do in certain market segments. In fact, Celcom is already the leader in some of the market segments, as is DiGi.
Goh expected Celcom and DiGi to continue closing in on Maxis, considering its change of management and that the big three mobile carriers are trending towards equal market share, as their share of the pie converged further in the second quarter of 2013.
“While expectations are high for Lundal to turn things around, we think change would take time, given the deep-rooted issues,” he said.
An analyst with a bank-backed research firm, however, was less positive about Celcom shaking Maxis’ position, as he pointed out that the former had lost some subscribers in the second quarter of this year.
Another analyst reckoned that Celcom had a hurdle in that Maxis’ earnings before interest, tax, depreciation and amortisation margin has been consistently higher due to its higher average revenue per user.
-The Star Business
Published: Friday September 6, 2013 MYT 12:00:00 AM
StarBiz spoke to Celcom chief executive officer (CEO) Datuk Seri Shazalli Ramly to ask him if Celcom was in a position to take over the lead position in a very competitive market where customers are also demanding quality services.
Celcom has also been delivering profits consistently for several quarters now and making inroads into new market segments, especially the youth segment, which Maxis Bhd is said to be weak in. “We have consistently been meeting our KPI set by our parent, Axiata Group Bhd. “Our second-quarter 2013 results showed that we have the subscriber numbers and profits.
We also have our internal targets to gain more market share but ours is not measured against Maxis’ numbers. Its our own internal projections,” said Shazalli. Celcom’s gain has apparently come at the expense of Maxis.
DatoÍ Sri Shazalli Ramly, Chief Executive Officer of Celcom Axiata Berhad: ñCustomers who demand unparalleled connectivity within Celcom Territory can look forward to a premium 4G network that steps up to their ever-changing mobile lifestyles and data usage with the introduction of innovative consumer offerings that we will be announcing soon.
Shazalli: ‘We also have our internal targets to gain more market share but ours is not measured against Maxis’ numbers.’
A report by CIMB Research yesterday indicated that Celcom and DiGi.Com Bhd were gaining ground on Maxis when it came to the market share of mobile service revenue. “DiGi gained 0.6% point to reach 27.6% of mobile service revenue, while Maxis lost 0.4% point. Celcom’s market share of 35.1% is now just 2.2% points shy of Maxis’, and at this rate, we think Celcom could surpass Maxis as the largest mobile operator within a year,” analyst Kelvin Goh wrote. That leaves Maxis’ market share of mobile service revenue at 37%.
Maxis is currently overhauling itself to be more customer-centric and has restructured itself into four core units.
It has appointed Morten Lundal as its new CEO, who takes over from Oct 1, to ensure the company does not lose more ground and its prized pole position.
And while Maxis is still putting its house in order, its rivals have been sharpening their tools to eat into its market share.
Maxis once controlled close to 50% of subscriber market share in 2007 after locking horns with the other telco behemoth. However, its pie has since shrunk.
The market has over 42 million mobile subscribers, with the penetration rate having reached over 143%.
Goh said that Maxis’ revenue had remained flat over the last few quarters, adding that Celcom was within spitting distance of Maxis’ mobile service revenue market share.
“If this trend continues, then Celcom would likely surpass Maxis within a year, in our view,” he said.
An analyst with a local brokerage who asked to remain anonymous concurred with Goh.
“There is such a possibility if the current trend continues but these are early days and it depends on how Maxis executes its plans after Lundal comes in,” he said.
He, however, noted that Maxis would defend its turf, adding that that would depend on how the new captain at the helm executes it.
The fight in the future is about a bigger share of the consumer’s wallet, with data and content playing a major role.
And if Celcom or DiGi is unable to dislodge Maxis in the lead position, it could well do in certain market segments. In fact, Celcom is already the leader in some of the market segments, as is DiGi.
Goh expected Celcom and DiGi to continue closing in on Maxis, considering its change of management and that the big three mobile carriers are trending towards equal market share, as their share of the pie converged further in the second quarter of 2013.
“While expectations are high for Lundal to turn things around, we think change would take time, given the deep-rooted issues,” he said.
An analyst with a bank-backed research firm, however, was less positive about Celcom shaking Maxis’ position, as he pointed out that the former had lost some subscribers in the second quarter of this year.
Another analyst reckoned that Celcom had a hurdle in that Maxis’ earnings before interest, tax, depreciation and amortisation margin has been consistently higher due to its higher average revenue per user.
-The Star Business
Published: Friday September 6, 2013 MYT 12:00:00 AM
Celcom Axiata posts record RM3.5bil EBITDA from voice, SMS, broadband and smart plan
KUALA LUMPUR: Celcom Axiata Bhd recorded its highest ever earnings before interest, tax, depreciation and amortisation (EBITDA) for the financial year ended Dec 31, 2012 of RM3.45bil mainly due to contributions from voice, SMS, mobile broadband and smart spending programme.
The EBITDA earnings grew 7.1% from RM3.22bil a year ago.
The programme was introduced three years ago for its operation and capital expenditure. The company had saved RM1.3bil from it.
Chief executive officer Datuk Seri Shazalli Ramly told a press conference that 2012 was an outstanding year for Celcom, which is the main pillar ofAxiata Group Bhd.
Celcom, a wholly-owned subsidiary of Axiata, reported a 3.6% increase in revenue for its voice segment to RM4.6bil in 2012 from RM4.4bil in 2011 while the non-voice revenue stood at RM2.73bil, a 10% increase from a year ago.
Company revenue for 2012 stood at RM7.74bil, a 7% growth compared with RM7.23bil a year ago while its profit after tax and minority interests (PATAMI) stood at RM2.2bil, up 5.1% from a year ago.
At end-2012, with its total subscribers reaching 12.7 million and the inclusion of the mobile virtual network operators (MPOV) such as XOX Bhd and Tune Talk Sdn Bhd, the company had overtaken Maxis Bhd's number of subscribers.
For the fourth quarter ended Dec 30, 2012, the company's EBITDA increased by 2.74% to RM861mil from RM838mil in the same quarter in 2011. Its revenue for the quarter stood at RM1.98bil, up 3.89%.
Meanwhile, the fourth quarter's PATAMI decreased 18% to RM510mil from RM622mil in the same corresponding period, which the company said was mainly due to bonus payouts. The average revenue per user stood at RM49 for both postpaid and prepaid.
“This is our 27th consecutive quarter of growth despite a challenging outlook for the industry and the termination of a domestic roaming arrangement from U Mobile,” Shazalli said.
He added that the company lost RM45mil from the termination, but added it still showed the highest revenue growth in the industry.
Moving forward, Celcom targets to invest RM1bil for capital expenditure this year, with RM300mil invested on information technology and network expansion.
“This year will be a very challenging year for us. We are also targeting to venture into new digital businesses,” he noted.
Shazalli said that Celcom was long-term evolution (LTE) ready and planned to allocate RM100mil as capital expenditure to roll out its LTE programme with the commercial launches to be announced in the second quarter of this year.
To date, Celcom has rolled out up to 70 4G sites and this is expected to reach 300 to 500 sites by year-end.
“We target to reach at least 1,500 4G sites by 2015,” Shazalli noted.
LTE, which is marketed as 4G LTE, is a standard for wireless communication of high-speed data for mobile phones and data terminals.
Asked on its partnership with loss-making XOX Bhd, one of its MPOVs, Shazalli said the company was targeting a new business plan and new brand to be launched by second quarter of this year.
Outstanding: Celcom Axiata Bhd CEO Datuk Seri Shazalli Ramly rejoicing at the company’s quarter four results briefing in Kuala Lumpur. Celcom posts an outstanding full-year 2012 results with record earnings.Tuesday March 5, 2013
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MCMC’s eight get LTE allocation for broadband speeds in excess of 100Mbps
PETALING JAYA: Eight companies have been allowed access to the much-anticipated 2,600 MHz spectrum band which allows mobile phone users to enjoy long-term evolution (LTE) or 4G services with broadband speeds in excess of 100Mbps.
The eight are Celcom Axiata Bhd, DiGi Telecommunications Sdn Bhd, Maxis Broadband Sdn Bhd, Packet One Networks (M) Sdn Bhd, Puncak Semangat Sdn Bhd, REDtone Marketing Sdn Bhd, U Mobile Sdn Bhd and YTL Communications Sdn Bhd.
Malaysian Communications and Multimedia Commission (MCMC), which announced the allocation to the eight companies yesterday, said in a statement that existing service providers might use the 2,600 MHz spectrum band to further expand and enhance the capacity of their mobile broadband networks to meet increasing consumer demands.
The technology promises many new services to consumers such as high definition video streaming, enhanced user experience on real-time applications and better connectivity for mobile and consumer electronic devices.
The spectrum allocation will allow users of LTE, which is the next leap in mobile broadband technology after 3G, to boost Internet surfing speeds on the next generation smartphones such as the iPhone 5 and the Samsung Galaxy S3 LTE.
Telcos namely Celcom, DiGi and Maxis are also touting LTE to be the next driver of data demand as users upgrade their mobile phones and sign fresh contracts with them when they purchase new smartphones for faster internet speeds.
MCMC said since the introduction of 3G and WiMAX technology in Malaysia, the demand for better quality mobile broadband service had intensified. “This allocation is in line with similar initiatives in developed countries like the United States and some European states. “Market readiness for 4G technology is also reaching its maturity as increasingly, many of the latest devices in the global market support the use of this technology, hence the economies of scale will bring much benefit to the country,” it said.
MCMC said service providers were expected to enter into smart partnerships and sharing agreements between them which included spectrum and radio access network sharing in order to utilise larger bandwidths, lower the cost of rollout and offer better LTE-experience and affordability to consumers.
“Smart partnerships mean shared infrastructure, thus reducing the duplication of physical transmission towers,” MCMC said.
LTE wholesale Mobile Virtual Network Service would also be offered to other service providers that did not get access to the allocation, MCMC added. MCMC chairman Datuk Mohamed Sharil Tarmizi said the introduction of a new player was expected to bring fresh ideas and innovation to the market.
“MCMC is always committed to finding the right balance between the needs of consumers, investors and other stakeholders of the industry. “We believe that the balance struck between ensuring healthy competition in the market and promoting industry development will help spur continued growth for existing service providers and provide opportunity for new market entrants,” he said.
The eight are Celcom Axiata Bhd, DiGi Telecommunications Sdn Bhd, Maxis Broadband Sdn Bhd, Packet One Networks (M) Sdn Bhd, Puncak Semangat Sdn Bhd, REDtone Marketing Sdn Bhd, U Mobile Sdn Bhd and YTL Communications Sdn Bhd.
Malaysian Communications and Multimedia Commission (MCMC), which announced the allocation to the eight companies yesterday, said in a statement that existing service providers might use the 2,600 MHz spectrum band to further expand and enhance the capacity of their mobile broadband networks to meet increasing consumer demands.
The technology promises many new services to consumers such as high definition video streaming, enhanced user experience on real-time applications and better connectivity for mobile and consumer electronic devices.
The spectrum allocation will allow users of LTE, which is the next leap in mobile broadband technology after 3G, to boost Internet surfing speeds on the next generation smartphones such as the iPhone 5 and the Samsung Galaxy S3 LTE.
Telcos namely Celcom, DiGi and Maxis are also touting LTE to be the next driver of data demand as users upgrade their mobile phones and sign fresh contracts with them when they purchase new smartphones for faster internet speeds.
MCMC said since the introduction of 3G and WiMAX technology in Malaysia, the demand for better quality mobile broadband service had intensified. “This allocation is in line with similar initiatives in developed countries like the United States and some European states. “Market readiness for 4G technology is also reaching its maturity as increasingly, many of the latest devices in the global market support the use of this technology, hence the economies of scale will bring much benefit to the country,” it said.
MCMC said service providers were expected to enter into smart partnerships and sharing agreements between them which included spectrum and radio access network sharing in order to utilise larger bandwidths, lower the cost of rollout and offer better LTE-experience and affordability to consumers.
“Smart partnerships mean shared infrastructure, thus reducing the duplication of physical transmission towers,” MCMC said.
LTE wholesale Mobile Virtual Network Service would also be offered to other service providers that did not get access to the allocation, MCMC added. MCMC chairman Datuk Mohamed Sharil Tarmizi said the introduction of a new player was expected to bring fresh ideas and innovation to the market.
“MCMC is always committed to finding the right balance between the needs of consumers, investors and other stakeholders of the industry. “We believe that the balance struck between ensuring healthy competition in the market and promoting industry development will help spur continued growth for existing service providers and provide opportunity for new market entrants,” he said.
两月完成 共享网络计划 9公司分组4G联盟
（吉隆坡11日讯）我国目前共9家公司拥有4G执照，鉴于我国市场或只需2至3个4G网络服务，因此大马通讯与多媒体委员会将推出“4G联盟计划”，让业者各自合组成4G网络服务集团。
负责国内电信监管机构的大马通讯与多媒体委员会，预计将在两个月内，批准约2至4个“4G联盟计划”。
该委员会主席拿督莫哈末沙里尔说，国内将出现2至4个4G联盟组合，至于最后出现几个4G联盟组合目前还无法确定。
“或许每个联盟由两家公司组合会更好……这些业者正在找寻本身的伙伴，因此我们希望在未来两个月内完成有关计划。”
技术支援新模式
他强调，届时可能只有2或3个4G网络服务，而不会再有8个或9个4G网络服务。
“这是非常新的合作模式，国内的法令及现有的技术也支援这种模式。届时一个4G网络，可能是由两三家公司共同分享。”
《福布斯》全球2000大企业 18马企入榜 马银行领头
（吉隆坡21日讯）美国《福布斯》杂志公布2012年全球2000家大企业排名，亚太地区连续第五年成为上榜公司最多的地区，达733家，而马来西亚则有18家榜上有名。
《福布斯》最新一期全球2000家大企业排行榜，是根据企业的销售额、利润、资产和市值等各种指标综合评定而出。
榜单显示，美国公司仍是榜单的最大赢家，上榜公司达到258家。
日本以145家紧随其后，第三名则是中国，共有136家企业上榜。
值得一提的是，亚太地区上榜企业数量比去年增加32家，总量达到733家，连续5年排名第一，今年这一地区新上榜公司也最多，达到32家。
欧洲与中东及非洲公司有605家上榜，仅次于亚太地区。
大马方面，今年18家公司入榜，比去年少2家，不过，马银行（Maybank，1155，主板金融股）仍是榜中排名最高的大马企业，排名366，去年排名为458名。
紧接着是联昌国际（CIMB，1023，主板金融股），排名493位，也是唯一两家挤进前500名的大马企业。
美企包办前三名
我国最大的种植公司森那美（Sime，4197，主板贸服股）排在第530，华人富商丹斯里郑鸿标领军的大众银行（PbBank，1295，主板金融股）名列651名。
18家入榜的大马企业中，共有8家跻身前1000名。
榜单前三名全被美国公司占据，埃克森美孚公司的综合评分问鼎榜单，将之前连续两年占据冠军的摩根大通赶下第一的宝座，通用电气公司位居第三。
在市值方面，苹果以5460亿美元（1.67兆令吉）高居第一，而去年其市值只有3243亿美元（9939.8亿令吉）。
雇用8300万人
市值的大涨让苹果的综合排名也从去年的第47位蹿升到了第22位。
在2000大企业中，总计营收达36兆美元（110.34兆令吉），上涨幅度达12%，利润达到2.64兆美元（8.09兆令吉），资产和市值分别达到149兆美元（456.7兆令吉）和37兆美元（113.4兆令吉）。
这些公司在全球范围内雇用的员工达到8300万人。
中国拉近美日距离
榜单前十大中有两家中国公司上榜，中国工商银行和中国石油分别位居第5位和第7位。
《福布斯》评论说，中国在大型银行的“引领”下，上榜公司与日俱增，不断拉近与美国和日本的距离。
据了解，中国今年新增15家企业上榜，上榜总数达到136家，居亚太第二、全球第三。
《福布斯》中文网总编周建工表示，中国公司上榜增速如此迅猛，主要是受近年来中国公司IPO数量较多且公司本身发展势头良好影响。
虽上演削价战 电讯业不会大洗牌
（吉隆坡4日讯）虽然市场竞争持续激烈，以及流动服务供应商之间可能再引发削价战之际，然而，分析员预见电讯领域不会有任何大转变，并且维持本地电讯公司的盈利预测。
据BIMB证券研究分析员，随着明讯（Maxis，6012，主板贸服股）推出价格可负担的预付配套，本地电讯领域的竞争已更加激烈。
明讯调整配套价格
他说：“数码网络（Digi，6947，主板基建股）很留意明讯的最新计划，而且正准备调整旗下配套的价格来应对。因此，我们相信这可能造成流动服务供应商之间出现削价战。”
分析员指出，数码网络目前也正将其网络现代化，一旦设备转换完成，其3G覆盖率将在年底提高至70%（2011年底为52%）；
“完成将网络现代化后，其网络将启用长期演进技术（LTE，俗称4G）。该公司也相信政府今年中会授权2.6GHZ LTE频谱（spectrum）。”
“完成将网络现代化后，其网络将启用长期演进技术（LTE，俗称4G）。该公司也相信政府今年中会授权2.6GHZ LTE频谱（spectrum）。”
至于马电讯（TM，4863，主板贸服股），该公司放眼透过高速宽频（HSBB）服务——UniFi，将客户群从现有的30万人提高至40万人。
亚通则预计印尼业务会稳健增长，因印尼子公司——XL亚通，预计2012年的用户人数会增加10%至5100万人，资本开支估计大约8兆印尼盾（26亿令吉）。
但整体上，分析员维持对各电讯公司的盈利预测，也不预见这领域会出现任何大转变。
派息率难大增
分析员表示，在最新季度业绩内，大部分电讯公司调高派息率；其中，亚通（Axiata，6888，主板贸服股）将其派息率从50%调高至60%，数码网络（Digi，6947，主板基建股）的2011财年股息则调高至17.5仙（2010财年为16.3仙）。
马电讯（TM，4863，主板贸服股）则在2011财年派发每股30仙；明讯则维持其派息率。
但由于预计各企业盈利2012财年只会有个位数增长，分析员相信现财年的派息率也不会大幅增加。
“在近期的涨势内，大部分电讯的股价已经扬升，因而不会有很多的潜能增长空间。目前，我们将电讯公司的评级下调至‘中和’。”
尽管如此，他相信明讯诱人的派息率（回酬为6.6%），会继续吸引长期投资者，尤其是股价调整时期。
2012年04月05日 - 虽上演削价战 电讯业不会大洗牌 - 财经新闻 - 财经 - 南洋网
Axiata to stay put in India
PETALING JAYA: Axiata Group Bhd will stay put in the Indian mobile market but is hoping to operate in a more stable regulatory environment.
The Indian Government's recent revocation of 122 of the 2G licences issued in 2008 had created uncertainty and angered some foreign investors, some of whom have threatened to withdraw from the market place and to even sue the government.
However, Axiata president and group chief executive officer Datuk Seri Jamaludin Ibrahim said “we want more of a stronger foothold there.”
“We are happy with the company we have invested in. We have a good partner and we believe India is strategic to invest in,” he told StarBiz in an interview.
Axiata is a regional telecoms player with a 19.7% stake is India's Idea Cellular. The investment was made some years ago when the Indian company was the country's fifth largest player.
Idea has since grown to become the third largest in terms of subscribers. It has 110 million mobile subscribers in a market comprising 656 million users as at end-February this year.
Up to now there is little clarity as to how the new 2G licences will be auctioned and whether the amounts paid for the spectrum that has been revoked will be taken into account when the new licences are given out. Idea is one of the seven companies affected.
“We would have to participate in the auction process (but) anything can happen to pricing. We have also paid for the spectrum (initially) and logically the amount that we have paid should be deducted because we cannot be paying twice for the same spectrum,” said Jamaludin.
He added that “it is very strategic and it is one of the biggest markets and fastest growing in the world.”
“But what it needs is also a more stable regulatory environment and consolidation. Therefore (we believe), within the next few years the regulatory environment will be stable and there will be a major consolidation, and that would mean the value of the company in which we have invested will increase after that.
“Idea, just like many of our matured companies, will move from a high-growth and low-profit base to some growth and pay dividends in the future. We have seen that happening and XL in Indonesia and Dialog in Sri Lanka are good examples,” he said.
And it is because of all these reasons that Axiata “we will continue to stay in the market” amid the current uncertainty.
In any case, the impact of the licence revocation is minimal on Idea because based on the ruling, nine 2G licences are affected, of which only seven were operational. The nine represents 40% of the 22 circles that Idea operates in, and it was reported that the affected circles accounted for about 5% of Idea's total subscriber base because the seven are new start-ups.
Asked if Idea would see any buying opportunity when the market consolidated, Jamaludin said: “Idea does not have to participate directly but it will get the benefits of the consolidation. It is already the number three player in the market. It is (considered) one of the)top performers.”
The impact on both Axiata and Idea of the revocation of the licences will be minimal. He explained that Idea represented less than 5% of Axiata's profit after tax and minority interests. For Idea, the cancelled licences were in Ebitda loss-making circles representing 4% of revenues for Axiata.
From: The Star Online
Thursday April 5, 2012
电讯业合并?
2012年03月26日 封面故事 - 财经周刊 - 南洋网
大马的通讯领域早已形成三强鼎立的格局，而各强之间又有本身的优势，因此，估计不会出现合并的风潮。 然而，我国通讯领域的确出现了合并的迹象与契机，而这个契机又完全是由9张4G执照而引发……
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大马的通讯领域早已形成三强鼎立的格局，而各强之间又有本身的优势，因此，估计不会出现合并的风潮。 然而，我国通讯领域的确出现了合并的迹象与契机，而这个契机又完全是由9张4G执照而引发……
小型电企联盟抗巨无霸
国内通讯公司的并购风，应当也不是头一遭，近期又再传出并购的消息，我国目前三强鼎立的通讯市场架构，是否会有变化？
行业内的无数小型业者的命运，又何去何从？
国内的电讯业在2月底传出并购消息，引起业者以致消费者的高度关注，主要是因今时今日，手机、通讯服务以及上网，几乎成了我国人民的日常必需品。若是通讯公司真的吹起合并风潮，不仅对于我国通讯业的架构有重大的影响，该行业的竞争生态，也会随之影响到消费人。
業績出色 通訊業增長潛能佳
（吉隆坡5日訊）儘管大馬通訊領域已發展至相對成熟的市場，但市場分析員相信，國內的電訊業者仍有增長潛力，並持續看好該領域的投資前景。
MIDF研究分析員表示，國內絕大部分的通訊業者都在2011財政年交出超越市場預測的業績表現。
其中，儘管馬電訊（TM，4863，主板貿服股）2011財政年的淨利稍微下滑0.6%，但其高達12億令吉的淨利，仍超出市場預期。同時，若扣除一次性的收入，其核心淨利更增長13.1%，至6.8億令吉。
至於流動通訊業者方面，國內三大通訊業者--明訊（MAXIS，6012，主板貿服股）、數碼網絡（DIGI，6947，主板基建股）與亞通 （AXIATA，6888，主板貿服股）旗下的天地通（Celcom），依然維持穩健的增長，並主要由非語音業務所帶動，取得19.4%的增長。
Investors eagerly awaiting big dividends
PETALING JAYA: With the barrage of results coming in, investors chasing for more returns and yields are still on the lookout for that big one, as hints of more bumper dividends allure in the face of a volatile market rocked by external headwinds.
The latest will be the move by Maxis Bhd, which had recently secured approval from the authorities for the proposed 10-year sukuk issuance amounting to RM2.45bil.
Sources contacted by StarBiz recently confirmed that Maxis' board of directors would discuss the possibility of declaring a special dividend payout at its routine directors meeting soon.
The telecommunications sector as a whole is also seeing some activity with Telekom Malaysia Bhd announcing a total cash distribution of RM1.42bil or 39.8 sen per share, while Axiata Group Bhd also raised its payout ratio from 30% to 60%, having proposed a bumper dividend of 19 sen per share.
OSK Research in a report said the bumper payout indicated Axiata's willingness to meet investors' expectations of rising dividends as it was rapidly building up cash, thanks to the strong operational momentum across few operating companies.
Analysts believe that there is some level of interest and speculation that other high cash-flow counters dealing in the buoyant consumer market may also have plans to reward their shareholders.
With a strong and stable free cashflow, along with minimal gearing, these financially-sound companies could declare a special dividend.
Last Friday, Dutch Lady Milk Industries Bhd announced a dividend of 50 sen in addition of a special dividend of 80 sen for its financial year ending March 31, 2012.
UOB Kay Hian's head of research Vincent Khoo said the key point about these companies was that they generated a very steady income, while the amount of capital expenditure to expand their businesses was quite modest, leaving a substantial cash pile for utilisation.
“While in the thriving brewery sector, given that Guinness Anchor Bhd (GAB) announced a surprise dividend last year, we reckon Carlsberg (Brewery Malaysia Bhd) may also follow suit by declaring a special dividend,” Khoo said on Friday before the results were released.
Subsequently, after announcing its results, Carlsberg declared a total special dividend payout of 67.5 sen, representing a 7.1% return over its last closing price.
A local bank-backed analyst also reckoned that GAB might declare another special dividend as it had only drawn down RM150mil from its RM500mil medium-term notes.
Khoo is also quite positive on Berjaya Sports Toto Bhd (BToto) as the company has just reached a debt neutral level, with the company still committed to its minimum 75% net payout dividend policy.
The numbers forecast operator is expected to release its financial numbers on March 15.
OSK Research said BToto's relatively stable and defensive earnings, as well as strong likelihood for dividends to surprise on the upside, made the stock an ideal investment under the current volatile environment, in which the broader market's earnings pace might disappoint on the downside.
Meanwhile, OSK head of research Chris Eng advised investors not to jump into a company because of its dividends, and instead should focus on the growth potential of the company.
“Dividends are just an added benefit, we are neutral on stocks like Maxis and DiGi, as these companies have limited upside, with no strong growth story,” he said, adding that with the run-up in prices of some selected large capitalised counters, many other smaller counters were still attractive with a good return for dividends.
Meanwhile, another analyst noted that investors could expect a substantial bumper dividend if Panasonic Manufacturing Malaysia Bhd decided to undergo some capital management exercise.
“Panasonic is standing at a very strong cash position as well, representing about 40% of its market capitalisation,” he said.
As at Dec 31, 2011, Panasonic had cash and cash equivalents of RM449.19mil, which works out to RM7.49 per share with no current borrowings.
For 2011, Panasonic paid net dividends of RM66.06mil, or RM1.09 per share, equivalent to 80% of its net profit in that year.
Similarly as at end-September 2011, JT International Bhd (JTI) had RM189.94mil in cash translating to 72 sen per share with no borrowings.
For 2010, JTI paid net dividends amounting to 22.5 sen per share.
Another analyst also noted that with the stronger earnings seen in the financial sector, banks like Alliance Financial Group Bhd and CIMB Bank Bhd might see a dividend upside as well.
分享與整合頻譜‧綠馳證實洽商
（雪蘭莪‧八打靈再也23日訊）綠馳通訊科技（GPACKET，0082，主板科技組）今日證實正與多方洽商頻譜分享與整合問題，時機成熟時才會公佈洽商進展。
董事經理兼首席執行員潘振祥在業績匯報會時受詢時表示，該公司正與各方洽談上述問題，尋求如何在頻譜分享等進行合作。提到是否與楊忠禮機構（YTL,4677,主板貿服組）等洽商，他說，公司將與各方進行洽商，並嘗試從整合中獲取雙贏局面。
早前報導指楊忠禮機構與該公司以及Asiaspace公司洽商。楊忠禮機構旗下楊忠禮電子（YTLE，0009，創業板科技組）也表示洽商時時在進行潘振祥指出，若能達致頻譜分享，各業每年資本開銷將大大節省，將是各方期許的雙贏局面，因而對類似洽商樂觀其成。
“正如賴敬達所形容的，面對目前形式，各電訊業既是合作的盟友，也是相互競爭的競爭者。” 潘振祥也說，P1公司今年斥資約3億令吉資本開銷，使4G全國服務覆蓋率由現有超過50%增至65%，東馬覆蓋率則會從沙巴亞庇做起，逐步深入。
他說，公司去年12月營運盈利首創正面成長，預期2012年有利可圖，P1也放眼攫取50萬名用戶。其服務美國等全國40國軟件方案亦有強勁成長。
全年虧8845萬
截至2011年12月31日止，第四季虧損收窄近倍至2千988萬6千令吉，前期為8千618萬2千令吉；全年虧損縮小至8千845萬3千令吉，前期為1億4千339萬7千令吉。（星洲日報／財經）
2012-02-24 11:34
Axiata set to garner interest after high dividend payout
PETALING JAYA: Axiata Group Bhd's surprisingly high dividend payout for the financial year ended Dec 31, 2011 (FY11) will be a catalyst for its stock, analysts said.
“What they have announced is better than we had expected, and will likely stir investors' interest,” an analyst with MIDF Research wrote in his report.
Axiata, a telecommunication services provider with regional presence, on Wednesday said the management had proposed a dividend payout of 19 sen per share for FY11, representing a 60% payout ratio, and doubled that of last year's 30%.
In addition, Axiata's management had raised its dividend guidance for FY12 to 65%, which analysts said would boost investor sentiment towards the stock.
“Despite a more challenging outlook, Axiata maintains that it has sufficient cashflow generation power to improve its dividend,” Maybank Kim Eng said in its report.
In general, Axiata's performance for FY11, when benchmarked against market consensus, was not surprisingly great hence, the dividend surprise was a welcome.
Raking in a net profit of RM2.34bil on revenue of RM16.4bil, which represented an increase of 32.5% year-on-year and 5.3% year-on-year, respectively, analysts said they were within expectations.
Benchmarked against its own targets, Axiata had even missed its headline key performance indicators (KPI) targets for FY11; it merely achieved around 5% growth in revenue and hit only a growth of 1% in earnings before interest, tax, depreciation and amortisation (EBITDA) compared with its KPI target of a 10% growth for both categories.
Following the failure to meet its FY11 headline KPI, the company had set lower headline KPI targets for FY12, that is, a 5.3% increase in revenue and 1.8% growth in EBITDA.
“The company is faced with increasing competition from other players and there is increasing pressure on its margin,” an analyst said. “Nevertheless, we think its FY12 headline KPI targets are achievable.”
Most analysts concurred.
MIDF analysts, in their reports, indicated that Axiata's FY12 headline KPI targets were conservative; hence it would not be too difficult for the company to achieve them.
Axiata closed at RM5.15 yesterday, representing a gain of six sen from the previous day.
Tag :
Axiata
Mobile service operators start talks on merger and acquisitions
Wednesday February 22, 2012 By YVONNE TAN
PETALING JAYA: Consolidation talks
have begun in the telecommunication space where as many as nine parties
have licences to offer mobile services. “There are clearly too
many operators for a market like Malaysia and it would naturally result
in some form of consolidation,” said a telco analyst.
Industry sources said that one of the more active players pursuing a merger and acquisition exercise was the YTL Group which has approached Asiaspace Sdn Bhd and Green Packet Bhd . Asiaspace chairman Datuk Abdul Ghani Abdullah said that consolidation was the most “logical” thing to do.
Same wavelength:
From left: Puan, YTL Communications executive chairman Tan Sri Francis
Yeoh, Tan and Abdul Ghani.
Last
year, the Malaysian Communications and Multimedia Commission named nine
companies as recipients of the 2.6 GHz spectrum, to be used for the
roll-out of long-term evolution (LTE) or 4G services. These are the four 3G players namely DiGi.Com Bhd , Celcom Axiata Bhd , Maxis Bhd and U Mobile Sdn Bhd ; and four WiMAX players Asiaspace, Packet One Networks Sdn Bhd or P1 (a subsidiary of Green Packet), REDtone International Bhd and YTL Communications Bhd .
The ninth player named was Puncak Semangat, a company controlled by billionaire Tan Sri Syed Mokhtar Al-Bukhary
.
Abdul Ghani said consolidation would enable players to combine their spectrum to offer more efficient services to customers, and hence, help solve the issue of spectrum being spread too thin among too many players.“However, the (consolidation) talks are still at an early stage,” said one industry source.
Aside from the three incumbents in the telco voice market, namely DiGi, Celcom and Maxis, the other players that have made the most inroads in the 4G industry are YTL Communications, P1 and U Mobile which is controlled by tycoon Tan Sri Vincent Tan .
YTL Communications launched its YES 4G wireless network in November 2010 and as at November last year, the company was said to have a subscriber base of more than 300,000. It was reported that the company would break even when it had one million subscribers.
Green Packet has also been keeping busy with its investments in the area of broadband. For the third quarter ended September 2011, Green Packet reported net loss of RM24.3mil compared with net loss of RM13.7mil a year earlier, largely due to such investments. “But it will be an historic year for P1 this year, as in less than four years it will turn EBITDA (earnings before interest, tax, depreciation and amortisation) positive. You must realise that we are in an industry where the gestation periods are long,” said group managing director C.C. Puan recently.
As for U Mobile's financial position, this cannot be immediately ascertained as it is privately owned.
Meanwhile, amid reports that U Mobile was seeking to be listed, a source said that Green Packet had been approached by investment banks to consider an initial public offering of P1. “If Green Packet turns EBITDA positive this year, PI should be in a good position for a listing,” said the source.
Industry sources said that one of the more active players pursuing a merger and acquisition exercise was the YTL Group which has approached Asiaspace Sdn Bhd and Green Packet Bhd . Asiaspace chairman Datuk Abdul Ghani Abdullah said that consolidation was the most “logical” thing to do.
A telco analyst points out that there are too
many operators in a market like Malaysia and it would naturally result
in some form of consolidation.“Capital expenditure is so high in this industry that it is impossible for smaller companies to survive,” he told StarBiz when contacted yesterday.YTL had not answered StarBiz queries at press time while Green Packet officials declined to comment.
The ninth player named was Puncak Semangat, a company controlled by billionaire Tan Sri Syed Mokhtar Al-Bukhary
.
Abdul Ghani said consolidation would enable players to combine their spectrum to offer more efficient services to customers, and hence, help solve the issue of spectrum being spread too thin among too many players.“However, the (consolidation) talks are still at an early stage,” said one industry source.
Aside from the three incumbents in the telco voice market, namely DiGi, Celcom and Maxis, the other players that have made the most inroads in the 4G industry are YTL Communications, P1 and U Mobile which is controlled by tycoon Tan Sri Vincent Tan .
YTL Communications launched its YES 4G wireless network in November 2010 and as at November last year, the company was said to have a subscriber base of more than 300,000. It was reported that the company would break even when it had one million subscribers.
Green Packet has also been keeping busy with its investments in the area of broadband. For the third quarter ended September 2011, Green Packet reported net loss of RM24.3mil compared with net loss of RM13.7mil a year earlier, largely due to such investments. “But it will be an historic year for P1 this year, as in less than four years it will turn EBITDA (earnings before interest, tax, depreciation and amortisation) positive. You must realise that we are in an industry where the gestation periods are long,” said group managing director C.C. Puan recently.
As for U Mobile's financial position, this cannot be immediately ascertained as it is privately owned.
Meanwhile, amid reports that U Mobile was seeking to be listed, a source said that Green Packet had been approached by investment banks to consider an initial public offering of P1. “If Green Packet turns EBITDA positive this year, PI should be in a good position for a listing,” said the source.
Puncak Semangat, REDtone big 4G spectrum winners
Written by Cindy Yeap
Wednesday, 07 December 2011
REDtone International Bhd and billionaire Tan Sri Syed Mokhtar Al-Bukhary’s Puncak Semangat Sdn Bhd have a tad more to cheer about among the nine fourth generation (4G) spectrum winners. All nine will receive the coveted resource after their business plans are approved by the Malaysian Communication and Multimedia Commission (MCMC), sources said.
“While Puncak Semangat’s 30Mhz [of 4G spectrum] is at least 10Mhz bigger than all other winners, everyone else has existing spectrum — 900Mhz, 1800Mhz, 1900Mhz [3G] or 2.3Ghz [WiMAX]. From that perspective, the bigger existing players still have more spectrum,” said a source close to the regulators.
“The decision was made to bring in new entrants and allow room for market forces, and in that light the spectrum allocations are equitable, though not entirely equal,” the source told The Edge Financial Daily. “We believe Puncak has the financial resources for a decent rollout,” the source said.
The 4G allocation will give REDtone, whose existing 2.3Ghz WiMAX licence is limited to Sabah and Sarawak, a licence to roll out mobile services in Peninsular Malaysia and a more level playing field relative to the remaining three WiMAX spectrum holders, the source said. Its challenge, however, will be to secure the necessary funds for a wider rollout, an observer said.
To recap, all four 3G spectrum assignment holders — Maxis Bhd, Celcom Axiata Bhd, DiGi.Com Bhd and U Mobile Sdn Bhd — stand to receive 20Mhz of 4G spectrum. Like REDtone, two other WiMAX spectrum holders — Green Packet Bhd’s Packet One (Networks) Sdn Bhd and YTL Communications Sdn Bhd — will also receive 20Mhz of 4G spectrum in January 2013, if their business plans are accepted by the MCMC.
The remaining WiMAX spectrum holder, Asiaspace Sdn Bhd, will be given a 10Mhz block of 4G spectrum, provided its business plan gets MCMC’s go-ahead. Asiaspace, will also need to settle a sizeable fine first for not meeting rollout commitments made in its WiMAX business plan submission, another source added.
All nine winners will need to submit their 4G rollout plans to the MCMC by Dec 15 and pay a RM5 million irrevocable guarantee for every 10Mhz of spectrum.
But why not just give bigger blocks of spectrum to the big boys? After all, only three out of seven newcomers in the mobile telecoms space have decent-sized coverage and service offerings close to five years since the powers that be decided to sidestep incumbents and allow new entrants. Didn’t one 3G pectrum winner even make money from transferring its 3G spectrum?
Moreover, easily 94% of Malaysia’s 35.7 million mobile phone users are with the big three — Maxis, Celcom and DiGi — and they have the most money to invest, going by their earnings pool. Wouldn’t giving them more spectrum help on network quality?
“Yes, incumbents have a lot more subscribers, but they still have a lot more spectrum than the new entrants. Their spectrum allocation is already bigger than the likes of Vodafone in the UK, which has a bigger population size and wider geographical area to cover,” an industry observer pointed out. This could not be independently verified at press time.
“Are you satisfied with your current mobile phone service?” the observer asked, drawing attention to the sizeable earnings margins of 45% to over 50% that the big boy operators here command.
“Those margins are very high by industry standards. I’d call 30% a decent margin. From where I stand, that level of margins either means operators are not investing enough money in network or they’re charging customers too much,” the observer added.
Maxis, the leader in terms of earnings before interest, tax, depreciation and amortisation (Ebitda) margin, has maintained that its 50% plus margins are ahead of Celcom’s 45% and DiGi’s 46% because it has a bigger pool of higher spending subscribers.
To be fair, Maxis, Celcom and DiGi have spent an average of RM1 billion a year on improving their networks. And if that level of investment is not enough, only time will tell if the solution is to bring in new players, especially those with smaller purses.
What is certain is that more competition is on the way for existing players and the cost of delivering seamless Internet on-the-go is much higher than enabling voice and plain text message.
To maintain the kind of margins and dividends that their investors have come to expect, telecoms players are already cutting back everything they can and are now letting rivals piggy-back on their networks.
They have even resorted to no longer absorbing the 6% service tax on prepaid users to help shore up margins — or at least they tried. It is understood hat regulators have asked the operators to pass on the cost of the service tax to prepaid users on a staggered basis, instead of doing it at one go.
All that throws into question whether the high margins the big boy operators are enjoying will hold. To be sure, chances are that margins will not immediately collapse, but investors may need to start considering the possibility of smaller growth numbers and, in turn, lower dividend payouts — at least until the mobile broadband space matures.
This article appeared in The Edge Financial Daily, December 7, 2011.
Related Posts:
1.數碼網絡 (Digi) 正與立通國際（REDTONE)探討合作
2. All nine telecoms players given smaller blocks of 4G spectrum (2.6GHz)
3. Transforming cellular companies
REDtone International Bhd and billionaire Tan Sri Syed Mokhtar Al-Bukhary’s Puncak Semangat Sdn Bhd have a tad more to cheer about among the nine fourth generation (4G) spectrum winners. All nine will receive the coveted resource after their business plans are approved by the Malaysian Communication and Multimedia Commission (MCMC), sources said.
“While Puncak Semangat’s 30Mhz [of 4G spectrum] is at least 10Mhz bigger than all other winners, everyone else has existing spectrum — 900Mhz, 1800Mhz, 1900Mhz [3G] or 2.3Ghz [WiMAX]. From that perspective, the bigger existing players still have more spectrum,” said a source close to the regulators.
“The decision was made to bring in new entrants and allow room for market forces, and in that light the spectrum allocations are equitable, though not entirely equal,” the source told The Edge Financial Daily. “We believe Puncak has the financial resources for a decent rollout,” the source said.
The 4G allocation will give REDtone, whose existing 2.3Ghz WiMAX licence is limited to Sabah and Sarawak, a licence to roll out mobile services in Peninsular Malaysia and a more level playing field relative to the remaining three WiMAX spectrum holders, the source said. Its challenge, however, will be to secure the necessary funds for a wider rollout, an observer said.
To recap, all four 3G spectrum assignment holders — Maxis Bhd, Celcom Axiata Bhd, DiGi.Com Bhd and U Mobile Sdn Bhd — stand to receive 20Mhz of 4G spectrum. Like REDtone, two other WiMAX spectrum holders — Green Packet Bhd’s Packet One (Networks) Sdn Bhd and YTL Communications Sdn Bhd — will also receive 20Mhz of 4G spectrum in January 2013, if their business plans are accepted by the MCMC.
The remaining WiMAX spectrum holder, Asiaspace Sdn Bhd, will be given a 10Mhz block of 4G spectrum, provided its business plan gets MCMC’s go-ahead. Asiaspace, will also need to settle a sizeable fine first for not meeting rollout commitments made in its WiMAX business plan submission, another source added.
All nine winners will need to submit their 4G rollout plans to the MCMC by Dec 15 and pay a RM5 million irrevocable guarantee for every 10Mhz of spectrum.
But why not just give bigger blocks of spectrum to the big boys? After all, only three out of seven newcomers in the mobile telecoms space have decent-sized coverage and service offerings close to five years since the powers that be decided to sidestep incumbents and allow new entrants. Didn’t one 3G pectrum winner even make money from transferring its 3G spectrum?
Moreover, easily 94% of Malaysia’s 35.7 million mobile phone users are with the big three — Maxis, Celcom and DiGi — and they have the most money to invest, going by their earnings pool. Wouldn’t giving them more spectrum help on network quality?
“Yes, incumbents have a lot more subscribers, but they still have a lot more spectrum than the new entrants. Their spectrum allocation is already bigger than the likes of Vodafone in the UK, which has a bigger population size and wider geographical area to cover,” an industry observer pointed out. This could not be independently verified at press time.
“Are you satisfied with your current mobile phone service?” the observer asked, drawing attention to the sizeable earnings margins of 45% to over 50% that the big boy operators here command.
“Those margins are very high by industry standards. I’d call 30% a decent margin. From where I stand, that level of margins either means operators are not investing enough money in network or they’re charging customers too much,” the observer added.
Maxis, the leader in terms of earnings before interest, tax, depreciation and amortisation (Ebitda) margin, has maintained that its 50% plus margins are ahead of Celcom’s 45% and DiGi’s 46% because it has a bigger pool of higher spending subscribers.
To be fair, Maxis, Celcom and DiGi have spent an average of RM1 billion a year on improving their networks. And if that level of investment is not enough, only time will tell if the solution is to bring in new players, especially those with smaller purses.
What is certain is that more competition is on the way for existing players and the cost of delivering seamless Internet on-the-go is much higher than enabling voice and plain text message.
To maintain the kind of margins and dividends that their investors have come to expect, telecoms players are already cutting back everything they can and are now letting rivals piggy-back on their networks.
They have even resorted to no longer absorbing the 6% service tax on prepaid users to help shore up margins — or at least they tried. It is understood hat regulators have asked the operators to pass on the cost of the service tax to prepaid users on a staggered basis, instead of doing it at one go.
All that throws into question whether the high margins the big boy operators are enjoying will hold. To be sure, chances are that margins will not immediately collapse, but investors may need to start considering the possibility of smaller growth numbers and, in turn, lower dividend payouts — at least until the mobile broadband space matures.
This article appeared in The Edge Financial Daily, December 7, 2011.
Related Posts:
1.數碼網絡 (Digi) 正與立通國際（REDTONE)探討合作
2. All nine telecoms players given smaller blocks of 4G spectrum (2.6GHz)
3. Transforming cellular companies
