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[公司专区] 6947 DIGI 數碼電訊

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发表于 2011-2-16 23:45 | 显示全部楼层
DiGi expected to offer steady capital gains and yields

Smart growth in 2010
DiGi continued to register good growth in terms of subscriber numbers, revenue and net profit in its latest earnings results for 2010.
The cellular operator reported a 13.5% increase in total subscriber numbers to 8.765 million at end-2010. Pre-paid customers grew by about 13% to 7.331 million, boosted by good takeup rate for its Easy Prepaid package, which is targeted at the still comparatively underserved youth and Malay market segments.

The number of post-paid customers, meanwhile, grew a stronger 16.1% to 1.434 million, albeit from a much smaller base.

Whilst the pre-paid business has, thus far, been the bread and butter of DiGi’s business, we are seeing a slow but sure shift to the post-paid segment. Back in 2005, post-paid subscribers accounted for only about 7.4% of the company’s subscriber base. This market segment now accounts for some 16.4% of DiGi’s total subscribers.

Rising smartphones adoption to boost usage
Looking ahead, we expect this gradual trend towards post-paid segment to continue, underpinned by the migration of customers from pre-paid to post-paid packages on the back of rising adoption of smartphones.

Access to the Internet via handheld is now increasingly common with our changing lifestyle for anytime, anywhere connection. Almost half of DiGi’s subscribers, over 4.2 million, are mobile Internet users, the majority of whom are casual surfers now but whose usage is expected to keep growing over the next few years.

Currently, only about 13% of DiGi’s customers are smartphone users. This percentage can only rise further, especially given the increasing proliferation of affordable smartphones in the market. Indeed, the adoption of smartphones is a global phenomenon. Smartphone sales reinvigorated cellular phone sales worldwide last year and are expected to maintain a double-digit pace of growth over the next few years as consumers trade up from their low-end feature phones.

Smartphone sales, which come together with higher value data plans, were one of the key drivers of growth for DiGi in 2010. The cellular operator offers an array of high-end smartphones including the popular iPhone, BlackBerry as well as a host of Android-based devices from HTC and Samsung. DiGi is selling its data plans based on simplicity and affordability.

Migration to post-paid to keep falling ARPU in check
The anticipated migration towards post-paid packages bodes well for the company, in terms of keeping declining average revenue per user (ARPU) in check. To be sure, its blended ARPU continued to fall in 2010 — to roughly RM52 per month, from RM55 per month in the previous year — on the back of high takeup for lower value pre-paid packages.

But the growth in data usage should slow the decline and may even reverse the trend in a few years’ time. The prospect for future data revenue growth is underlined by its 20.8% increase in 2010 — even as voice revenue for both pre-paid and postpaid segments dipped.

Cost savings from network sharing
To support the expected growth in bandwidth demand, DiGi plans to spend some RM700 million in capital expenditure this year — about the same level as that in 2010 — to increase the breadth and depth of its 2G-3G networks. The company’s 3G network now covers some 50% of the nation’s population.

In addition, DiGi recently signed a 10-year agreement, worth RM139 million, to use Time dotCom’s fibre capacity to complement its wireless infrastructure to cater to the rising demand for bandwidth.

Such sharing of network infrastructure is important given the rising demand for capacity and changing technological landscape, especially in a matured market such as ours. For instance, we expect significant fresh capital investments for the imminent switch to a 4G all-IP platform.

In this respect, DiGi’s landmark network collaboration agreement with Celcom is expected to be another key driver for growth going forward, through cost savings and improved returns on the back of more efficient utilisation of assets.

The agreement includes the sharing of telecommunication sites, access, aggregation and trunk fibre transmission. By 2015, the two telcos target to consolidate and upgrade some 4,000 sites — from the initial phase of a combined 436 sites — and fibre transmission network. Cost savings — in terms of both capital and operational expenditure — are estimated to total some RM2.2 billion combined over a 10-year period.

Topline growth coupled with gradual margins expansion
DiGi’s operating margin improved to roughly 44.4% in 2010, up from 43.3% in the previous year. This coupled with the 10% topline growth resulted in a strong 17.7% expansion in net earnings.

The company expects revenue growth to be in the high single-digit range in the current year and for margins to continue to improve. Looking further ahead, we expect margins to be further bolstered by savings from its network collaboration with Celcom, which are expected to be visible in 2012 and increasing to RM75-RM125 million annually post-2015.

Steady earnings growth should support a gradual appreciation in the company’s share price. Rising earnings are also expected to translate into gradually higher dividends for shareholders.

We estimate dividends to total RM1.84 and RM2.01 per share for 2011-2012, which will earn shareholders attractive net yields of 7.1% and 7.8% for the two years at the current share price of RM25.90. Dividends totalled RM1.63 per share in 2010. The stock will trade ex-entitlement for a final dividend of 43 sen per share on Feb 24. ... ins-and-yields.html

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发表于 2011-4-7 12:05 | 显示全部楼层
接近RM30的历史高价, 每股淨利1.52, 差不多20倍的本益比...

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发表于 2011-4-8 21:33 | 显示全部楼层
DiGi’s technology operation centre gets GBI gold

PETALING JAYA: DiGi Telecommunications Sdn Bhd’s new technology operation centre (TOC) has received a Provisional Gold Certification from The Green Building Index (GBI), making it the first data centre in Malaysia to be awarded the standard.  

GBI is Malaysia’s industry-recognised green rating tool for buildings to promote sustainability in the build environment.

The 2.11-acre (0.85ha) development in Shah Alam opposite DiGi’s current headquarters has a built-up area of 141,500 sq ft. The TOC was completed last July and has a gross development value (GDV) of about RM73 million.

DiGi’s head of corporate affairs Zaiton Idrus said the company is proud of the achievement as environmental sustainability is part of DiGi’s business fundamentals.

Through its company-wide “Deep Green” initiative to embed environmental conservation into everything it does, DiGi aims to cut its business carbon footprint by half this year from 2008’s level.  

“With the TOC, we saw an opportunity to take our commitment even further. Data centres are traditionally large consumers of energy. Our TOC has been designed to reduce energy usage as much as possible in line with our company’s goal to decrease DiGi’s overall carbon emissions by 50%,” Zaiton said.
The technology operation centre was completed in July last year.

The technology operation centre was completed in July last year.

The TOC was designed using the GBI as its guiding principle and incorporates a spectrum of environment-friendly features that maximise energy and water conservation, as well as utilise materials such as eco-friendly carpets and solar reflective roof paint coating.

The centre was also constructed with a steel formwork system to reduce timber usage and features vertical landscaping. ... -gets-gbi-gold.html

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发表于 2011-4-18 17:39 | 显示全部楼层
DiGi banks on BlackBerry plans for subscriber growth

DiGi.Com Bhd
(April 15, RM29.00)
Downgrade to hold at RM29.50 with target price RM30.20: A quieter competitive landscape in 1Q11, with DiGi carrying out more promotions for various BlackBerry plans to target a wide spectrum of users. We expect healthy subscriber growth.

Expect 1Q11 revenue and earnings before interest, taxes, depreciation and amortisation (Ebitda) margin to be marginally weaker quarter-on-quarter (q-o-q), following a seasonally high 4Q10.

The share price has rallied 19% since we upgraded the stock to “buy” in Jan 11. With limited catalysts in the near term, we downgrade the stock to “hold”, with an unchanged target price of RM30.20. DiGi’s fundamentals remain strong. There will be a potential net dividend per share (DPS) of about 40 sen against our 2011F of 172 sen.

We notice that competition has been subdued in 1Q11. This can be seen from the decreased number of (nearly) daily full-page, colour ads for mobile phone service promotions in the print media that we are accustomed to seeing.

These include a range of affordable prepaid plans that start from as low as 50 sen per day for BlackBerry Messenger (BBM) service, to RM1 per day for a mixture of BBM, other messenger services and social networking (Facebook, Twitter), and RM2 per day for unlimited Internet usage. While Celcom offers a similar variety of plans for prepaid users, its unlimited per-day Internet usage plan is marginally more expensive at RM2.50. Premium brand Maxis has kept its plan straightforward with just one RM2.50 per day package.

DiGi will report its 1Q11 results at end-April. We expect a seasonally-lower q-o-q revenue following the strong festive period in 4Q10. We think its 1Q11 revenue could possibly have eased 5% q-o-q to about RM1.35 billion (+5% year-on-year), and a slight decline in Ebitda margin to just under 45% against 45% registered in 4Q10 and 44.6% in 1Q10.

This takes into account the lower marketing expenses as a result of less advertising and promotions observed in 1Q11. Consequently, we think its 1Q11 net profit could ease seasonally 10% q-o-q to about RM300 million (+8% y-o-y).

We retain our view that DiGi can double its broadband revenue in 2011, with revenue contribution rising to 12% of group revenue from 6% in 2010. We argue that its 168,000 net adds in 2010 are likely to be sustainable in 2011, which will translate into an 80% y-o-y subscriber base increase to 379,000. With wider 3G coverage and a stable environment (limited pressure on average revenue per user (ARPU)), DiGi’s broadband revenue can potentially double in 2011.

We have factored in a 44.9% core Ebitda margin for 2011 versus 44.2% in 2010. This is in line with the 45% that DiGi achieved in 4Q10, which we believe is sustainable as it continues to focus on improving operational efficiency.

DiGi continues to keep an eye on profitability. We do not expect it to cut tariffs just to match the lower prices of new entrants, especially the mobile virtual network operators (MVNO). We believe DiGi will choose to price competitively in profitable segments (selected overseas destinations in the IDD subsegment). DiGi is also not interested in fixed-line for quadruple play because IPTV demand is still low while large screens (for example notebooks) use a lot of bandwidth and congest wireless networks.

We make no changes to our earnings forecasts. Spectrum re-farming is still a concern as regulator has yet to disclose the bidding and pricing mechanism.Uncertainty lingers over the long-term with LTE. DiGi has submitted its business plans regarding the use of the LTE spectrum to the regulator but no details are available at the moment.

We downgrade DiGi to “hold” from “buy” following a 19% rise in its share price since we upgraded the stock to “buy” in January 2011. The fundamentals of the company remain sound, but we foresee no catalysts in the near term for this stock. We keep our discounted cash flow-based target price at RM30.20 (7% weighted average cost of capital; 1% terminal growth), which implies 16 times 2012F price-earnings ratio and 8.4 times earned value/Ebitda. The stock is supported by a very attractive dividend yield of 6% net (8% gross). Entry price is RM28.20.

Additional dividend distribution would be a key catalyst while longer-term cost savings from sharing infrastructure with Celcom could lift DiGi’s net profit by as much as 5%. — UOB Kay Hian, April 15 ... scriber-growth.html

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发表于 2011-4-30 06:42 | 显示全部楼层
淨利增19% 數碼網絡派息43仙 

(吉隆坡29日訊)數碼網絡(DIGI,6947,主板基建股)2011財政年第一季(截至3月31日)淨利按年成長 19.09%,至3億3139萬6000令吉,上財政年同期為2億7825萬6000令吉。



該集團首席執行員亨利克勞申(Henrik Clausen)在文告中指出,流動互聯網在過去幾個季度的需求已經穩定成長,其網絡轉型計劃已讓該集團繼續符合全馬各地的客戶需求。






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发表于 2011-4-30 19:03 | 显示全部楼层
DiGi 1Q net profit RM331.39m, up 19%

KUALA LUMPUR: DIGI.COM BHD [] posted net profit of RM331.39 million in the first quarter ended March 31, 2011, up 19% from the RM278.25 million a year ago.

It said on Friday, April 29 that revenue rose 10.8% to RM1.43 billion from RM1.29 billion. Earnings per share were 42.6 sen versus 35.8 sen a year ago. It declared an interim dividend of 43 sen compared with 35 sen a year ago.

“The higher revenue was mainly contributed by increased usage from the larger subscriber base of 8.8 million (2010: 7.9 million), and more importantly increased data revenue which grew 38% year-on-year to RM361.7 million, as well as revenue contribution from handset-bundled offerings.

“Average revenue per user (ARPU) declined slightly to RM50 (2010: RM53); a result of new customers coming in at lower spend levels, competitive price pressure as well as reduced domestic interconnect revenue following the lower regulated mobile termination rate which took effect beginning July 2010,” it said.

DiGi said the group’s earnings before interest, tax, depreciation and amortisation (EBITDA) and EBITDA margin at RM657.2 million and 45.9% respectively, were also higher than the RM575.8 million and 44.6% recorded a year ago.

The telco said it would continue to prioritise network modernisation initiatives to accelerate coverage and deliver higher speed, capacity, reliability and quality of service.

This will immediately result in major improvements of network quality and efficiency through significant increase in download speeds and better connectivity experience for customers. Further, this investment will ensure the successful delivery of long-term evolution services, the next-generation mobile TECHNOLOGY [] capable of delivering download speeds of up to 172 Mbps when spectrum becomes available.

DiGi chief executive officer Henrik Clausen said: “We have seen a steady increase in demand for mobile Internet over the past few quarters, and have put in place a strong network transformation programme to continue delivering increased network quality, efficiency and coverage, to adequately meet our customers’ demands in all parts of Malaysia.

“At present we have over 4.5 million internet users, and we foresee that demand for data services will continue to trend up going forward.”

On the prospects for the remaining quarters up to Dec 31, 2011, the company said the network modernisation programme would result in the replacement of existing equipment on its network.

“The board wishes to highlight that the group will undertake to accelerate depreciation related to these existing equipment in-line with generally accepted accounting practices (GAAP) beginning from next quarter,” it said.

DiGi added net profit would be impacted which would be corresponding to the quantum of accelerated depreciation to be reflected in its books over the next 21 to 33 months.

“The estimated accelerated depreciation will approximate RM400 million to RM450 million in 2011, RM500 million to RM550 million in 2012 and less than RM100 million in 2013,” it said.

It added this was subject to periodic reviews and re-assessment; of which the board will notify the market accordingly.

DiGi said the accelerated depreciation would not have any adverse impact on the group’s operating cash-flow in the years mentioned above. ... rm33139m-up-19.html

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发表于 2011-4-30 19:07 | 显示全部楼层
DiGi appoints ZTE for LTE network

SHAH ALAM : In conjunction with the two-day official visit by Chinese Premier Wen Jiabao, telecommunication services provider DiGi Tele communications Sdn Bhd (DiGi), a unit of Bursa Malaysia-listed DiGi.Com Bhd, announced the appointment of Chinese firm ZTE Corp to build a unified mobile network in the country.

Listed in Shenzhen and Hong Kong, ZTE is a global provider of telecommunications equipment and network solutions.

The network will provide DiGi with fully a transformed 2G, 3G and 4G network from 3Q11. According to a joint statement by DiGi and ZTE yesterday, the new network will be capable of delivering download speeds of up to 42Mbps (mega bits per second) using HSPA+ and thereafter up to four times faster once the 4G/LTE (long term evolution) spectrum becomes available.

“This will result in a major enhancement of network quality and efficiency, enabling improved customer experience, and strengthening DiGi’s competitiveness,” the statement said.

The partnership was formalised yesterday at a signing ceremony witnessed by Prime Minister Datuk Seri Najib Razak and his counterpart Wen Jiabao.

According to Henrik Clausen, CEO of DiGi, the new network is part of the telco’s commitment to enhance connectivity and enable richer applications for the experience of its users.

“This brand-new LTE-ready network will allow our customers to enjoy cutting edge mobile speeds, increased capacity and improve quality of service,” Clausen said.

Under this partnership, DiGi will modernise its nationwide network with ZTE’s unified radio access network (RAN) platform which is capable of delivering 2G, 3G and 4G/LTE from a single base station site. The company will also upgrade its core network, transmission network and parts of its value-added services platform. This exercise will be done in the next two years, involving over 5,000 existing sites with new ones to be added to improve capacity and coverage.

ZTE will manage and maintain the unified network. The new network will result in improved operational efficiency and service positioning times due to its convergence of service platforms and will feature simplified architecture.

Clausen explained that modernising its network would expedite DiGi’s goal to reduce its carbon footprint through better energy utilisation and efficiencies.

“By using newer equipment with enhanced technology, we will be able to achieve better energy utilisation and efficiencies, resulting in up to 50% energy savings network-wide over the next five years as part of our commitment to address climate change.” he said, adding that the new network will be the cornerstone of DiGi’s effort to bring new products into the Malaysian mobile telecommunications market. ... or-lte-network.html

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发表于 2011-5-2 17:36 | 显示全部楼层

大馬財經  2011-04-30 12:02




















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发表于 2011-5-3 18:27 | 显示全部楼层
CIMB Research Neutral on DiGi, ups target price to RM31.60

KUALA LUMPUR: CIMB Equities Research said though DiGi's 1Q11 annualised core net profit was only 1% above its forecast and consensus was spot on, it considered the performance to be above expectations as 1Q is a seasonally weak quarter.

CIMB Research said on Tuesday, May 3 that the outperformance came from better-than-expected revenue and margins.

“Although we raise our revenue and EBITDA margin assumptions, our FY11-12 core EPS numbers are reduced by 14-16% because of accelerated depreciation resulting from a network upgrade.

“FY13 EPS is raised by 11%. Our DCF-based target price, which uses an unchanged WACC of 11.6% rises from RM28.65 to RM31.60. We also cap our FY11-13 DPS forecasts at levels similar to FY10’s.

“Rising prepaid competition and DiGi’s stretched valuations keep the stock as a NEUTRAL despite the commendable results. Downside risks should be limited by its dividend yield of 7%. Axiata remains our top Malaysian telco pick,” it said. ... rice-to-rm3160.html

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发表于 2011-5-4 21:18 | 显示全部楼层
Accelerated depreciation to hit DiGi earnings

DiGi.Com Bhd
(May 3, RM29.60)
Maintain neutral at RM29.08 with an upward revision of the target price to RM29.20 from RM27.90: DiGi released its 1QFY11 results at mid-day on April 29. Core earnings came in at RM331.4 million (+19% year-on-year) against a revenue of RM1.43 billion (+11% y-o- y) supported by: (i) stronger data revenue momentum (+8% quarter-on-quarter/ +38% y-o-y), offsetting the extended contraction in voice revenue (-4% y-o-y and –3% q-o-q) with 15% of its subscriber base now on smartphones against 13% a quarter ago.

The continuing tight lid on operational expenditure contributed to the improvement in earnings before interest, taxes, depreciation and amortisation (Ebitda) margin, from 44.7% in 1Q10 and 45.7% in 4Q10 to 45.9% in 1QFY11. Management has declared 43 sen a share first interim dividend, equating to 100% of its net profit.

DiGi is undertaking a two-to-three year network modernisation exercise with ZTE Corp Sdn Bhd to swap its existing network for a new one.

This is to cater for growing data demand with the new network long-term evolution (LTE). The modernisation exercise will result in DiGi accelerating depreciation on its current 2G network as its lifespan is shortened. Management expects the impact to be front-loaded at RM400 to RM450 million for FY11, RM500 million to RM550 million in FY12 and less than RM100 million in FY13.

While putting pressure on earnings in the medium term, DiGi foresees good operational and capital expenditure savings in the longer term (post FY13). Management believes the accelerated depreciation will more than offset operational expenditure savings from the ongoing network collaboration with Celcom for FY11 and FY12, resulting in earnings being crimped.

DiGi has guided for the negative impact from the new roaming rates to be some RM1 million based on the profile of its roaming traffic.

We reduce our FY11/12 net profit forecast by 24% to 32% after building in the accelerated depreciation charges and making some housekeeping adjustments to our operational expenditure assumptions. Our fair value on the stock is raised to RM29.20 from RM27.90 as we now roll over to FY12.

DiGi remains a “neutral” following our earlier downgrade on April 21 after the good share price run year-to-date. — OSK Research, May 3 ... -digi-earnings.html

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发表于 2011-5-5 10:51 | 显示全部楼层
积极现代化基建 数码网络省资本营运开支
2011/05/05 10:31:22 AM


















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发表于 2011-5-10 10:52 | 显示全部楼层
業績評論 2011-05-04 11:33

(吉隆坡3日訊)數碼網絡(DIGI, 6947, 主板基建計劃組)首季淨利揚升19.1%至3億3千139萬6千令吉,普遍符合預期,但公司警告未來3年10億令吉折舊衝擊表現,2011至2013財政年淨利將下跌1億至5億5千萬令吉,分析員因此大幅下調未來兩年淨利預測最高達32%。






















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发表于 2011-5-12 21:14 | 显示全部楼层
DiGi to adjust its dividend policy

KUALA LUMPUR:  Mobile telecommunications company DIGI.COM BHD [] is looking to adjust its dividend policy in order to compensate for lower net profit as it seeks to update its network.

“We believe that by improving our network, it will result in true value creation in the long-term,” said chief executive Henrik Clausen on Thursday, May 12.

He explained that as DiGi continued to modernise its network, it would involve an increase in the depreciation of its old equipment, to the tune of around RM1 billion over three years.  While it would not affect the company’s cash flow as it is a non-cash item, it would have an impact on net profit.

“However, this is will only be a short-term situation. In order to maintain shareholder value, we may look at adjusting our dividend policy in terms of the payout ratio. We are still discussing about it and will make an announcement in due course,” said Clausen.

Currently, DiGi has committed to paying out 80% of its annual net profit to its shareholders. ... ividend-policy.html

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发表于 2011-5-12 22:17 | 显示全部楼层








另外,數碼網絡發文告宣佈,該公司與東南亞唯一的社區互聯網--eHomemakers簽署一項夥伴協議,在後者的護蔭下,提供通訊方案改善多達40家非政府組織(NGO)與微型企業之間的溝通。 ... 6vK08Vg5QMz1ok13jeK

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发表于 2011-5-13 10:56 | 显示全部楼层
網絡升級‧損盈利 數碼電訊調整派息率
12/05/2011 21:21








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发表于 2011-5-14 23:25 | 显示全部楼层
DiGi to adjust its dividend policy

KUALA LUMPUR: DiGi.Com Bhd is looking to adjust its dividend policy in order to compensate for lower net profit as it seeks to update its network.

“We believe that by improving our network, it will result in true value creation in the long term,” said chief executive Henrik Clausen.

He explained that as DiGi continued to modernise its network, it would involve an increase in the depreciation of its old equipment, to the tune of around RM1 billion over three years. While it would not affect the company’s cash flow as it is a non-cash item, it would have an impact on net profit.

“However, this is will only be a short-term situation. In order to maintain shareholder value, we may look at adjusting our dividend policy in terms of the payout ratio with an aim on improving it. We are still discussing it and will make an announcement in due course,” Clausen said after the company’s AGM yesterday.

Currently, DiGi has committed to pay out 80% of its annual net profit to shareholders.

In 2010, the company declared dividends of 163 sen, higher than its earnings per share of 151.5 sen.

Clausen added that investing in newer equipment at a better price would not only strengthen DiGi’s network, but would also translate into lower capital expenditure in the longer term.
Clausen: As DiGi modernises its network, there will be an increase in the depreciation if its old equipment to the sum of RM1 billion over these years.

“Last year we spent around RM720 million on capital expenditure, this year we are looking at around 10% less of that amount, which works out to around RM650 million,” he said.

On the future of the business, DiGi said it still had its sights firmly trained on the data market, as contributions from the voice side of business continue to dwindle.

“It has been a good year for DiGi, where we managed to grow our business by moving into the area of data. Last year we reached out, expanded our coverage and explored new geographies,” said Clausen.

When asked how DiGi would continue to grow its market share in the face of fierce competition, Clausen said there were several geographical segments that were still underpenetrated by the telco.

“As you know, we got our 3G licence a little late compared with the other players. So our coverage is around 50% compared with our competitors, which are around 75%. However, we are closing that gap,” he said.

Clausen added that DiGi is intent on staying on top of the youth segment, as well as expanding its reach with small businesses.

Clausen also noted that things had changed within the industry and that it was entering a new stage of collaboration between players in order to bolster networks and manage costs.

At the beginning of the year, DiGi entered into a network collaboration deal with Celcom Axiata Bhd, which would result in potential cost savings of RM2.2 billion over 10 years. When asked if DiGi was still in talks with other players for more such deals, Clausen said the telco is always open to future collaborations.

“But our focus will continue to be on the mobile segment and data, that has always remained our target for the time being. We want to strengthen our position in that market before we move on to other products such as offering home broadband services,” said Clausen.

DiGi is also tying up with a whole host of other telcos to form a consortium known as Konsortium Rangkaian Serantau Sdn Bhd to implement the government’s entry point project entitled “Regional Network” with the aim of lowering IP transit costs and domestic bandwidth.

“It is still early days yet, but we do expect more details to emerge within this year,” said Clausen. Aside from procuring cheaper bandwidth, the consortium is also expected to eventually invest in a submarine cable system and cable landing station.

On the issue of the LTE spectrum, Clausen said that DiGi had submitted its plan to Malaysian Communications and Multimedia Commission in January and was still awaiting the outcome.

DiGi’s shares ended 4 sen lower at RM29.36 yesterday. ... ividend-policy.html

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发表于 2011-5-14 23:26 | 显示全部楼层
DiGi to maintain attractive dividends

Shares in DiGi.Com have held up well over the past two weeks, since the reporting of its earnings for the first quarter of 2011 — despite the management’s guidance for lower profits for the rest of the year.

The company’s share prices had hit an all-time high of RM30.66 in early April before paring down gains. The stock is currently trading at RM29.30, up by almost 21% for the year-to-date, after taking into account dividends of 43 sen per share that were paid in February.

1Q11 earnings in line with expectations
The telco unveiled a pretty good set of earnings results for 1Q11, which were broadly in line with expectations. Turnover and net profit were up 10.9% year-on-year (y-o-y) and 19.1% y—o-y at RM1.43 billion and RM331.4 million, respectively. However, they were flattish from the immediate preceding quarter due, in part, to slower net subscriber addition of just about 78,000 in 1Q11. New broadband subscribers accounted for roughly 41% of the net adds.

By comparison, DiGi recorded an increase of 518,000 subscribers in 4Q10. In particular, the company eased off on its acquisition drive in the pre-paid segment in order to reevaluate its packages amid stiff pricing pressure from competitors. Total subscribers rose to 8.84 million as of end-March.

Positively, strong growth in data revenue helped offset the slight decline in voice revenue for both the pre-paid and post-paid segments. Data revenue accounted for 25.3% of total revenue in 1Q11, up from 20.3% and 23.4% in 1Q10 and 4Q10, respectively.

Growth in this segment was driven, primarily, by mobile Internet usage. Take-up rates for smartphone packages remain robust with our increasing need for always on connectivity to the Internet. DiGi estimates smartphone users make up roughly 15% of the company’s total subscriber base. We expect this figure can only continue to rise as subscribers upgrade from their existing, basic handsets.

Accelerated depreciation to dampen earnings in 2011-2012
More significantly, the management has guided earnings lower for the rest of the year, as the result of the decision to accelerate depreciation for its current mobile network assets.

DiGi recently inked a deal with Chinese telecommunications equipment vendor ZTE Corp to build a unified mobile network that will replace its existing platform. The new radio access network will be able to deliver 2G, 3G as well as future 4G services from a single base station site. The spectrum to deploy 4G services — also known as Long Term Evolution (LTE) — were allocated to various service providers last year and will be available for use by 2013.

The comprehensive network modernisation exercise is expected to replace over 5,000 existing base station sites, and will also include the addition of new sites for greater capacity and coverage, over the next two years. As such, the company will accelerate depreciation for the decommissioned assets, estimated to total some RM1 billion for RM1.1 billion over this period. The bulk of the increased depreciation charges are to be expensed in 2011-2012.

The additional depreciation charges will hit hard at the company’s bottomline. We estimate net profit will drop to roughly RM954 million and RM1 billion for 2011-2012, respectively — down from net profit of RM1.178 billion last year — despite our estimated 7% growth in turnover. We had previously estimated DiGi’s net profit for the current year at some RM1.34
DiGi recently inked a deal with Chinese telecommunications equipment vendor ZTE Corp to build a unified mobile network that will replace its existing platform.


But no impact on cashflow and dividends
Having said that, the higher depreciation expenses will have no impact on the company’s cashflow. Indeed, DiGi’s balance sheet is expected to strengthen further on the back of steady cashflow from operations and lower capital expenditure. The latter is estimated to be some 10% lower from last year’s spending, at roughly RM650 million. Net debt stood at just RM82.6 million at end-March, or equivalent to gearing of a little over 6%.

DiGi indicated that it would maintain the nominal amount of dividends paid, at least — despite the lower projected net profit. This would imply that dividend payout would well exceed 100% of net profit for the next two years.

Assuming annual dividends totalling 163 sen per share, the same as that paid in 2010, the company’s gearing level is expected to drop slightly from the current levels by end-2011 — and will turn into a net cash position by 2012. This would be far below the company’s target of an optimal capital structure, which would see gearing of between 54-81%. In this respect, DiGi could potentially raise its payout levels much further.

On the base-case scenario of dividends totalling 163 sen per share, shareholders will still earn a pretty decent net yield of 5.6% at the prevailing share price. Its shares will trade ex-entitlement for the first interim dividend of 43 sen per share on May 19.

Savings from improved network going forward
Looking ahead, DiGi is confident that margins will improve upon completion of the network modernisation exercise, by 2013. On top of the enhanced capacity and speed, the new network is expected to be much more efficient — including lower repairs and maintenance expenses — and energy saving.

The improved efficiency would be reinforced by the company’s ongoing network collaboration exercise with Celcom. Cost savings from the sharing of telecommunication sites, access, aggregation and trunk fibre transmission — in terms of both capital and operational expenditure — are expected to be visible starting 2012 and increase to some RM75 million to RM125 million annually post-2015.

DiGi has started work on decommissioning some 200 sites in Perak. To recap, the two telcos target to consolidate and upgrade some 4,000 sites — from the initial phase of a combined 436 sites — and fibre transmission network by 2015.

Thus, whilst pricing pressure will intensify, we expect DiGi will be able to hold its own by laying the foundation for greater competitiveness and higher quality of services going forward. ... tive-dividends.html

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发表于 2011-6-21 17:14 | 显示全部楼层
DiGi still expects growth during transformation phase

KUALA LUMPUR: DiGi.Com Bhd still expects high single-digit growth while the company undergoes a transformation phase that entails major capital investment, says chief executive Henrik Clausen. The transformation phase, which will be completed by end of 2012 or early 2013, will lay the foundation for stronger growth momentum.

“DiGi is about growth, we are a growth company. We have done a lot of things to improve our processes over the past year, while keeping prudent on the business. In fact, we have embarked on a transformation programme to drive that growth. It is not enough to do just incremental changes any more,” said Clausen in an interview.

DiGi is to spend around RM700 million in operational expenditure for the year, and expects to spend about the same amount for at least the next two years. The areas that DiGi is looking to improve, which Clausen sees as  the company’s pillars, include strengthening its network for increased data usage and improving the on-the-ground distribution system.

In the meantime, Clausen said DiGi would continue its capital management initiatives to keep up with its dividend payment policy.

“We have committed to pay out at least 80% of our net profit as dividends, and in fact, we have been paying more than that. So during this time, we are expected to sustain at least the absolute dividend payment amount,” he said.

DiGi, whose business is still mainly local, showed a year-on-year increase in its bottomline for 1QFY11 ended March 31, with net profit rising by 19% to RM331.4 million from RM278.3 million, while revenue rose to RM1.4 billion from RM1.3 billion a year ago.

Clausen expects Digi’s transformation period to span over the next 18 months, which is in line with its peers. Most analysts in general have predicted that local telcos will only shine during the later part of 2012. The crux of transformation continues to be data, as revenue from voice continues to decline.

Clausen says DiGi will continue its capital management initiatives to keep up with its dividend payment policy.
“Our network is ready to handle the change. In the meantime, we are also working to ensure that during this transition, it will not hurt the customer’s usage and experience,” he said.

Clausen added that the declining price of handsets going forward would also help to bolster growth.

“As part of a much larger group, namely the Telenor group, it allows us to draw experience in terms of managing cost structure. Also as a result of being part of a larger group, it gives us leverage in helping to bring the costs down,” he said.

He added that DiGi is working on its partnerships with vendors such as Apple and Research In Motion, which manufactures the Blackberry smartphone. According to Clausen, at the moment, 15% of DiGi’s nine million subscribers are using smartphones.  

“There are a lot of geographies where we can do better, certain areas in Johor for example. We see massive potential in East Malaysia as well,” he said.

Clausen added that DiGi is also working with various content providers to package and deliver offerings in a way to enhance customer experience.

“We are also working to improve and change our IT systems, which will change how we do billing among others,” he said.

According to Clausen, at the moment, DiGi’s focus will continue to be on improving its mobile infrastructure, and has no plans to branch out into fixed-line services  yet.

He does not see any synergies, at the moment, by having both mobile and fixed-line service offerings, in terms of cost and customers. However, if the need arises the company will look at this area.

Among it future developments,  DiGi is looking to the upcoming award of the LTE spectrum by the Malaysian Communications and Multimedia Commission.

“We have submitted our business proposal and are now just awaiting the outcome. We are excited about the LTE spectrum and the possibilities that it opens up,” Clausen said. ... ormation-phase.html

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发表于 2011-7-1 20:58 | 显示全部楼层
本帖最后由 ss2020 于 2011-7-1 21:00 编辑

斥资7亿提升数据业务 数码网络照派高股息


“整个提升计划浩大,料折旧减值会对未来数年的净利构成影响,但并不会因此改变派发净利 80% 利息的政策。”

上述计划是与中国中兴通讯机构(ZTE Corp)携手合作,建立一体化流动网络(unified mobile network),以取代现有的平台。

















认为未达饱和状态 语音服务仍有利可图








提升覆盖率吸引客户 数据服务是未来重心



虽然数据服务去年总营业额贡献仅占27%,但随着智慧型手机、iPhone 和 iPad 的崛起,数据服务近两年的增长率节节上升,无疑是本地电讯业者未来的发展方向。



中國報/財經 26/6/2011

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发表于 2011-7-4 11:02 | 显示全部楼层
DiGi's upgrade plans
By Goh Thean EuPublished: 2011/07/04

Shah Alam: DiGi.Com Bhd, the country's third largest mobile operator, will embark on a transformation journey vital for its survival in the ultra-competitive industry over the next 12 to 18 months.

The transformation agenda started last year when Henrik Clausen, DiGi's latest chief executive officer, joined the company. It will cover three areas - network, information technology (IT) system and distribution.

"Without the transformation, we would lose out and die. So, in order to drive growth, we need to transform a good company into an even stronger company," Clausen said in an interview with Business Times last week.

Trends are indicating that there will be more mobile phone users consuming data going forward, as more smart phones flood the market as well as the decrease in smart phone prices.

To prepare itself for the trend, DiGi feels the need to swap and upgrade its entire network and equipment. The swapping process is expected to be completed by end of this year.

"When you look at transformation, one of the things you need to focus on is to have an intelligent network. So, we have signed a vendor (China's ZTE) to complete the swap. All these will be 4G ready, everything will be one rack. So, when 4G is ready, it is just going to be a software upgrade," Clausen said.

The next area of transformation would involve upgrading its IT system such as the billing system.

"This is to enable us to respond faster to the market, and to support our business model," he added.

The last area it plans to transform is its distribution, said Clausen.

"We have strong distribution and dealers and we see some opportunities for expanding that model, in areas where its underserved such as the East Coast and other geographical areas.

"On top of that, we need to get retail right, and we also see online distribution becoming more and more part of the game," he said.

Clausen added that the biggest change the industry will experience over the near to medium term is not so much about the declining trend in voice services, the growing demand for mobile data, new services and contents.

Instead, it is about how services will be delivered. "No one is going to stop talking. So, to some extend, voice is the history, present and the future. I think it is more about how that voice experience is going to be supported by the operators.

"Today, a customer's need is quite effectively provided by having a voice platform and data platform. That's how the network has been built. But, if you look at the 4G networks, over time, there will be integrated networks where voice will be data.

"So, at some point in time, that convergence will happen. People will still talk, but the voice experience will be delivered on a data-type platform," he said.

Read more: DiGi's upgrade plans ... _html#ixzz1R6N9K9bz

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