Review
Bursa Malaysia Telecommunication Index has been on a downtrend since coming off its peak of near-640 pts in April 2023. However, the index saw some bargain hunting and rebounded off its bottom of 545 pts in December 2023 to 570 pts. Operation-wise, the industry remains steady with healthy subscriber and ARPU levels. Prepaid subscribers were supported by the return of foreign workers while Postpaid subscribers continue to see growth due to migration from Prepaid. Meanwhile, ARPU continue to inch lower gradually due to competitive pricing but remains steady.
Outlook
In early December, all five major telcos (Maxis, CDB, YTL, U-Mobile and TM) have signed share subscription agreements to take up 14.0% equity stakes each in Digital Nasional Bhd (DNB) for RM233.0m. This will pave way for DNB to achieve its target of 80% coverage next year. However, we are concerned whether capex allocation for 5G rollout could affect dividend payouts as Maxis has reduced its dividend payments to conserve cash for 5G investment.
Valuation & Recommendation
Previous national budgets have seen the government allocating huge amounts to construct telecommunication infrastructure. As such, we expect Budget 2024 to benefit players such as Opcom Holdings Bhd (NR), OCK Group Bhd (NR), Telekom Malaysia Bhd (BUY, FV: RM6.31), ITMAX System Bhd (NR), and Mestron Holdings Bhd (NR).
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The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.
Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.
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| Stock | Last (RM) | Change (RM) | Volume |
|---|---|---|---|
| 0.515 | 0.000 | 85.60M | |
| 0.105 | 0.000 | 43.41M | |
| 0.115 | 0.010 | 30.93M | |
| 0.375 | 0.010 | 29.06M | |
| 0.065 | 0.000 | 25.01M | |
| 0.565 | 0.030 | 20.54M | |
| 0.620 | 0.025 | 15.59M | |
| 0.220 | 0.005 | 14.37M | |
| 0.190 | 0.005 | 13.01M | |
| 0.035 | 0.000 | 11.97M |
| Stock | Last (RM) | Change (RM) | Volume |
|---|---|---|---|
| 13.340 | 0.360 | 22.50K | |
| 22.860 | 0.260 | 26.90K | |
| 8.060 | 0.260 | 2.39M | |
| 2.380 | 0.200 | 925.40K | |
| 3.170 | 0.160 | 1.06M | |
| 3.120 | 0.140 | 1.81M | |
| 4.260 | 0.120 | 2.77M | |
| 5.300 | 0.100 | 2.71M | |
| 4.360 | 0.090 | 540.10K | |
| 4.750 | 0.090 | 138.00K |
| Stock | Last (RM) | Change (RM) | Volume |
|---|---|---|---|
| 100.800 | -0.900 | 1.10K | |
| 20.300 | -0.140 | 3.50K | |
| 19.360 | -0.120 | 8.60K | |
| 14.200 | -0.120 | 19.50K | |
| 0.040 | -0.110 | 500.00K | |
| 6.700 | -0.100 | 3.00K | |
| 20.660 | -0.100 | 52.10K | |
| 2.030 | -0.090 | 1.90M | |
| 2.310 | -0.090 | 268.20K | |
| 30.320 | -0.080 | 10.80K |
| Currency | Buy Rates (RM) | Sell Rates (RM) |
|---|---|---|
| USD | 4.226942 | 4.260444 |
| EUR | 4.723982 | 4.728876 |
| CNY | 0.598324 | 0.598990 |
| HKD | 0.542537 | 0.546362 |
| SGD | 3.269503 | 3.292710 |
Last Updated: Thursday, September 19, 2024
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