CelcomDigi Merger Synergy Starts To Bear Fruits
CelcomDigi Merger Synergy Starts To Bear Fruits
CelcomDigi Berhad continues to demonstrate positive momentum as it advances with its integration efforts following the merger between Celcom and Digi. The company's second-quarter results for 2024 (2Q24) were in line with expectations, reflecting steady earnings growth and strategic progress.
CelcomDigi Berhad在Celcom和Digi合併後繼續展示積極的勢頭,推進整合工作。 2024年第二季度業績符合預期,反映了穩定的收益增長和戰略進展。
Analysts have reiterated their 'BUY' recommendation for CelcomDigi, maintaining a target price of RM4.50. This optimistic outlook is based on the anticipated benefits of the merger synergies, expected to become more significant from FY25 onwards. Additionally, the risks associated with the developments surrounding the second 5G network appear to be largely priced in, offering a more favourable outlook for the stock.
分析師們重申了對CelcomDigi的'買入'推薦,維持4.50令吉的目標價。 這種樂觀的前景基於合併協同效應的預期益處,預計從FY25開始變得更加顯著。 此外,圍繞第二個5G網絡的發展環境的風險似乎已經基本上被定價,爲股票提供更有利的前景。
Malaysia's largest mobile operator reported a net profit of RM406 million for 2Q24, marking an 18% year-on-year increase and an 8% quarter-on-quarter rise. The company's 1H24 net profit totalled RM782 million, representing 49% of [Investment Bank]'s full-year forecast and 40% of consensus estimates. This solid performance was primarily driven by a reduction in operating expenses (opex), although this was partially offset by higher taxes.
馬來西亞最大的移動運營商報告了2Q24的淨利潤爲40600萬令吉,同比增長18%,環比增長8%。 該公司的1H24淨利潤總額爲78200萬令吉,佔[投資銀行]全年預測的49%和共識估計的40%。 主要是由於營業費用(opex)減少,儘管部分抵消了較高的稅收,該表現表現出色。
The company also declared a dividend of 3.5 sen per share for the quarter, maintaining a payout ratio of approximately 100%, consistent with the previous quarter.
該公司還宣佈每股股息爲3.5仙,維持着約100%的派息比率,與上一季度保持一致。
Service revenue for 2Q24 saw a slight increase of 0.3% quarter-on-quarter, despite a 0.4% decline year-on-year. This growth was largely attributed to the postpaid segment, which benefitted from an increase in both average subscribers and average revenue per user (ARPU). Conversely, the prepaid segment faced challenges, with a decline in average subscribers, although ARPU remained stable.
儘管同比下降0.4%,但2Q24的服務收入環比略微增長0.3%。 這種增長主要歸因於後付費部分,後付費部分受益於平均訂閱用戶數和平均用戶收入(ARPU)的增加。 相反,預付費部分面臨挑戰,平均訂戶數量下降,儘管ARPU保持穩定。
On the cost side, CelcomDigi reported lower sequential expenses due to reduced device and staff costs, following the voluntary separation scheme (VSS) costs booked in 1Q24. This led to an improved EBITDA margin, which rose by 3.2 percentage points quarter-on-quarter to 45.3%.
在成本方面,由於1Q24分攤的自願分離計劃(VSS)成本的減少,CelcomDigi報告了較低的串行費用。 這導致EBITDA利潤率有所提高,環比上升3.2個百分點至45.3%。
The company's network integration is progressing ahead of schedule, with over half of the targeted sites already completed within a year, which was initially expected to be a three-year exercise. Furthermore, CelcomDigi has submitted a proposal to build a second 5G network, indicating its readiness to expand its infrastructure capabilities.
該公司的網絡整合工作進展超前於計劃,超過了一年內完成的目標站點的一半,而最初預計需要三年時間。 此外,CelcomDigi已經提交了建造第二個5G網絡的建議,表明其準備擴展其基礎設施能力。