Malaysian Telcos Ex-Growth? Competition Is Squeezing the Top Line.

DIGI/Maxis: Margins Recover but Malaysian Telcos Face Increased Competition and Lower Returns

Malaysian Wireless: Telekom's 4G Entry Still Not Factored In. Maxis and DIGI Look Vulnerable.

Malaysian Telcos Flounder as Competition Increases

Malaysian Telcos. Results Point to More Pain Ahead

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Equity Bottom-Up

<p>The first Malaysian Telco to report 2Q16 numbers was <a href="https://www.smartkarma.com/entities/945" target="_blank" data-smartkarma-citation="entities:945:1">Digi.Com Bhd</a> (DIGI). While results were in line with estimates, they do show declining revenue and Ebitda, a reflection of the difficult operating environment.  At this stage, we believe the local market is overly optimistic about a recovery in the revenue line for the Malaysian telcos.  While the share prices of Malaysian cellular operators have been rallying since May, we think this ignores the risks from rising competition (U-Mobile and…</p>

The first Malaysian Telco to report 2Q16 numbers was Digi.Com Bhd (DIGI). While results were in line with estimates, they do show declining revenue and Ebitda, a reflection of the difficult operating environment.  At this stage, we believe the local market is overly optimistic about a recovery in the revenue line for the Malaysian telcos.  While the share prices of Malaysian cellular operators have been rallying since May, we think this ignores the risks from rising competition (U-Mobile and…

DIGI: Service Revenue Growth Remains Negative. Stocks Rallying into Rising Competition.

CelcomDigi

DIGI: Service Revenue Growth Remains Negative. Stocks Rallying into Rising Competition.