Time Dotcom Berhad

$TIMECOM / 5031 (TIME DOTCOM BERHAD)
Research Report by KENANGA

$TIMECOM / 5031 (TIME DOTCOM BERHAD)
Research Report by RHB

$TIMECOM / 5031 (TIME DOTCOM BERHAD)
Research Report by HLIB

$TIMECOM / 5031 (TIME DOTCOM BERHAD)
Research by HLIB
HOLD – TP RM4.73

"Weakness in cloud and other solutions”

1H24 revenue of RM836m (+10% YoY) yielded a core PAT of RM223m (+7% YoY), which matched expectations. Top line growth was underpinned by Data (+12%) and Cloud & Other Solutions (+1%) which more than offset Voice’s slack (-6%). Regional associates contributed a total of RM21m (+53% YoY) to 1H24’s bottom line. TdC remains committed in expanding coverage and investing in the network as latest home-passed has reached 1.68m and targets to reach 1.76m to 1.84m by end of 2024. It continues to optimize operations and enhance approaches to delivering market-leading products and services. Stay HOLD with unchanged SOP-derived TP of RM4.73.

Analyst:
Tan J Young
jytan@hlib.hongleong.com.my

$TIMECOM / 5031 (TIME DOTCOM BERHAD)
Research by Maybank
HOLD – TP RM 5.10

"Yield over growth for now”

2Q24 results were in line with our/consensus forecasts, as TDC declared yet another special dividend. With tapering earnings growth and no stated timeline for new ventures, we see a lack of re-rating catalysts in the nearterm. Nevertheless, the stock’s relatively attractive dividend yield (c.5%) should provide some degree of downside support, in our view. Maintain HOLD with a lower DCF-based TP of MYR5.10 (-9%).

Analyst:
Tan Chi Wei, CFA
chiwei.t@maybank-ib.com

$TIMECOM / 5031 (TIME DOTCOM BERHAD)
Research by RHB
Neutral – TP RM5.10

"Holding Out For a New Narrative”

Maintain NEUTRAL, new MYR5.10 DCF TP (from MYR5.60), 4% upside with c.4% recurring yield. Results were in line with routine growth in the retail and wholesale segments while enterprise contribution eased further. We continue to see the lack of a clear longer-term growth narrative trumping mid-term capital management aspirations. Valuations are fair following the recent share price retreat.

Analyst:
Jeffrey Tan
jeffrey.tan@rhbgroup.com

$TIMECOM / 5031 (TIME DOTCOM BERHAD)

Continuing the list here (part 2):

$UCHITEC / 7100 (UCHI TECHNOLOGIES BERHAD) (MC: RM1.7bil) - Consistently delivered in its commitment to distribute at least 70% of net profit as dividend since 2003
$ALLIANZ / 1163 (ALLIANZ MALAYSIA BERHAD) (MC: RM 3.6bil) - Dividend policy is to maintain a minimum dividend payout ratio at 30%.
$UOADEV / 5200 (UOA DEVELOPMENT BHD) (MC: RM4.96bil) - Dividend policy of paying 30% - 50% of realised PATAMI
$SCIENTX / 4731 (SCIENTEX BERHAD) (MC: 6.2bil) - maintaining its commitment to distribute at least 30% of annual net profit
$TIMECOM / 5031 (TIME DOTCOM BERHAD) (MC: RM9.24bil) - Dividend payout policy of up to 50% of Normalised PAT

MC: Approximate Market Cap

**Note: the dividend payout is subjected to cash flow, valuation gain/loss of properties, etc. (for details please read their respective annual reports)

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - KUMPULAN WANG PERSARAAN (DIPERBADANKAN) ("KWAP")

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - KUMPULAN WANG PERSARAAN (DIPERBADANKAN) ("KWAP")

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - KUMPULAN WANG PERSARAAN (DIPERBADANKAN) ("KWAP")

General Meetings: Outcome of Meeting

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

$TIMECOM / 5031 (TIME DOTCOM BERHAD)
Research by RHB
Neutral – TP of MYR 5.60

“Staying Focused”

NEUTRAL, new DCF-based TP of MYR5.60 from MYR5.90, 8% upside with c.4% FY24F yield. Time dotCom’s 1Q24 results are in line, with all business segments charting double-digit YoY revenue growth. A stronger growth narrative is being sought by the market, with the retail segment facing renewed competitive pressure while the wholesale business is growing on an even keel. Its FY25F EV/EBITDA is fair and in line with the historical mean.

Analyst(s):
Jeffrey Tan
jeffrey.tan@rhbgroup.com

$TIMECOM / 5031 (TIME DOTCOM BERHAD)
Research by HLIB
Hold – TP of MYR 4.73

“Retail competition intensified”

1Q24 revenue of RM418m (-1% QoQ, +13% YoY) yielded a core PAT of RM113m (+10% QoQ, +4% YoY), which matched expectations. Sequentially, bottom line was supported by higher EBITDA margin, higher contribution from associates and lower tax rate. Regional associates contributed a total of RM15m (+120% YoY) to 1Q24’s bottom line. TdC will expand network footprint to meet sustained customer demand and continue enhancement of operational efficiency and innovation to deliver the highest quality products and services. TdC has also embarked on streamlining group’s organization to strengthen core businesses. Stay HOLD with unchanged SOP-derived TP of RM4.73.

Analyst(s):
Tan J Young
jytan@hlib.hongleong.com.my

KUALA LUMPUR: Hong Leong Investment Bank Bhd’s (HLIB) maintained its “Hold” call on TIME dotCom Bhd’s stock after its first quarter ended Mar 31 (Q1) of 2024 matched its expectations.

© New Straits Times Press (M) Bhd

KUALA LUMPUR: Time Dotcom Bhd's net profit slipped to RM110.67 million in the first quarter ended March 31, 2024 (1Q 2024) from RM114.51 million in the same period last year, dragged by higher personnel costs, depreciation for property, plant and equipment, as well as lower net foreign exchange gain.

Quarterly rpt on consolidated results for the financial period ended 31/03/2024

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - KUMPULAN WANG PERSARAAN (DIPERBADANKAN) ("KWAP")