Analisa Saham Sektor Telekomunikasi
FR CIMB (YU) : Telco - Overall | PDF2018: Thai summer and defensives for a rainy day
NEUTRAL - Maintained
Author(s):Choong Chen FOONG +60 (3) 2261 9081, Pisut NGAMVIJITVONG
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■ Thailand: Fastest industry mobile revenue growth in 2017 among ASEAN-4 on easing competition and rising ARPUs. Higher EBITDA margin & easing capex cycle tailwinds.
■ Indonesia: Intense competition may ease in 2H18 and we think that current valuations already reflect the bearish EBITDA/OpFCF outlook.
■ Malaysia: Steadier competition to result in better earnings and dividend stability.
■ Singapore: Dim revenue outlook, with impending entry of more MVNOs and TPG.
■ Our top ASEAN-4 telco picks are True, Axiata and XL. Our top defensive picks are JASIF, Intouch and Digi.
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