Not vested
Telekom Malaysia [T MK]-NEUTRAL: All eyes on UniFi( RM3.9 / PT: RM4.1 )
Neeraja Natarajan; Sachin Gupta; Pankaj Suri; Gopakumar Pullaikodi
Continued momentum in UniFi was reflected in TM’s 31K net adds in 1Q or an annualized adoption rate of 14% (of 855K premises passed) and appears to be tracking ahead of targets.
UniFi ARPU of RM199 (disclosed for the first time) is also ahead of expectations, although too early to draw conclusions.
1Q11 EBITDA/ NPAT came broadly in line and margins improved130bps q-q.
TM continues to seek efficiencies in investments, and is also assessing opportunities to monetize noncore assets – both of which could serve as catalysts.
Source: Nomura