Analyst Research Report Snapshot

Title:

Company Update – TM (ADD, downgrade) - Competition biting into Unifi growth

Price:

$23.00

Provider:

Affin Investment Bank

Date:

28 Jan 2013

Pages:

3

Type:

AcrobatPDF

Companies referenced:

TLMM.KL

Available for Immediate Download
Summary:

Unifi subs falls short of our expectations According to press reports, Unifi only recently achieved subscribers of 500k. As at year end 2012, Unifi subscription was estimated to be in the region of 485k, 15k short of our forecast of 500k for end 2012. Had Unifi subs ended at 485k, this also implies a net add of 58k during the final quarter of 2012, ahead of the 43k in 3Q12, but behind the 68k in 2Q12. We think that the strong growth rate that we were projecting could have been impacted by a greater fibre to the home choice now available in the market (via Maxis) and also as consumers potentially wait for a similar offering by Celcom. With the increased competition and consumers perhaps adopting a wait-and-see attitude, we think that there is downside risk to our present Unifi sub projections. Early adopters also accentuate the risk of churn. As at end 2010, there were 33k Unifi subs, which are now able to switch providers, after their initial 2-year lock up period.

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