2025-06-11-花旗集团-马来西亚电信运营商_营销后反馈_常见观点和担忧_10页_244kb

Citi's Post-Meeting Summary: Following discussions with Malaysia domestic investors, key views from recent 1Q25 telco results include limited debate on Axiata's short-term share price risks due to post-merger implications with XLSmart, but raised concerns over Telekom Malaysia (TM)'s exposure to retail fixed broadband competition, despite its potential data center joint venture upside. High dividend sustainability for Time dotcom (TDC) was viewed positively, unlike broader market risks.

Axiata Analysis: Short-term negative catalysts exist, including potential earnings and integration cost risks, with little pushback on Citi's below-consensus assumptions. Longer-term prospects involve de-leveraging and improved payout, though fair value assessments were debated.

TM Assessment: TM remains a key pick due to untapped data center upside from its Singtel joint venture, offsetting broadband risks through increased wholesale and 5G cost reductions. Concerns linger over aggressive competition in the FMC space.

Other Telcos: Time dotcom (TDC) attracts satisfaction for its high dividend yield, while TelcoCaplan (CDB) faces mild skepticism on synergy ramp-up timing. Maxis is rated Neutral with no significant challenges raised.

Key takeaways: Investors were generally constructive on telcos but highlighted competition risks and valuation uncertainties; the full report details SOTP valuations and catalyst updates.