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Malaysia: Trading opportunity for Digi with potential Shariah list reinstatement: PublicInvest
APRIL 16, 2018 | 9:37AM MYT | KUALA LUMPUR
PublicInvest Research said there is trading opportunity for Digi.com Bhd, which share price has fallen sharply in recent month, as the stock is expected to be reinstated to the Shariah list in the coming review.
The research house said Digi was removed from the list in November 2017, following the drawdown of conventional term loan for the payment of 900 megahertz (MHz) and 1,800Mhz spectrum fees in 2016.
As a result, its conventional debt over total assets surpassed the 33 per cent threshold.
However, PublicInvest said the establishment of Digi’s RM5 billion sukuk programme in April 2017 has helped to regularise its debt position to below the threshold.
It said the overnight release of its 2017 annual report raises its chances of reinstatement in the upcoming review in May 2018.
Digi reported a 3.5 per cent growth in first quarter net profit to RM386.1 million, mainly due to the adoption of MFRS 15 which resulted in higher device revenue while operating cost remained stable.
Meanwhile, depreciation and amortisation expense jumped 31 per cent due to progressive capital expenditure investments and higher amortisation for spectrum assets.
The company has declared a first interim dividend of 4.9 sen.
PublicInvest said the results were in line with expectations, making up of 26 per cent of consensus and its full-year estimates.
PublicInvest has upgraded Digi to “buy” at an unchanged target price of RM5.
Copyright New Straits Times
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