Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of May 16th which has an aggregated short interest worth USD329m.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Dialog, Gamuda, Sime Darby Property, Inari Amertron, Wct.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of May 16th which has an aggregated short interest worth USD329m.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Dialog, Gamuda, Sime Darby Property, Inari Amertron, Wct.


Bursa Short Interest Weekly (May 16th): Dialog, Gamuda, Sime Darby Property, Inari Amertron, Wct

External broker reports(aggregated public sources), TA Securities Holdings Berhad

TA Securities Holdings Bhd

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>MyKRIS Asia), one of Malaysia’s leading managed network service providers, for a total cash consideration of up to RM157.5mn. This would represent Maxis’ largest acquisition to date as it seeks to beef up enterprise capabilities. [...] We continue to like Maxis for its long-term ‘converged’ strategy and decent FY21-23 forward yields of 4.2% amid the low- interest rate environment. [...] While the proposed acquisition is not subject to Maxis’ shareholders’ approval, it is subject to at least 75% of MyKRIS International’s shareholders’ approval. [...] In 2019, Maxis’ Employee Engagement Index Score improved 1pp to 88% and 96% of employees who responded to a survey indicated that they are proud to work for Maxis.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

MyKRIS Asia), one of Malaysia’s leading managed network service providers, for a total cash consideration of up to RM157.5mn. This would represent Maxis’ largest acquisition to date as it seeks to beef up enterprise capabilities. [...] We continue to like Maxis for its long-term ‘converged’ strategy and decent FY21-23 forward yields of 4.2% amid the low- interest rate environment. [...] While the proposed acquisition is not subject to Maxis’ shareholders’ approval, it is subject to at least 75% of MyKRIS International’s shareholders’ approval. [...] In 2019, Maxis’ Employee Engagement Index Score improved 1pp to 88% and 96% of employees who responded to a survey indicated that they are proud to work for Maxis.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Continues to Beef Up Enterprise Capabilities

<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Resilience Underpinned by Convergence Strategy

External broker reports(aggregated public sources), JF Apex Securities Berhad

JF Apex Securities Bhd

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

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<p><a href="https://www.smartkarma.com/entities/telekomunikasi-indonesia" target="_blank" data-smartkarma-citation="entities:1051:1" rel="noopener">Telekomunikasi Indonesia (TLKM IJ)</a> announced its results this week, which on the face of it do not look exciting, with revenues declining -0.7% YoY, EBITDA up by +0.5%, and net income up by +2.6%.</p>
<p>Beneath these headline numbers, there is a more compelling story, with Indihome seeing +25% YoY revenue growth driven by increasing subscribers and higher ARPU. Data traffic seeing +59.7% YoY growth 1Q2021, with the digital business now accounting for 76.9% of revenues in 1Q2021. </p>
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<p>The legacy SMS, fixed, and cellular voice declined by -25.4% to IDR5.3tn due to the cannibalisation from OTT applications such as Whatsapp. </p>
<p>The mobile segment in Indonesia remains competitive with the major players continuing to offer unlimited plans and other promotional plans but Telkom still realised data revenue growth of +0.4% YoY whilst digital services grew by +22.6% YoY, as the company added new services.</p>
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<section class="figure">After <a href="https://www.smartkarma.com/entities/telekomunikasi-indonesia" target="_blank" data-smartkarma-citation="entities:1051:1" rel="noopener">Telekomunikasi Indonesia (TLKM IJ)</a>'s investment in <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek</a>, the two companies have been integrating various aspects of their services to provide users with new benefits, as well as helping MSMEs to digitalise their businesses.</section>
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<section class="figure"><a href="https://www.smartkarma.com/entities/telekomunikasi-indonesia" target="_blank" data-smartkarma-citation="entities:1051:1" rel="noopener">Telekomunikasi Indonesia (TLKM IJ)</a> continues to augment the network reach and quality by increasing the number of BTS towers.</section>
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<section class="figure"> The wholesale and international business is supported by the tower and data centre business, with the potential for further growth from the rollout of 5G technology.</section>
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<p><a href="https://www.smartkarma.com/entities/telekomunikasi-indonesia" target="_blank" data-smartkarma-citation="entities:1051:1" rel="noopener">Telekomunikasi Indonesia (TLKM IJ)</a> remains a core proxy to Indonesia's digital economy and its growing appetite for data and broadband services. The company trades on 5.6x FY2021E EV/EBITDA and 4.8x FY22E EV/EBITDA versus the 5-year average of 6.2x forward EV/EBITDA, which makes it attractive even without any digital re-rating.</p>
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Telekomunikasi Indonesia (TLKM IJ) announced its results this week, which on the face of it do not look exciting, with revenues declining -0.7% YoY, EBITDA up by +0.5%, and net income up by +2.6%.
Beneath these headline numbers, there is a more compelling story, with Indihome seeing +25% YoY revenue growth driven by increasing subscribers and higher ARPU. Data traffic seeing +59.7% YoY growth 1Q2021, with the digital business now accounting for 76.9% of revenues in 1Q2021. 

The legacy SMS, fixed, and cellular voice declined by -25.4% to IDR5.3tn due to the cannibalisation from OTT applications such as Whatsapp. 
The mobile segment in Indonesia remains competitive with the major players continuing to offer unlimited plans and other promotional plans but Telkom still realised data revenue growth of +0.4% YoY whilst digital services grew by +22.6% YoY, as the company added new services.


After Telekomunikasi Indonesia (TLKM IJ)'s investment in Gojek, the two companies have been integrating various aspects of their services to provide users with new benefits, as well as helping MSMEs to digitalise their businesses.




Telekomunikasi Indonesia (TLKM IJ) continues to augment the network reach and quality by increasing the number of BTS towers.




 The wholesale and international business is supported by the tower and data centre business, with the potential for further growth from the rollout of 5G technology.





Telekomunikasi Indonesia (TLKM IJ) remains a core proxy to Indonesia's digital economy and its growing appetite for data and broadband services. The company trades on 5.6x FY2021E EV/EBITDA and 4.8x FY22E EV/EBITDA versus the 5-year average of 6.2x forward EV/EBITDA, which makes it attractive even without any digital re-rating.













Telekomunikasi Indonesia (TLKM IJ) - The Trend Is Digital

Malaysia

Maxis Berhad operates as a mobile and fixed communication service provider. The Company, through mobile and fiber telecommunications along with IT infrastructure services, offers mobile and fixed data products, voice and SMS services, mobile payment solutions, remote health monitoring, Cloud solutions, and a business directory to businesses and individuals in Malaysia.

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Maxis Bhd (MAXIS MK)

Bursa Short Interest Weekly (May 16th): Dialog, Gamuda, Sime Darby Property, Inari Amertron, Wct

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Dialog, Gamuda, Sime Darby Property,...

Ke Yan, CFA, FRM

Continues to Beef Up Enterprise Capabilities

<p>MyKRIS Asia), one of Malaysia’s leading managed network service providers, for a total cash consideration of up to RM157.5mn. This would...

TA Securities Holdings Bhd

Resilience Underpinned by Convergence Strategy

Buy Maxis Berhad: Resilience Underpinned by Convergence Strategy. - By: TA Securities Holdings Bhd

TA Securities Holdings Bhd

Postpaid leads higher sales

Buy Maxis Berhad: Postpaid leads higher sales. - By: JF Apex Securities Bhd

JF Apex Securities Bhd

Telekomunikasi Indonesia (TLKM IJ) - The Trend Is Digital

Telkom Indonesia's recent 1Q2021 results reflect a competitive environment but also its growing strength in its digital business, which continues...

Angus Mackintosh

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