Spectrum Refarming Increases Competitive Pressure on Malaysian Telcos.

Malaysian Telcos: DIGI and Maxis Struggle in an Ex Growth Telecom Market. No Recovery in Sight.

Malaysian Wireless: Telekom's 4G Entry Still Not Factored In. Maxis and DIGI Look Vulnerable.

Maxis Outperforms Its Malaysian Peers but Faces Weak Revenue Trends. Competition Is Increasing.

DIGI.com Reports Weak 4Q16 Results. We See Tough Times Ahead for Malaysian Wireless Operators.

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Equity Bottom-Up

<p>Our view remains that the Malaysian incumbent wireless operators continue to look overvalued. Service revenues fell by 3.3% YoY in 4Q16, and it is hard to see where a recovery will come from. Within that decline, <a href="https://www.smartkarma.com/entities/944" target="_blank" data-smartkarma-citation="entities:944:1">Axiata (AXIATA MK)</a> recovered modestly in the quarter but remains -7.5% YoY. <a href="https://www.smartkarma.com/entities/946" target="_blank" data-smartkarma-citation="entities:946:1">Maxis (MAXIS MK)</a> remains the outperformer in a declining market with revenues down just 0.9% YoY. </p><p>What has impressed has been margins, with the aggregate Ebitda margin up 30bps YoY boosted by Maxis and <a href="https://www.smartkarma.com/entities/945" target="_blank" data-smartkarma-citation="entities:945:1">Digi</a>…</p>

Our view remains that the Malaysian incumbent wireless operators continue to look overvalued. Service revenues fell by 3.3% YoY in 4Q16, and it is hard to see where a recovery will come from. Within that decline, Axiata (AXIATA MK) recovered modestly in the quarter but remains -7.5% YoY. Maxis (MAXIS MK) remains the outperformer in a declining market with revenues down just 0.9% YoY. What has impressed has been margins, with the aggregate Ebitda margin up 30bps YoY boosted by Maxis and Digi…

Malaysian Wireless Operators See Falling Subscriber Numbers & Revenues. Competition Starting to Bite

Maxis Bhd

Malaysian Wireless Operators See Falling Subscriber Numbers & Revenues. Competition Starting to Bite