Friday, May 27, 2011

YTLP MACD与股价背离? 会不会是反弹迹象?





Key financial data 
FYE 31 Dec FY10 FY11F FY12F FY13F
Adj EPS (sen) 17.1  14.3  14.7  15.4 
Adj P/E (x) 13.0  15.5  15.1  14.4 
Net DPS (sen) 13.1  15.0  15.0  15.0 
Div yield (%) 5.9 6.8 6.8 6.8
BVPS (RM) 1.00  1.12  1.16  1.22 
P/B (x) 2.2  2.0  1.9  1.8


4g事业亏损旷大, 派息减少 --这个股票短期来讲 没设么吸引力 除非收长期
股价中期最近偏软 但是macd的方向有点背离 会不会是反弹上升的迹象? 我们还需要更多的观察才能确定


Its 4G WIMAX business disappointed as 3QFY11 revenue of RM9.4m was rather 
flattish q-o-q, considering that Yes was launched in November 2010 and had only an 
half a quarter impact in 2QFY11 of RM4.7m. Assuming 3QFY11 had a larger 
subscriber base than 2QFY11, the flattish q-o-q revenue would be contributed by 
lower ARPU per subscriber. 
Start-up losses from Yes widened from RM19.8m in 2QFY11 to RM76.0m in 3QFY11, 
likely due to aggressive marketing expenses and subscriber acquisition cost. 
Cumulatively, Yes recorded losses of RM103.7m

A third interim net dividend of 1.875 sen was declared which was again lower y-o-y 
for the second consequtive quarter compared to 3QFY10’s 3.75 sen. Cumulatively, 
9MFY11 net DPS of 7.6 sen was lower than 9MFY10’s 11.3 sen.  

Maintain HOLD recommendation and SOP-based target price of RM2.36.

No comments:

Post a Comment