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,The broadband service provider is being supported by the protracted population lockdowns, attractive product value proposition and the extension of its fibre footprint which currently numbers more than one million premises, the brokerage said RHB Research

PETALING JAYA: TIME Dotcom Bhd’s (TDC) retail business would likely post a double-digit growth in the financial year ending Dec 31, 2021 (FY21) to FY22 on the continued effects of the new normal, according to RHB Research.

The broadband service provider is being supported by the protracted population lockdowns, attractive product value proposition and the extension of its fibre footprint which currently numbers more than one million premises, the brokerage said in its report.

It maintained its “neutral” rating on the stock, with a new discounted cashflow-based target price of RM4.68, up from RM4.60.

“While we remain upbeat on TDC’s growth prospects, the valuation discount to its historical mean has closed, with the stock trading at a 40% premium to the enterprise value to earnings before interest, taxes, depreciation, and amortisation (EV/Ebitda) of regional fixed line peers,” RHB Research said.

“The stock has outperformed the FBM KLCI by more than 30% in the past 12 months. We adjust our target price to reflect the 2-for-1 bonus shares and forecast adjustments,” it added.

RHB Research noted that recent lockdowns have had minimal impact on its retail and fibre broadband business as installation activities are permitted with good follow through demand from work-from-home and online schooling.

“We expect TDC’s newly acquired cloud services provider, AVM Cloud (AVM) to augment its data centre business which is its new pillar of growth,” RHB Research said.

It noted that TDC’s new 10,000 sq ft phase one Cyberjaya data centre is ready for service; the capacity utilisation is at more than 80%.

“We understand there is a healthy pipeline of interests from new and existing customers with management hoping to close some deals soon. The tier-3 facility is purposed built for enterprises and over-the-top providers looking for utmost flexibility with strict power requirements,” the research house said.

It noted that this addition of AVM is timely as it completes TDC’s portfolio of enterprise-wide offerings.

This allows for good cross-selling and upselling opportunities, RHB Research said.

It also raised TDC’s FY22-FY23 forecast core earnings by 1-8% after factoring in higher utilisation of data centre capacity and stronger cloud services growth on the back of enterprise digitalisation efforts, higher demand from OTT customers and positive synergies that it would gain from AVM.


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