The Star Online: Business

Maybank lowers Astro target price
KLCI marginally higher at open
Maybank sees 34% rise in debit card billings

Posted: 14 Mar 2013 07:19 PM PDT

KUALA LUMPUR: Maybank Investment is lowering Astro's target price on a discounted cash flow basis to RM3.40 from RM3.50 in tandem with its lower FY1/14 earnings estimates but the stock remains a Buy.

However, the research house continues to like Astro because it remains a proxy to Malaysia's income and population growth, its HD take-up rate and ARPU growth is encouraging, and its business is recession resistant.

It said in a report that FY1/13 earnings were in-line but expects FY1/14 to be weaker while FY1/15 estimates relatively unchanged. However, net DPS declared of 2.5sen brought FY1/13 DPS to 4sen, 33% above expectations.

"FY1/13 core net profit was down 32% YoY due to higher depreciation from B.yond set top boxes (STBs), 160,000 more standard definition (SD) STBs swapped to B.yond STBs and higher content cost. 4QFY1/13 core net profit was down 49% YoY only due to higher depreciation from B.yond STBs," it said.

It noted that 4QFY1/13 revenue and EBITDA both grew 9% YoY as subscribership rose 7% YoY and ARPU increased 5% YoY.

KLCI marginally higher at open

Posted: 14 Mar 2013 06:52 PM PDT

Published: Friday March 15, 2013 MYT 9:53:00 AM

KUALA LUMPUR: The local bourse's benchmark index opened 0.61 points higher at 1,641.35 but investor sentiment remained cautious with investors largely staying on the sidelines.

At 9.30am, the FBM KLCI was 0.05% up at 1,641.57. In the region, markets were mostly up.

At Bursa Malaysia, gainers outpaced losers 113 to 79 with 135 other counters trading unchanged. There were 77.25 million shares traded with a turnover of RM59.02 million.

Financial stocks were among the laggers with Hwang DBS down five sen to RM4.28, Hong Leong Bank shed four sen to RM14.36 and Affin slid four sen to RM3.36. KLK lost six sen to RM20.54 and GAB dropped 10 sen to RM18.50.

Among the top gainers, property developer KSL rose 11 sen to RM1.92 while Shell gained 25 sen to RM8.69.

Maybank sees 34% rise in debit card billings

Posted: 14 Mar 2013 06:50 PM PDT

KUALA LUMPUR: Maybank expects debit card billings to rise by at least 34% this year to RM6bil, spurred by new products such as the Maybankard Visa Superman Debit and increasing promotions and customer awareness.

In a statement yesterday, deputy president and head of community financial services Datuk Lim Hong Tat said the bank was a clear leader in the debit card business in Malaysia with over 8.6 million debit cards today.

"This is rising by over 200,000 cards per month. Billings through our debit cards have been growing at a robust average rate of over 30% in the last few years. In 2012 alone, this stood at RM4.5bil," he said.

Lim said debit payments not only offered convenience to cardholders but also merchants, giving them cost savings, improved efficiency and better security by reducing cash handling.

He said the bank aimed to issue 150,000 Maybankard Visa Superman Debit cards within two months to consolidate its leadership in the domestic debit card market.

"The card is targeted mainly at fans of Superman as well as teenagers and young adults. It facilitates payments online, which is an important option for the targeted market segment given its increasing practice of making purchases via Internet, as well as other numerous benefits and discounts," he said.

Meanwhile, Visa Malaysia country manager Stuart Tomlinson said the company saw strong debit card growth in Malaysia as more banks promoted the advantages of cards and the benefits they offered.

"Debit cards are now the immediate choice for many card users and consumers are now comfortable using debit for all payments.

"We are seeing untapped segments such as students and young adults switching off to cash and onto electronic payments thanks to convenience, security, reward points, discounts and other privileges," he said. – Bernama

Kredit: www.thestar.com.my

Khamis, 14 Mac 2013