31st October 2011
Top Story: Media–Softer adex in Sep Underweight
Sector Update
¨ As expected, Sep's gross adex for TV and print media combined showed a sequential monthly contraction of 18.1%, following the bumper Aug adex (due to Hari Raya and Merdeka festivities), according to Nielsen Media Research (NMR). On yoy basis, adex growth moderated to 5.1% in Sep (Aug: +9.7% yoy).
Corporate Highlights
Axiata: XL shows sequential improvement Market Perform
Company Update
- 67%-subsidiary, XL Axiata (XL), posted 9MFY11 core net profit of Rp2.14bn (+1.3% yoy), representing only 67% and 62% of our and consensus full-year estimates respectively.
- The key variance was a one-off severance payment amounting to Rp213bn in 3Q for outsourcing of XL's managed network services. Excluding this one-off provision, XL would have recorded 9MFY11 net profit of Rp2.35bn (+11% yoy). This would have been in line with our but still lower than consensus expectations.
TNB: Still looking for a solution Market Perform (up from UP)
4QFY11 Results / Briefing Note
- Excluding forex losses of RM194m, TNB's FY11 results were below our and consensus expectations with core net profit of RM643m (-74.7% yoy) accounting for only 91% of our and consensus FY11 net profit estimates. The key variance was higher IPP energy payments and fuel costs due to gas supply curtailment.
- TNB's losses narrowed to RM158m in 4Q (3Q: -RM460m), as RM400m one-off revenue was recognised due to adoption of new accounting policies and changes in accounting policies.
Regional
Genting Singapore : More VIP market share lost to MBS? Market Perform
Company Update ( Singapore )
- LVS, the operator of Marina Bay Sands (MBS) recorded gross gaming revenue (GGR) of US$651.9m (or US$7.1m/day), adjusted property EBITDA of US$413.9m (or US$4.5m/day) and EBITDA margin of 52.2% in 3QFY11. Topline growth was driven by stronger volumes across the board, as rolling chip (VIP) volumes rose 36.8% qoq, while mass volumes rose 4.9% qoq and slot volumes rose 17.3% qoq. Bottomline growth was relatively weaker vis-à-vis topline growth, as VIP win rate fell slightly to 2.69% (from 2.99% in 2Q11), on the low end of theoretical levels of 2.7-3%.
Bank Rakyat Indonesia : A solid quarter Market Perform
3QFY11 Results ( Indonesia )
- Rakyat's 3Q11 results were above expectations. Net profit for the quarter of IDR3,646(+3.4% qoq and +55.9% yoy) lifted 9M11 earnings to IDR10,431bn (+56.7% yoy) reaching 79.5% of our 2011 forecast.
- Cumulative net interest income for 9M11 rose 26.2% yoy to IDR26.trn, as a result of a 74bps yoy NIM expansion to 10.24% (9M10: 9.5x).
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