MIDCAP-DiGi's earnings quality makes it a stand-out in Malaysia

KUALA LUMPUR: Malaysia's third-largest mobile operator DiGi.com has the best earnings quality in the country, indicating strong profits and a faster growth than its peers in 2012.

The company scores 99 on StarMine's Earnings Quality (EQ) model -- the highest among 141 companies in Malaysia with a market value of more than $50 million and covered by three or more analysts.

DiGi's free cash flow of 548 million ringgit ($172.41 million) for the July-September quarter is at its highest level in the last four years, and exceeds its net income by a wide margin.

StarMine's research has found that earnings backed by strong cash flows tend to be more sustainable than non-cash earnings.

Digi's EQ handily tops bigger rivals Maxis and Axiata, which have EQ scores of 85 and 70, respectively.

In the past 30 days, analysts have raised their EPS estimates on DiGi by an average of 3.6 percent for 2012.

The stock has risen 46.75 percent this year, making it the best performer in the broader Malaysian market.

CONTEXT:

For the fourth quarter of 2011, DiGi.Com backed its target of achieving a high single-digit revenue growth. The company has reported Q-o-Q revenue growth for nine quarters in a row.

A high score on the StarMine Earnings Quality model signals strong earnings sustainability over the next 12 months based on a company's past operating performance. ($1 = 3.1784 Malaysian ringgit)

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