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us apple developer accounts for sale:TIME dotCom key beneficiary from WFH, cloud storage

admin2021-01-0969

UOB Kay Hian Research was positive on TIME dotCom's acquisition of the 60% stake in AVM Cloud. KUALA LUMPUR: TIME dotCom is a key beneficiary of remote work environment and cloud storage and it is well positioned to capture rising demand within its retail, wholesale, enterprise and data centre segments, UOB Kay Hian Malaysia Research said. In its research note on Friday, it maintained its Hold call on TIME with a discounted casflow based target price of RM13.50 implies 11.7 times 2021F enterprise value/earnings before interest, depreciation and amortisation (Ebitda). “Key re-rating catalysts include: a) faster-than-expected subscriber growth; b) further expansion in its data centre business; c) stronger-than-expected average revenue per user uplift; d) earnings-accretive M&As; and e) roll-out of 5G infrastructure in Malaysia. Entry price: RM11, ” it said. On Thursday, TIME announced that it had completed the acquisition of a 60% stake in AVM Cloud Sdn Bhd (AVM Cloud) for RM58.7mil via internally generated funds. AVM Cloud is a home-grown brand with almost two decades of experience in providing cloud service with expertise in back-up, disaster recovery and data protection, alongside system integration service, storage and network capabilities. AVM serves over 250 enterprise customers across Southeast Asia. This acquisition signals TIME’s efforts in accelerating the growth of cloud computing as the newest pillar of its business, alongside fixed line services, global network connectivity and data centres. UOB Kay Hian Research was positive on the acquisition of the 60% stake in AVM Cloud. It said this is in line with TIME’s business plan for strategic acquisition given its strong balance sheet position (net cash of RM589mil as of Sept 30,220). “We believe this acquisition could strengthen TIME’s spectrum of enterprise product offerings to its enterprise customers across the region, given the widespread adoption of cloud services as a result of digitalisation. “Moreover, this will allow TIME to keep apace with the growing demand for cybersecurity service as remote working takes prominence, resulting in a rise in cybersecurity risks and privacy protection issues, ” it said.
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