Tuesday, October 23, 2012

Axiata ...Oct12

Do not expect cash calls by Axiata’s associates Idea Cellular Ltd from India ’s proposed imposition of a one time fee for the existing 2G spectra. Expect their cash flows and balance sheets to be sufficient for funding any one time fee and auction for 2G spectrum. Idea should be able to take on more debt as their Ebitda ratios are still comfortable at 2.2 times for Idea.

An empowered group of ministers headed by India’s finance minister has recommended to the India Cabinet that telcos be charged a one time fee for their 2G spectra exceeding 4.4MHz in all circles. Details such as the timeline and pricing have not been ironed out. The Cabinet is scheduled to take up this issue on Oct 16, 2012.

The government, meanwhile has also decided to hold an auction for 1800MHz spectrum on Nov 12, 2012. The reserve price for nationwide coverage has been set at rm8.1 billion with annual 3% revenue sharing component.

Industry observers viewed such fee as a negative for Idea as ti will put pressure on their cash flows with Idea having to pay rm2.24 billion. As for the 2G auction, expect Idea to fork out 19.6 billion rupees and foresee intense bidding fro the seven circles for which it lost its licenses on Feb 12, 2012.

On a bright side, do not expect cash calls by Idea for both the one time fee and 2G auction as they should be able to fund time via internal cashflows.

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