Company Update � Scicom (MSC) (BUY, maintain)

Top Calls

Company Update � Scicom (MSC) (BUY, maintain) - Growing even after accounting for tax Scicom�s Multimedia Super Corridor (MSC) license is expiring in 2017 and is unlikely to be renewed. We revise earnings by -6 to +15% for FY17-19E after changing tax assumptions. Both the business process outsourcing (BPO) segment and the e-government service (EMGS) contract remain stable while the EBITDA margin has expanded due to economies of scale. We remain positive on the company�s ability to extend its e-government services regionally. Maintain BUY with a higher TP of RM2.74 after rolling forward valuation.

Other Calls

Economy � ASEAN Outlook � Weekly Wrap - Thai�s export rebounded due partly to automobile exports

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