Q3 2024 Far EasTone Telecommunications Co Ltd Earnings Call Transcript

Nov 07, 2024 / 08:00AM GMT

Release Date Price: NT$89.5 (+0.67%)

Transcript

Key Points

Positve

Far EasTone Telecommunications Co Ltd (TPE:4904) achieved a 12.7% year-over-year growth in EBITDA, exceeding their Board target by 2%.
The company successfully realized TWD3 billion in EBITDA merger synergy within nine months, ahead of their one-year target.
Far EasTone's net income for the third quarter reached TWD3.16 billion, achieving a target surpassing 9% and marking an eight-year high for the same period.
The company reported a 6.5% year-over-year increase in total revenue for the third quarter, marking the 16th consecutive quarter of positive YoY growth for mobile service.
Far EasTone's Smart ICT business, including cloud services, showed strong growth with an 11% increase in revenue and a 29% increase in margin.

Negative

The company's third-quarter revenue achievement rate was 96%, falling slightly short of their guidance due to adjusted targets for handset-only sales.
The price of iPhones dropped faster than expected, impacting the company's handset sales strategy and revenue.
Far EasTone's EPS was slightly lower than last year's, at TWD2.55 compared to TWD2.56, due to an inflated number of shares post-merger.
The company's cash CapEx is expected to be slightly lower than the guidance of TWD8.1 billion due to timing issues with payment realization.
The new iPhone launch did not meet expectations in terms of supply, contributing to the third-quarter revenue shortfall.

Operator

Welcome, everyone, to Far EasTone's 2024 third quarter earnings conference call. (Operator Instructions) For your information, a webcast replay will be available within an hour after the conference is finished. Please visit www.fareastone.com.tw under the Investor Relations section.

And now, I would like to introduce Mr. Gary Lai, the IR Officer. Gary, please begin.

Gary Lai

Far EasTone Telecommunications Co Ltd - Investor Relations

Good afternoon, everyone. Thank you to attend Far EasTone's third quarter 2024 results conference call. Both our President, Chee; and CFO, Sharon joined the call with us today. Finally, please pay attention to our safe harbor statement.

Let me pass to President, Chee for presentation. Thank you.

Chee Ching Far EasTone Telecommunications Co Ltd;President

Thank you, Gary. Good afternoon, everyone. Okay. So here, I'll report our third quarter performance. As you could tell that we actually gray

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