Telekom Malaysia Berhad
Mon, 26-Feb-2024 09:01 am
by Lee Cherng Wee • Apex Research

Counter

TM (4863)

Target Price (RM)

6.50

Recommendation

Buy

• Telekom Malaysia’s FY23 net profit of RM1.87b was within our

expectations after another quarter of tax reversal.

• Looking ahead, we opine that Broadband revenue from Unifi will

continue to lead TM’s growth.

• Following the recent share price appreciation, we downgrade our

recommendation to HOLD with an unchanged target price of RM6.50

(WACC 9.6%, terminal growth 0.5%).

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Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.431349 4.466109
EUR 4.725230 4.729698
CNY 0.615997 0.616606
HKD 0.569934 0.573901
SGD 3.315285 3.338615