Telekom Malaysia

Telekom Malaysia

Postby winston » Thu May 26, 2011 11:00 am

Not vested

Telekom Malaysia [T MK]-NEUTRAL: All eyes on UniFi( RM3.9 / PT: RM4.1 )
Neeraja Natarajan; Sachin Gupta; Pankaj Suri; Gopakumar Pullaikodi

Continued momentum in UniFi was reflected in TM’s 31K net adds in 1Q or an annualized adoption rate of 14% (of 855K premises passed) and appears to be tracking ahead of targets.

UniFi ARPU of RM199 (disclosed for the first time) is also ahead of expectations, although too early to draw conclusions.

1Q11 EBITDA/ NPAT came broadly in line and margins improved130bps q-q.

TM continues to seek efficiencies in investments, and is also assessing opportunities to monetize noncore assets – both of which could serve as catalysts.

Source: Nomura
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Re: Telekom Malaysia

Postby winston » Fri Nov 25, 2011 5:11 pm

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Maintain BUY on TM for its increasingly attractive growth profile and appealing dividend yield of 5.9%.

TM offers a unique blend of growth and defensive characteristics for investors as superfast broadband gives it a new lease of life.

Source: Kim Eng

http://www.remisiers.org/cms_images/res ... 251111.pdf
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Re: Telekom Malaysia

Postby winston » Mon Jun 11, 2018 2:03 pm

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May 24, 2018

Trading Buy: TM - 4863
(Last price: RM4.00, Potential upside +13.8%)

Company Profile
• TM is Malaysia’s offers a comprehensive suite of communication services and solutions in fixed (telephony and broadband), mobility, content, wifi and smart services.

Trading Catalyst

• We see TM’s selldown (35% YTD and 20% since the eve of GE14) as overdone, pricing in substantially the uncertainty of possible changes in the telco sector’s overall policy direction under the new PH.

• Values emerge as current 18.7x FY19 P/E is trading at a 14% discount against peers, supported by a strong 14% EPS FY18-20 CAGR (after a 15% drop in FY18) and a decent FY18-20 yield of 4.7%.

• Bottoming up signals in hourly chart could witness potential technical rebound towards RM4.26-4.36. Supports are RM3.77-3.90.

Technical View
• Resistance: RM4.26 / RM4.36 / RM4.55
• Support: RM3.90 / RM3.77
• Cut loss: RM3.69

Key Financial Stats
• Strong FY18-20 EPS CAGR of 14%; FY18-20 DY 4.7%

Source: HLIB
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Re: Telekom Malaysia

Postby winston » Fri Aug 30, 2019 8:54 am

not vested

Trading Buy: TM-4863
Trading opportunities emerge after selldown

(Last price: RM3.74, Potential upside +11.8%)

Company Profile
TM is the largest fixed telco in Malaysia.


Trading Catalyst

After surging 41% YTD and factoring in expectations for less robust 2H19 results (1H19 core earnings RM523m; 2H RM364m), TM share prices plunged 8.3% or RM0.34 yesterday to RM3.74.

We see values in the stock as our DCF-derived TP of RM5.00 still offers a strong 33.6% upside. Current valuation at 15.3x FY20 P/E is undemanding (48% lower than peers), supported by 18.5% EPS FY19-21 CAGR.

Technically, traders may accumulate near RM3.65-3.70 levels in anticipation for an oversold technical rebound towards RM3.88-4.18 levels.

Technical View
Resistance: RM3.88 / RM4.00 / RM4.18
Support: RM3.65 / RM3.54
Cut loss: RM3.52

Key Financial Stats
Trading at 15.3x FY20E, backed by strong FY19-21 EPS CAGR of 18.5%

Source: Bloomberg, HLIB
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Re: Telekom Malaysia

Postby winston » Fri Aug 30, 2019 8:54 am

not vested

Trading Buy: TM-4863
Trading opportunities emerge after selldown

(Last price: RM3.74, Potential upside +11.8%)

Company Profile
TM is the largest fixed telco in Malaysia.


Trading Catalyst

After surging 41% YTD and factoring in expectations for less robust 2H19 results (1H19 core earnings RM523m; 2H RM364m), TM share prices plunged 8.3% or RM0.34 yesterday to RM3.74.

We see values in the stock as our DCF-derived TP of RM5.00 still offers a strong 33.6% upside. Current valuation at 15.3x FY20 P/E is undemanding (48% lower than peers), supported by 18.5% EPS FY19-21 CAGR.

Technically, traders may accumulate near RM3.65-3.70 levels in anticipation for an oversold technical rebound towards RM3.88-4.18 levels.

Technical View
Resistance: RM3.88 / RM4.00 / RM4.18
Support: RM3.65 / RM3.54
Cut loss: RM3.52

Key Financial Stats
Trading at 15.3x FY20E, backed by strong FY19-21 EPS CAGR of 18.5%

Source: Bloomberg, HLIB
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Re: Telekom Malaysia

Postby winston » Fri Aug 30, 2019 9:00 am

not vested

Weaker earnings in 2H19F

2Q19 core EPS fell 23.5% qoq due to weaker revenue and higher cost.

Broadband subs and unifi ARPU continued to be under pressure.

Downgrade from Hold to Reduce with 9% higher DCF-based TP of RM3.70.

Source: CIMB

https://brokingrfs.cimb.com/qa15szeMyZd ... oIsKA2.pdf
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Re: Telekom Malaysia

Postby winston » Fri Jun 26, 2020 9:21 am

not vested

For stock pick, our telco analyst remains upbeat on TM (HLIB BUY-TP RM5.17) on its cost optimization measures and expect TM to be a prime beneficiary of 5G rollout.

Technically, the stock is rebuilding support ahead of a potential flag breakout to aim for RM4.16-4.32-4.58 upside targets, while downside risk is cushioned near RM3.77-3.88 zones.

Source: HLIB
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Re: Telekom Malaysia

Postby winston » Thu Feb 25, 2021 9:52 am

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Underlying themes still attractive

4Q20 core net profit was in line, as earnings declined sequentially from the seasonal cost loading.

In absolute terms, management’s 2021 EBIT guidance is conservative, but is nevertheless higher than the FY20 guidance.

Reiterate BUY with a higher MYR7.40 TP (+35%) as we lower our capex run rates (in line with guidance).

With TM being a beneficiary of both the work-from-home and 5G-deployment themes, we see room for valuation to expand.

Source: Maybank

https://factsetpdf.maybank-ke.com/PDF/2 ... 69dee1.pdf
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Re: Telekom Malaysia

Postby winston » Thu Feb 25, 2021 10:40 am

not vested

Telekom Malaysia (T MK)

4Q20: In Line With Consensus But Below House;

Encouraging Outlook For 2021

TM’s 4Q20 core net profit grew by 2% yoy to RM194m while higher capex (+52% qoq)
and lumpy opex items dragged sequential performance by 33%.

Positively, UniFi revenue rose 9% yoy and 6% qoq thanks to the improved UniFi ARPU and the subscriber base.

TM guides for low single-digit revenue growth in 2021 (after three years of decline) while cost optimisation will drive EBIT above RM1.6b.

Maintain BUY on share price weakness with an unchanged DCF-based target price of RM7.00.

Source: UOBKH

https://research.uobkayhian.com/content ... e62214149f
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Re: Telekom Malaysia

Postby winston » Thu Dec 15, 2022 5:27 pm

not vested

Access pricing review may raise concerns

MCMC’s PI Paper proposes 41-52% lower access prices for HSBB Layer 3. However, final access prices may be higher, as was the case in 2017.

If unifi ARPU and HSBB wholesale revenue are hit by 5%/10%, we estimate TM’s FY23-25F core EPS to be lower by 6-12%/12-23%.

Reiterate Add on TM (top Malaysian telco pick); TP unchanged at RM7.30.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... EE720486EC
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