[%kpxc%] 
Research by RHB
Neutral – TP of MYR 5.60

“Staying Focused” 

NEUTRAL, new DCF-based TP of MYR5.60 from MYR5.90, 8% upside with c.4% FY24F yield. Time dotCom’s 1Q24 results are in line, with all business segments charting double-digit YoY revenue growth. A stronger growth narrative is being sought by the market, with the retail segment facing renewed competitive pressure while the wholesale business is growing on an even keel. Its FY25F EV/EBITDA is fair and in line with the historical mean.

Analyst(s):
Jeffrey Tan
[%dflf%]

$KLSE-TIMECOM 
Research by RHB
Neutral – TP of MYR 5.60

“Staying Focused” 

NEUTRAL, new DCF-based TP of MYR5.60 from MYR5.90, 8% upside with c.4% FY24F yield. Time dotCom’s 1Q24 results are in line, with all business segments charting double-digit YoY revenue growth. A stronger growth narrative is being sought by the market, with the retail segment facing renewed competitive pressure while the wholesale business is growing on an even keel. Its FY25F EV/EBITDA is fair and in line with the historical mean.

Analyst(s):
Jeffrey Tan
jeffrey.tan@rhbgroup.com