TELECOMMUNICATIONS
[%XrSh%] [%wvxi%] 
Research by RHB
Neutral

“Eyes On 5G Situation”

Malaysian telcos had a typical seasonal start to the year, with continued weight on ARPUs from inflationary pressures and the tight competition. Upselling of mobile fibre bundles remains a key focus, with Telekom Malaysia (TM) unveiling its latest converged proposition, UniVerse. We continue to favour the fixed/integrated plays, on structural catalysts and the stronger earnings outlook. Maintain NEUTRAL on sector. Competition, earnings misses and regulatory setbacks are key risks.

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

TELECOMMUNICATIONS
$KLSE-AXIATA $KLSE-OCK 
Research by RHB
Neutral

“Eyes On 5G Situation”

Malaysian telcos had a typical seasonal start to the year, with continued weight on ARPUs from inflationary pressures and the tight competition. Upselling of mobile fibre bundles remains a key focus, with Telekom Malaysia (TM) unveiling its latest converged proposition, UniVerse. We continue to favour the fixed/integrated plays, on structural catalysts and the stronger earnings outlook. Maintain NEUTRAL on sector. Competition, earnings misses and regulatory setbacks are key risks.

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