[%pqSH%]
Research by TA
HOLD – TP RM3.80

" Resilience Intact”

 After incorporating the ESG premium/discount based on our latest internal guidelines, we revised the target price from RM3.70 to RM3.80, based on DCF valuation with a WACC of 8.3% and LT growth rate of 1.0%. Upgrade the stock from Sell to Hold.
 Key risks include unfavourable terms for 5G commercialisation, heightened price competition, and regulatory changes

Analyst:
Chan Mun Chun 
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$KLSE-MAXIS
Research by TA
HOLD – TP RM3.80

" Resilience Intact”

 After incorporating the ESG premium/discount based on our latest internal guidelines, we revised the target price from RM3.70 to RM3.80, based on DCF valuation with a WACC of 8.3% and LT growth rate of 1.0%. Upgrade the stock from Sell to Hold.
 Key risks include unfavourable terms for 5G commercialisation, heightened price competition, and regulatory changes

Analyst:
Chan Mun Chun 
mcchan@ta.com.my