[%ZzPw%] 
Research by RHB 
Neutral – TP RM5.10

"Holding Out For a New Narrative”

Maintain NEUTRAL, new MYR5.10 DCF TP (from MYR5.60), 4% upside with c.4% recurring yield. Results were in line with routine growth in the retail and wholesale segments while enterprise contribution eased further. We continue to see the lack of a clear longer-term growth narrative trumping mid-term capital management aspirations. Valuations are fair following the recent share price retreat. 

Analyst:
Jeffrey Tan
[%WdXk%]

$KLSE-TIMECOM 
Research by RHB 
Neutral – TP RM5.10

"Holding Out For a New Narrative”

Maintain NEUTRAL, new MYR5.10 DCF TP (from MYR5.60), 4% upside with c.4% recurring yield. Results were in line with routine growth in the retail and wholesale segments while enterprise contribution eased further. We continue to see the lack of a clear longer-term growth narrative trumping mid-term capital management aspirations. Valuations are fair following the recent share price retreat. 

Analyst:
Jeffrey Tan
jeffrey.tan@rhbgroup.com