[%KknH%] 
Research by Maybank
BUY – TP RM  7.50

"Cautious guidance continues”

2Q24 core net profit was in line with our/consensus expectation, with management’s unchanged FY24 EBIT guidance alluding to an uptick in costs. Longer-term, we note that TM is conceptually a beneficiary of Malaysia’s data centre boom (through connectivity offerings), and its strong FCF generation leaves ample headroom for increased dividends. Maintain BUY with an unchanged DCF-based TP of MYR7.50.

Analyst:
Tan Chi Wei, CFA
[%mghI%]

$KLSE-TM 
Research by Maybank
BUY – TP RM  7.50

"Cautious guidance continues”

2Q24 core net profit was in line with our/consensus expectation, with management’s unchanged FY24 EBIT guidance alluding to an uptick in costs. Longer-term, we note that TM is conceptually a beneficiary of Malaysia’s data centre boom (through connectivity offerings), and its strong FCF generation leaves ample headroom for increased dividends. Maintain BUY with an unchanged DCF-based TP of MYR7.50.

Analyst:
Tan Chi Wei, CFA
chiwei.t@maybank-ib.com