[%dLBN%]
Research by Maybank
HOLD – TP RM  5.10

"Yield over growth for now”

2Q24 results were in line with our/consensus forecasts, as TDC declared yet another special dividend. With tapering earnings growth and no stated timeline for new ventures, we see a lack of re-rating catalysts in the nearterm. Nevertheless, the stock’s relatively attractive dividend yield (c.5%) should provide some degree of downside support, in our view. Maintain HOLD with a lower DCF-based TP of MYR5.10 (-9%). 

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

$KLSE-TIMECOM
Research by Maybank
HOLD – TP RM  5.10

"Yield over growth for now”

2Q24 results were in line with our/consensus forecasts, as TDC declared yet another special dividend. With tapering earnings growth and no stated timeline for new ventures, we see a lack of re-rating catalysts in the nearterm. Nevertheless, the stock’s relatively attractive dividend yield (c.5%) should provide some degree of downside support, in our view. Maintain HOLD with a lower DCF-based TP of MYR5.10 (-9%). 

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