[%vvGr%]
Research by HLIB
HOLD – TP RM4.73

"Weakness in cloud and other solutions”

1H24 revenue of RM836m (+10% YoY) yielded a core PAT of RM223m (+7% YoY), which matched expectations. Top line growth was underpinned by Data (+12%) and Cloud & Other Solutions (+1%) which more than offset Voice’s slack (-6%). Regional associates contributed a total of RM21m (+53% YoY) to 1H24’s bottom line. TdC remains committed in expanding coverage and investing in the network as latest home-passed has reached 1.68m and targets to reach 1.76m to 1.84m by end of 2024. It continues to optimize operations and enhance approaches to delivering market-leading products and services. Stay HOLD with unchanged SOP-derived TP of RM4.73. 

Analyst:
Tan J Young
[%GLdS%]

$KLSE-TIMECOM
Research by HLIB
HOLD – TP RM4.73

"Weakness in cloud and other solutions”

1H24 revenue of RM836m (+10% YoY) yielded a core PAT of RM223m (+7% YoY), which matched expectations. Top line growth was underpinned by Data (+12%) and Cloud & Other Solutions (+1%) which more than offset Voice’s slack (-6%). Regional associates contributed a total of RM21m (+53% YoY) to 1H24’s bottom line. TdC remains committed in expanding coverage and investing in the network as latest home-passed has reached 1.68m and targets to reach 1.76m to 1.84m by end of 2024. It continues to optimize operations and enhance approaches to delivering market-leading products and services. Stay HOLD with unchanged SOP-derived TP of RM4.73. 

Analyst:
Tan J Young
jytan@hlib.hongleong.com.my