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Research by Kenanga
OUTPERFORM– TP RM7.53

"Bullish on DC-to-DC Connectivity”

TM’s 1HFY24 results tracked expectations as topline was flattish due to a drag by Unifi. Expansion in pretax profit (due to absence of accelerated depreciation) was offset by the absence of tax incentives, resulting in weaker bottomline. Moving forward, TM expects tremendous revenue opportunities in DC-to-DC connectivity. We maintain our forecasts, TP of RM7.53 and OUTPERFORM call.

Analyst:
Kylie Chan Sze Zan 
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$KLSE-TM
Research by Kenanga
OUTPERFORM– TP RM7.53

"Bullish on DC-to-DC Connectivity”

TM’s 1HFY24 results tracked expectations as topline was flattish due to a drag by Unifi. Expansion in pretax profit (due to absence of accelerated depreciation) was offset by the absence of tax incentives, resulting in weaker bottomline. Moving forward, TM expects tremendous revenue opportunities in DC-to-DC connectivity. We maintain our forecasts, TP of RM7.53 and OUTPERFORM call.

Analyst:
Kylie Chan Sze Zan 
kyliechan@kenanga.com.my