$TM / 4863 (TELEKOM MALAYSIA BERHAD) TELEKOM MALAYSIA
Research by AmBank
HOLD ; Fair Value RM3.50
"Up to 3-month free Unifi for new subscribers"
Investment Highlights
We maintain our HOLD call on Telekom Malaysia (TM) with unchanged forecasts and DCF-based fair value of RM3.50/share based on a WACC of 7.3% and terminal growth rate of 1%. This implies an FY20F EV/EBITDA of 5x.
Alex Goh
alexgoh@ambankgroup.com
03-2036 2280