[%MOZM%] 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 
[%MqRd%] 
03-2036 2280 

$KLSE-TM 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 