Telekom Malaysia [%SuKG%] 
Research by AmInvest
BUY (Maintained): Price Target: RM7.10

"5G tailwinds for unifi"

We maintain BUY on Telekom Malaysia (TM) with an unchanged DCF-based fair value of RM7.10/share based on a WACC of 6.2%, terminal growth rate of 2% and neutral ESG rating of 3 stars. This implies an FY21F EV/EBITDA of 7.4x, which is 43% below Maxis.

Alex Goh
T 03-2036 2280
E [%SjYH%]

Telekom Malaysia $KLSE-TM 
Research by AmInvest
BUY (Maintained): Price Target: RM7.10

"5G tailwinds for unifi"

We maintain BUY on Telekom Malaysia (TM) with an unchanged DCF-based fair value of RM7.10/share based on a WACC of 6.2%, terminal growth rate of 2% and neutral ESG rating of 3 stars. This implies an FY21F EV/EBITDA of 7.4x, which is 43% below Maxis.

Alex Goh
T 03-2036 2280
E alexgoh@ambankgroup.com