Stock Name: TM
Company Name: TELEKOM MALAYSIA BHD
Research House: OSK
Company Name: TELEKOM MALAYSIA BHD
Research House: OSK
OSK Research has increased its target price on Telekom Malaysia (TM) to RM3.50 from RM3.28.
This follows the upgrading its forecast for the 2011 and 2012 financial years by nine to 10 per cent to incorporate interest savings from the repayment of US$260 million debt in the fourth quarter of 2010.
At the end of morning session, TM rose six sen to RM3.94 despite the FTSE Bursa Malaysia KLCI losing 15.45 points to 1,520.62.
OSK Research said: "TM's share price has risen appreciably on expectations of an upcoming special dividend.
"We do not rule out the possibility of TM returning excess cash on the back of the disposals of its shares in Measat and Axiata, which enriched its RM3.6 billion coffers by RM667 million in the third and fourth quarters of 2010."
TM is expected to release its fourth quarter and full year 2010 results on Feb 25 and may make a decision on the special dividend payment after announcing the results. - BERNAMA
This follows the upgrading its forecast for the 2011 and 2012 financial years by nine to 10 per cent to incorporate interest savings from the repayment of US$260 million debt in the fourth quarter of 2010.
At the end of morning session, TM rose six sen to RM3.94 despite the FTSE Bursa Malaysia KLCI losing 15.45 points to 1,520.62.
OSK Research said: "TM's share price has risen appreciably on expectations of an upcoming special dividend.
"We do not rule out the possibility of TM returning excess cash on the back of the disposals of its shares in Measat and Axiata, which enriched its RM3.6 billion coffers by RM667 million in the third and fourth quarters of 2010."
TM is expected to release its fourth quarter and full year 2010 results on Feb 25 and may make a decision on the special dividend payment after announcing the results. - BERNAMA
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