Stock Name: TM
Company Name: TELEKOM MALAYSIA BHD
Demand for Telekom Malaysia's high speed broadband, TM UniFi, is expected to continue strong on the back of its extended footprint, which has exceeded 900,000 premises.
OSK Research said the number of Unifi subscribers has exceeded the earlier target set by TM at over 120,000 currently and is closing in the research firm's projection of 150,000 subscribers.
"TM disposal of 92.4 million Axiata shares via a book-building exercise to foreign institutional investors yesterday was also timely, as the share price has risen to record highs.
"The disposal was expected, as management had previously hinted that it would sell the remaining shares at the right time," OSK said in a note today.
The blocks, placed out at RM5.07 per share, raised gross proceeds of RM468.3 million, or 13 sen per TM share.
"The remaining 807 shares will be sold in the open market," said OSK, which at the same time, maintained the "neutral" call on TM, based on fair value of RM4.25. -- Bernama
Company Name: TELEKOM MALAYSIA BHD
| Research House: OSK | Price Call: HOLD | Target Price: 4.25 |
Demand for Telekom Malaysia's high speed broadband, TM UniFi, is expected to continue strong on the back of its extended footprint, which has exceeded 900,000 premises.
OSK Research said the number of Unifi subscribers has exceeded the earlier target set by TM at over 120,000 currently and is closing in the research firm's projection of 150,000 subscribers.
"TM disposal of 92.4 million Axiata shares via a book-building exercise to foreign institutional investors yesterday was also timely, as the share price has risen to record highs.
"The disposal was expected, as management had previously hinted that it would sell the remaining shares at the right time," OSK said in a note today.
The blocks, placed out at RM5.07 per share, raised gross proceeds of RM468.3 million, or 13 sen per TM share.
"The remaining 807 shares will be sold in the open market," said OSK, which at the same time, maintained the "neutral" call on TM, based on fair value of RM4.25. -- Bernama
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