Stock Name: TM
Company Name: TELEKOM MALAYSIA BHD
TM's 3Q11 results were above expectations at the core level, led by strong broadband-related contributions. We have raised our 2011-12 forecasts by 11% and 15% respectively, as we factored in the Axiata share sale gain as well as higher Internet contributions over the next two years. In addition, we have lowered our beta assumption from 0.9x to 0.86x, in line with recent lower volatility for dividend stocks. This raises our DCF-derived valuation target from RM4.60 to RM4.84. BUY.
Maybank research (25 November 2011)
Click here for full report
Company Name: TELEKOM MALAYSIA BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 4.84 |
TM's 3Q11 results were above expectations at the core level, led by strong broadband-related contributions. We have raised our 2011-12 forecasts by 11% and 15% respectively, as we factored in the Axiata share sale gain as well as higher Internet contributions over the next two years. In addition, we have lowered our beta assumption from 0.9x to 0.86x, in line with recent lower volatility for dividend stocks. This raises our DCF-derived valuation target from RM4.60 to RM4.84. BUY.
Maybank research (25 November 2011)
Click here for full report
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