April 4, 2012

Value Investor Research on KLSE Market

Stock Name: TM
Company Name: TELEKOM MALAYSIA BHD
Research House: CIMBPrice Call: BUYTarget Price: 5.76



Target RM5.76

Fibre broadband take-up continued to defy expectations in 1Q12 even though the quarter was punctuated by many holidays. We are also pleased with TM?''s strong focus on collections. We are raising EPS and DCF-based target price for the strong broadband take-up. Though we do not forecast special dividends given the higher capex, it remains a possibility depending on how quickly gearing is brought down with better collections. Still an Outperform and our top pick.

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2 comments:

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