MY : Telco - Overall - Latest 5G plan potentially positive for MNOs

The government has decided to continue with the 5G SWN model, but will offer up to a 70% stake in DNB to MNOs that sign a wholesale agreement. This may potentially be positive for MNOs if they are able to better steer DNB’s 5G rollout to lower the total cost, wholesale fees and earnings impact. Reiterate Underweight on Malaysian telcos for now, as many details are still pending the government’s negotiations with the MNOs. Top pick: TM.