MY : Telekom Malaysia - 3Q21F: Higher earnings qoq on lower costs

3Q21F core EPS likely rose qoq on lower manpower optimisation costs while other opex likely also normalised. We estimate 9M21F results were in line. We believe that Unifi net adds stayed strong, driving Internet revenue up by a further 2-4% qoq (8-10% yoy). Reiterate Add on TM (top Malaysian telco pick) with unchanged RM7.50 TP.