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MY : Telekom Malaysia - Blockbuster 1Q21 raises confidence

1Q21 core EPS (+71% qoq) was a beat on good revenue EBITDA margin. Post-earnings upgrade, we expect healthy 17-19% yoy core EPS growth in FY21-23F, thanks to revenue recovery and cost optimisation. Reiterate Add with a 3% higher DCF-based target price of RM7.00.


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