Equity Analysis /

MY : Telekom Malaysia - Off to a strong start in 1Q22

    Choong Chen Foong
    Choong Chen Foong

    Telecommunication Analyst

    26 May 2022
    Published byCGS-CIMB

    1Q22 results were in line; core EPS was up 3.3% yoy (ex-VSS: +19%). Decent revenue growth and good execution on cost-saving initiatives. Reiterate Add on TM (our top Malaysian telco pick). DCF-based TP cut 10% to RM6.75 due to higher risk-free rate.