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.

Equity Analysis /
MalaysiaMY : Telekom Malaysia - Off to a strong start in 1Q22
Choong Chen Foong
Telecommunication Analyst @ CGS-CIMB
26 May 2022

26 May 2022
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