Telekom Malaysia (TM) reported a 17.7% YoY decline in 3QFY21 headline net profit to RM271.3m, mainly due to higher operating costs. Stripping out non-operating items, normalised net profit was at RM304.3m, improving by 5.3% YoY. For 9MFY21, normalised net profit of RM890.7m was within both our and market expectations. As we factor in the impact of Cukai Makmur, which will be introduced next year, our FY22F forecast is reduced by 6.6%. Hence, our DCF-based TP is revised from RM6.90 to RM6.70. We maintain our Outperform rating. We believe that TM, being the country’s largest telco service provider, should benefit from the growing demand for fibre leasing and data centre solutions in Malaysia.
Source: PublicInvest Research - 26 Nov 2021
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