Telekom Malaysia’s (TM) 2QFY23 net profit surged to RM568.9m from RM378m in 2QFY22, mainly on the back of the recognition of tax credit from unutilised tax losses. Operating revenue was flat as the decline at TM One was mitigated by an increase in TM Global’s revenue, while Unifi’s revenue was stable. Operating profit fell 9.6% YoY due to higher total cost namely, depreciation, direct and other operational cost. At the operating profit level, cumulative 1HFY23 results were within our expectations but above consensus full-year estimates at 53% and 58% respectively. TM remains our top pick in the telco space, owing to its leading position as the country’s preferred network infrastructure provider. Maintain Outperform with an unchanged TP of RM6.20. A higher interim dividend of 9.5 sen per share was declared (2QFY22: 9 sen per share).
Source: PublicInvest Research - 28 Aug 2023
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