Telekom Malaysia’s (TM) 3QFY23 net profit surged 103% YoY to RM538.2m mainly due to lower interest cost and the utilisation of previously unrecognised tax losses. Group revenue dropped by 2.6% YoY as the increase in internet revenue was offset by lower voice, data and other revenue. Operating profit was down 4.8% YoY due to one-off impairment losses. At the operating profit level, cumulative 9MFY23 normalised number was within our expectation but beat consensus forecast at 79% and 86% of full-year estimates 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.
Source: PublicInvest Research - 24 Nov 2023
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