KUALA LUMPUR: Kenanga Investment Research is maintaining its Outperform on Telekom Malaysia but lowered its target price to RM6.25 from RM6.45 previously.
The research house said the lower target price was based on a lower targeted +1.5 times standard deviation (from a +2SD previously) due to the higher risk of more regulation headwinds ahead), which implied a FY13 EV/forward EBITDA of 7. times.
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