“We understand that the group is still aiming to be the sole 5G wholesale operator notwithstanding uncertainties under the Malaysian Communications and Multimedia Commission’s spectrum review currently," says AmInvest Research.
KUALA LUMPUR: AmInvestment Research is maintaining its Hold call on Telekom Malaysia (TM) with an unchanged discounted cashflow based fair value of RM4.15 a share.
The research house said on Monday this was based on a weighted average cost of capital (WACC) of 7.4% and terminal growth rate of 2%. This implies an FY20F entgerprise value/ earnings before interest, tax, depreciation and amortisation (Ebitda) of five times, at parity to its two-year average.
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