PETALING JAYA: AmInvestment Research is maintaining its hold call on Telekom Malaysia Bhd (TM), with an unchanged discounted cash-flow based fair value of RM4.15 a share.
The research house said this was based on a weighted average cost of capital (WACC) of 7.4% and terminal growth rate of 2%. This implies a forecast financial year 2020 (FY20) enterprise value/earnings before interest, tax, depreciation and amortisation (Ebitda) of five times, at parity to its two-year average.
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