PETALING JAYA: Telekom Malaysia Bhd
’s (TM) net debt to earnings before interest, tax, depreciation and amortisation (Ebitda) may fall to 0.4 times for the financial year 2025 (FY25) and 0.2 times by FY26 unless excess cash is returned to shareholders, says CGS-CIMB Research.
“While elevated margins from reduced tax rates will lift the return on equity (ROE) in FY23 and FY24, the falling financial leverage will become a drag on ROE in the longer term, unless this cash buildup is addressed.
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