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NewsOSK Research upgrades TM to Buy
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OSK Research upgrades TM to Buy
by hlk Wed 17 Aug 2011, 18:43
KUALA LUMPUR: OSK Research is upgrading TM to a BUY with a fair value of RM4.80 from its last close of RM4.01.
The research house said on Wednesday, Aug 17 the upgrade was due to its more cautious house view on the broader market and TM’s defensive attribute.
Other positive factors were the strong traction for TM’s high speed broadband service and also the dividend upside potential.
“TM’s 1HFY11 results, due to be announced on 24 Aug should hold little surprises with the key highlight being the strong growth of Unifi as the service expands to new areas,” it said.
OSK Research said it raised its FY11-13 forecasts to build-in the stronger than expected growth for Unifi and incorporating bigger contribution from its wholesale business from 4Q11.
“There is over 20% upside to our revised FV of RM4.80 (6x FY12 EV/EBITDA) which now integrates a potential special DPS of 13sen/share. TM is our other top telco pick aside from Axiata,” it said.
The research house said on Wednesday, Aug 17 the upgrade was due to its more cautious house view on the broader market and TM’s defensive attribute.
Other positive factors were the strong traction for TM’s high speed broadband service and also the dividend upside potential.
“TM’s 1HFY11 results, due to be announced on 24 Aug should hold little surprises with the key highlight being the strong growth of Unifi as the service expands to new areas,” it said.
OSK Research said it raised its FY11-13 forecasts to build-in the stronger than expected growth for Unifi and incorporating bigger contribution from its wholesale business from 4Q11.
“There is over 20% upside to our revised FV of RM4.80 (6x FY12 EV/EBITDA) which now integrates a potential special DPS of 13sen/share. TM is our other top telco pick aside from Axiata,” it said.
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