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NewsCIMB Research maintains Hold on TM, trims target to RM6.40
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CIMB Research maintains Hold on TM, trims target to RM6.40
by Cals Fri 18 Dec 2015, 20:25
CIMB Research maintains Hold on TM, trims target to RM6.40
By theedgemarkets.com / theedgemarkets.com | December 18, 2015 : 9:07 AM MYTKUALA LUMPUR (Dec 18): [size=16]CIMB IB Research ([You must be registered and logged in to see this image.] Valuation: 1.65, Fundamental: 0.55) has maintained its “Hold” rating onTelekom Malaysia Bhd (TM) ( Valuation: 1.10, Fundamental: 0.80) at RM6.52 with a lower target price of RM6.40 (from RM6.50) and said TM finally signed teh HSBB2 and SUBB agreements with the Malaysian government.
In a note yesterday, the research house said the HSBB2 and SUBB will cost a total RM3.4 billion, in line with previous announcements.
“Signing of agreement not a surprise, but welcomed after much delays.
“Government grant of RM1.1 billion is lower than our previous assumption of RM1.7 billion.
“Maintain Hold. Our DCF-based target price is reduced by 1.8% to RM6.40 to factor in lower government grant,” it said.
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