Advertisements

3Q21 results were in line with our/consensus forecasts, given expectation of a stronger 4Q21. TDC surprised with an early special dividend. Maintain HOLD with a lower DCF-based TP of MYR4.60 (-8%). We view risk-reward as being merely balanced presently with TDC having to compete with a reinvigorated TM. We prefer TM (T MK, BUY, CP: MYR5.42, TP: MYR7.40) among the Malaysia telcos.

Advertisements