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0443 GMT – Better-than-expected take-up for Telekom Malaysia’s voluntary separation scheme could weigh on 2025 earnings, CGS International analyst Prem Jearajasingam says in a note. He projects a 240 million ringgit charge related to the scheme in 4Q. He cuts Telekom’s 2025 core net profit forecasts by 3.2% but raises 2026-2027 estimates by 0.1%-1.5%. He lifts 2025-2027 forecast dividend payout ratios to 65%-70% from 60% to reflect Telekom’s underleveraged balance sheet. With steady earnings and enhanced capital management, Telekom’s shares, trading at 2026 estimated price-earnings ratio of 13.0X and offering an expected 4.7% dividend yield in 2025, could have re-rating potential, he adds. CGS raises Telekom’s target price to MYR9.25 from MYR8.70 while maintaining an add rating. Shares are 2.1% higher at MYR7.40. ([email protected])
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