Financials Telekom Malaysia

Equities

TM

MYL4863OO006

Integrated Telecommunications Services

End-of-day quote BURSA MALAYSIA 06:00:00 2024-05-14 pm EDT 5-day change 1st Jan Change
6.19 MYR +0.16% Intraday chart for Telekom Malaysia +0.32% +11.53%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 14,385 20,415 21,051 20,633 21,299 23,755 - -
Enterprise Value (EV) 1 20,114 25,480 25,839 20,633 21,299 26,925 26,468 26,070
P/E ratio 22.9 x 20.3 x 23.4 x 18 x 11.4 x 14.5 x 14.6 x 13.9 x
Yield 2.62% 2.64% 2.36% - - 3.56% 3.67% 4.15%
Capitalization / Revenue 1.26 x 1.88 x 1.83 x 1.7 x 1.74 x 1.9 x 1.86 x 1.81 x
EV / Revenue 1.76 x 2.35 x 2.24 x 1.7 x 1.74 x 2.16 x 2.07 x 1.98 x
EV / EBITDA 5 x 6.55 x 5.95 x 4.17 x 4.36 x 5.52 x 5.29 x 5.03 x
EV / FCF 10 x 20.4 x 24.1 x 34.3 x - 11.1 x 12.7 x 12.3 x
FCF Yield 9.96% 4.9% 4.15% 2.92% - 8.98% 7.85% 8.11%
Price to Book 1.96 x 2.87 x 2.77 x 2.58 x - 2.44 x 2.25 x 2.12 x
Nbr of stocks (in thousands) 3,765,636 3,773,643 3,827,501 3,821,010 3,837,628 3,837,628 - -
Reference price 2 3.820 5.410 5.500 5.400 5.550 6.190 6.190 6.190
Announcement Date 2/21/20 2/24/21 2/25/22 2/28/23 2/23/24 - - -
1MYR in Million2MYR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 11,434 10,840 11,529 12,118 12,256 12,484 12,775 13,137
EBITDA 1 4,023 3,889 4,345 4,953 4,884 4,874 5,008 5,188
EBIT 1 1,568 1,605 1,710 2,090 2,088 2,118 2,184 2,409
Operating Margin 13.72% 14.8% 14.83% 17.25% 17.04% 16.96% 17.09% 18.34%
Earnings before Tax (EBT) 1 925.1 1,278 1,247 1,686 1,808 1,935 2,040 2,206
Net income 1 632.7 1,016 895.2 1,143 1,870 1,655 1,626 1,744
Net margin 5.53% 9.37% 7.76% 9.43% 15.26% 13.26% 12.73% 13.28%
EPS 2 0.1670 0.2670 0.2350 0.3000 0.4870 0.4255 0.4232 0.4468
Free Cash Flow 1 2,003 1,249 1,072 602 - 2,417 2,078 2,115
FCF margin 17.52% 11.52% 9.3% 4.97% - 19.36% 16.27% 16.1%
FCF Conversion (EBITDA) 49.8% 32.13% 24.67% 12.15% - 49.59% 41.5% 40.77%
FCF Conversion (Net income) 316.61% 122.96% 119.74% 52.65% - 146.01% 127.8% 121.26%
Dividend per Share 2 0.1000 0.1430 0.1300 - - 0.2203 0.2270 0.2569
Announcement Date 2/21/20 2/24/21 2/25/22 2/28/23 2/23/24 - - -
1MYR in Million2MYR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 2,803 - 2,892 3,089 3,158 2,978 - - - - 2,949 2,949 3,195 3,195 2,992
EBITDA 1 1,025 1,164 1,164 1,324 1,259 1,206 1,250 1,284 1,236 1,117 1,179 1,179 1,161 1,161 1,189
EBIT 1 437.5 - 560.4 702.7 604.8 - - - - - 452.9 452.9 490.6 490.6 450.8
Operating Margin 15.61% - 19.37% 22.75% 19.15% - - - - - 15.35% 15.35% 15.35% 15.35% 15.07%
Earnings before Tax (EBT) 352.7 - 467.2 545 460.3 214 - - - 393.7 - - - - -
Net income 1 271.3 - 339.9 378 265.2 160.2 331.4 568.7 538.2 433.5 404 404 437.6 437.6 348.6
Net margin 9.68% - 11.75% 12.24% 8.4% 5.38% - - - - 13.7% 13.7% 13.7% 13.7% 11.65%
EPS 2 0.0710 - 0.0890 0.0990 0.0700 0.0420 0.0860 0.1480 - 0.1130 0.1075 0.1075 0.1165 0.1165 0.0928
Dividend per Share 2 - - - 0.0900 - - - 0.0950 0.0950 - 0.0591 0.0591 0.0641 0.0641 0.0557
Announcement Date 11/25/21 2/25/22 5/25/22 8/24/22 11/22/22 2/28/23 5/25/23 8/25/23 11/23/23 2/23/24 - - - - -
1MYR in Million2MYR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 5,730 5,065 4,788 - - 3,170 2,713 2,315
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.424 x 1.302 x 1.102 x - - 0.6505 x 0.5417 x 0.4462 x
Free Cash Flow 1 2,003 1,249 1,072 602 - 2,417 2,078 2,115
ROE (net income / shareholders' equity) 13.4% 14% 12.2% 14.8% - 16.2% 15% 15.4%
ROA (Net income/ Total Assets) 4.06% 4.07% 3.8% 4.97% - 6.28% 6.74% 7.63%
Assets 1 15,598 24,939 23,555 22,981 - 26,346 24,146 22,873
Book Value Per Share 2 1.950 1.890 1.990 2.100 - 2.530 2.750 2.920
Cash Flow per Share 2 0.9200 0.7100 0.7900 0.8600 - 1.320 1.170 1.180
Capex 1 1,499 1,437 1,904 2,664 - 2,284 2,319 2,401
Capex / Sales 13.11% 13.26% 16.51% 21.98% - 18.29% 18.16% 18.28%
Announcement Date 2/21/20 2/24/21 2/25/22 2/28/23 2/23/24 - - -
1MYR in Million2MYR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
21
Last Close Price
6.19 MYR
Average target price
6.436 MYR
Spread / Average Target
+3.97%
Consensus
  1. Stock Market
  2. Equities
  3. TM Stock
  4. Financials Telekom Malaysia
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