TM akan kembali dalam senarai KLCI tak lama lagi?

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Ms Senorita

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KUALA LUMPUR: Harga saham Telekom Malaysia Bhd (TM) terus meningkat, ditutup 52 minggu pada paras yang tinggi iaitu RM4.15 semalam, dengan pasaran modal sebanyak RM15.6 bilion. Selepas kejatuhan harga saham tahun lepas, TM hampir mencecah dua kali ganda daripada paras RM2.14 - tahap terendah sejak 9 Ogos 2010.

Pemulihan tersebut baru-baru ini telah memberi petanda kepada TM untuk kembali sebagai sebahagian daripada tersenarai di KLCI, yang terdiri daripada 30 syarikat tersenarai Bursa Malaysia yang terbesar.

Ketika penutupan harga semalam, modal pasaran TM kini lebih tinggi berbanding empat saham komponen KLCI - Sime Darby Bhd, Malaysia Airports Holdings Bhd, AMMB Holdings Bhd dan Top Glove Corp Bhd.

Nilai pasaran TM juga mendahului senarai rizab KLCI buat masa ini, diikuti oleh RM13.33 bilion Westports Holdings Bhd, RM12.65 bilion Fraser & Neave Holdings Bhd, YTL Corp Bhd RM12.15 bilion dan QL Resources Bhd RM11.11 bilion.

Ketua Pegawai Eksekutif (CEO) Pacific Mutual Fund Bhd Teh Chi-Chuen memberitahu The Edge Financial Daily, meskipun TM mempunyai infrastruktur telekomunikasi yang paling komprehensif di negara ini, ia tidak termasuk dalam senarai beli mereka, sekurang-kurangnya tidak pada masa sekarang.

"Kami memilih untuk menunggu Ketua Pegawai Eksekutif TM Noor Kamarul Anuar Nuruddin menjelaskan strategi barunya, dan sama ada pihak pengurusan boleh melaksanakan strategi ini dan menyampaikan keputusan, sebelum kami meningkatkan kedudukan kami," kata Teh.

Ketua pegawai pelaburan Phillip Capital Management Sdn Bhd Ang Kok Heng berkata, TM tidak termasuk dalam senarai belian mereka. "Kami telah mengelak dengan syarikat telekomunikasi (telcos) untuk beberapa waktu; industri ini berdaya saing dan margin sedang berkembang, "katanya.

"TM mempunyai aset yang sangat baik. Jika pengurusan baru dapat mengendalikannya dengan baik, ia dapat memberikan prestasi yang lebih baik, bukannya menjadi tempat persaraan," katanya.

Menurut Bloomberg, harga sasaran penganalisis pelaburan adalah antara RM2.40 dan RM5, dengan purata RM3.83.

Kewangan suku tahunan TM terkini menunjukkan pendapatan dan kecekapan kos yang lebih baik telah membantu menarik kembali pelabur. Telco tersebut pernah disingkirkan oleh standard mandatori berikutan penetapan harga akses, menyebabkan harga jalur lebar tetap menjadi lebih rendah.

Untuk suku pertama yang berakhir pada 31 Mac, 2019 (1QFY19), keuntungan bersih TM hampir dua kali ganda kepada RM308.28 juta, daripada RM157.16 juta setahun yang lalu. Walaupun pendapatan turun 2.4% tahun ke tahun kepada RM2.78 bilion pada 1QFY19, daripada RM2.85 bilion sebelumnya.

Perolehan teras sesaham dalam 1QFY19 melebihi jangkaan, membentuk 45% mengikut anggaran ramalan Bloomberg untuk tahun kewangan berakhir 31 Dis, 2019 (FY19).

Prestasi kewangan TM yang meningkat pada 1QFY19 bertepatan dengan kumpulan yang menggunakan Standard Pelaporan Kewangan Malaysia 16 (MFRS 16). Perubahan pada perakaunan ini membantu ia mengenal pasti penambahan keuntungan sebanyak RM23.9 juta selepas cukai dan kepentingan minoriti (Patmi) pada suku tersebut.

Slaid pembentangan TM yang telah diteliti oleh penganalisis menunjukkan 1QFY19 Patmi, selepas MFRS 16, adalah RM308.3 juta atau 8.4% lebih tinggi daripada RM284.4 juta Patmi di bawah perakaunan pra-MFRS 16.

Walaupun penganalisis bersetuju bahawa terdapat kesan positif hasil dari MFRS 16, mereka berpendapat bahawa pemacu utama prestasi kewangan yang bertambah baik pada suku tahun telah mengekalkan rasionalisasi kumpulan.


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TM back to KLCI member list soon?

KUALA LUMPUR: Telekom Malaysia Bhd’s (TM) share price continues to rise, closing at its 52-week high of RM4.15 yesterday, with a market capitalisation of RM15.6 billion. After the share price meltdown last year, TM has nearly doubled from the trough of RM2.14 — the lowest level since Aug 9, 2010.

The recent rally has given TM the token to return as part of the KLCI component stocks, comprising the 30 largest Bursa Malaysia-listed companies.

At its closing price yesterday, TM’s market capitalisation is now higher than those of four KLCI component stocks — Sime Darby Bhd, Malaysia Airports Holdings Bhd, AMMB Holdings Bhd and Top Glove Corp Bhd.

TM’s market value also tops the KLCI reserve list for now, followed by Westports Holdings Bhd’s RM13.33 billion, Fraser & Neave Holdings Bhd’s RM12.65 billion, YTL Corp Bhd’s RM12.15 billion and QL Resources Bhd’s RM11.11 billion.

Pacific Mutual Fund Bhd chief executive officer (CEO) Teh Chi-chuen told The Edge Financial Daily that while TM has the most comprehensive telecommunications infrastructure in the country, it is not on his buy list, at least not for now.

“We prefer to wait for TM’s new CEO Noor Kamarul Anuar Nuruddin to articulate his new strategy going forward, and whether the management could execute this strategy and deliver results, before we increase our position,” Teh said.

Phillip Capital Management Sdn Bhd chief investment officer Ang Kok Heng’s shopping list also does not include TM. “We have been staying away from telecommunications companies (telcos) for quite some time; the industry is competitive and the margin is compressing,” he said.

Nonetheless, another fund manager, who declined to be named, said some of his peers have been accumulating TM shares, banking on the new management’s ability to improve the group’s performance.

“TM has very good assets. If the new management can make good use of them, they can deliver a better performance, rather than being the retirement home for certain people,” he said.

According to Bloomberg consensus, investment analysts’ target prices are between RM2.40 and RM5, with an average of RM3.83.

TM’s latest quarterly financial results showing better earnings and cost efficiency have helped woo back investors. The telco was once bashed by the mandatory standard on access pricing, resulting in lower fixed broadband prices.

For the first quarter ended March 31, 2019 (1QFY19), TM’s net profit almost doubled to RM308.28 million, from RM157.16 million a year ago. This was despite revenue falling 2.4% year-on-year to RM2.78 billion in 1QFY19, from RM2.85 billion previously.

Core earnings per share in 1QFY19 were above expectations, forming 45% of Bloomberg consensus forecasts for the financial year ending Dec 31, 2019 (FY19).

TM’s improved financial performance in 1QFY19 coincided with the group adopting the Malaysia Financial Reporting Standard 16 (MFRS 16). This change of accounting treatment helped it recognise an additional RM23.9 million in profit after tax and minority interest (Patmi) for the quarter.

TM’s presentation slides, seen by analysts, showed 1QFY19 Patmi, post-MFRS 16, was RM308.3 million or 8.4% higher than RM284.4 million Patmi under the pre-MFRS 16 accounting treatment.

While analysts concurred that there is a positive effect from the MFRS 16, they opined that the major driver of the improved financial performance in the quarter remained the group’s rationalisation.


Sumber : the edge markets
 

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