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Company Update – TM (BUY, maintain) - Putting BPL into the equation




Affin Hwang Investment Bank Bhd


18 Oct 2012





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RM900m loss in market value after BPL bid made known TM’s stock price took a hit in the middle of this week, shaving off RM900m in market capitalisation (c. 4%), after a news report surfaced on Wednesday stating that TM would be participating in the bidding for the next round of the Barclays Premier League (BPL) rights. It was also reported that Astro (ADD; TP: RM3.12) had previously paid RM800m for the last season, which spans over a period of 3 years. The initial concerns over spending such an amount on this content is obviously valid as TM could thus enter into a bitter bidding war which might impair its FCFs and thus its ability to sustain dividends in the years ahead.

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