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Results Note – TM (ADD, maintain) - FY12 margins hit by higher operating cost




Affin Hwang Investment Bank Bhd


27 Feb 2013





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FY12 core net profit up 39% yoy – above expectations TM’s FY12 core net profit of RM880.4m (+39% yoy) was above expectations, accounting for 108% and 106% of our and street FY12 forecast respectively. The better-than-expected earnings was largely due to a higher-than-expected revenue of RM10bn (+9.2% yoy), which was 1.9% ahead of our forecast. Yoy, the strong earnings growth was attributed primarily to its topline growth of +9.2% (continues to be underpinned by its internet and data divisions, up +18.5% and +12.3% yoy respectively) and a lower depreciation of RM2.0bn, -3.9% yoy. FY12 EBITDA margin however contracted to 31.9% from 34.6% in FY11 due to higher maintenance and direct cost. TM also proposed a DPS of 12.2 sen, bringing full year FY12 DPS to 22 sen (FY11: 19.6 sen). Absent for FY13 is the capital repayment made over the past 2 years (29 sen for FY11 and 30 sen for FY12).

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