JF Apex Cuts Telekom Malaysia To Hold From Buy

30 Aug 2012

F Apex cuts Telekom Malaysia (4863.KU) to Hold from Buy after shares have gained 27% so far this year and 2Q net profit rose 65% on year to MYR223 million, which was within expectations.  The house keeps its target at MYR6.15 and tips further upside potential of 2.7%. "We like the company for its leadership in broadband with earnings growth driven by UniFi," it says.  However, it flags slower net additions following intense competition in the fiber-to-home broadband segment could be a cause of concern. Shares are 1.5% higher at MYR6.08.