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Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/943" target="_blank" data-smartkarma-citation="entities:943:1">Telekom Malaysia (T MK)</a> released somewhat disappointing 4Q17 results, with service revenues falling -1.1% YoY, where we had looked for a small gain. Voice revenues fell 7% YoY on reduced subscriber numbers. More positively, UniFi (the FTTH broadband business and mobile) penetration of base continues to rise with 64k net adds in 4Q (penetration now 28%, +5pp YoY). While UniFi is gaining subscribers, the old broadband business (Streamy-X) is declining rapidly leading to a net loss of 17k…</p>

Telekom Malaysia (T MK) released somewhat disappointing 4Q17 results, with service revenues falling -1.1% YoY, where we had looked for a small gain. Voice revenues fell 7% YoY on reduced subscriber numbers. More positively, UniFi (the FTTH broadband business and mobile) penetration of base continues to rise with 64k net adds in 4Q (penetration now 28%, +5pp YoY). While UniFi is gaining subscribers, the old broadband business (Streamy-X) is declining rapidly leading to a net loss of 17k…

Telekom Malaysia Disappoints on Results and 2018 Guidance