1Q10 missed expectations. 1Q10’s core net profit of RM92.7m (-53.6% yoy; -5.0% qoq) came in below expectations, accounting for only 19.3% of our and 16% of consensus full-year estimates respectively. The key variances were:
1) lower-than-expected other operating income; and
2) Higher-than-expected effective tax rate (ex-EI) of 32.3% vs. our full-year assumption of 26%. However, 1Q10 revenue was in line with our estimate.
Telekom Malaysia Berhad : No Commitment On Capital Management Yet - 31/5/2010
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