KUALA LUMPUR (Oct 25): AffinHwang Capital Research has downgraded Telekom Malaysia Bhd (TM) to “Sell” at RM6.58 with a lower target price of RM5.85 (from RM6.80) and said key measures for the telco sector introduced in Budget 2017 last Friday are likely to negatively impact TM’s profitability. In a note today, the research house said that the scope to upsell its services and earn higher ARPUs will be limited. “Valuations are not compelling and neither are the forecast dividend yields. “Downgrade to Sell with lower target price of RM5.85,” it said.

Source: The Edge Markets October 25, 2016 01:14 UTC