Moody’s: TM’s 3Q Results Support Its ‘A3’ Rating

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KUALA LUMPUR, Nov 27 – Moody’s Investors Service gives Telekom Malaysia Bhd (TM) ‘A3’ rating and positive outlook based on its third-quarter results ended Sept 30, 2014. In a statement today, Moody’s said TM recorded revenue growth of 5.6 per cent for the nine months to September 2014, led by 10.1 per cent growth in Internet.

TM’s total broadband customers grew by 1.3 per cent year-on-year to 2.2 million as of September 2014, it said. “Growing Internet and data revenues continued to offset a 4.6 per cent fall in revenue from fixed-line voice,” said Moody’s Assistant Vice President and Analyst, and Lead Analyst for TM, Nidhi Dhruv.

Moody’s said it expected TM to maintain low-to-mid single-digit earnings growth over the next two years, supported by increasing broadband revenues, given that broadband penetration rates in Malaysia were still relatively low.

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