TIME dotCom Berhad Valuation

Q: What is the Fair Price of TIMECOM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

TIMECOM (MYR4.7) is trading below our estimate of [[fair value]] (MYR5.34)

Is TIMECOM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TIMECOM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TIMECOM (MYR4.7) is trading below our estimate of fair value (MYR5.34)

Significantly Below Fair Value: TIMECOM is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TIMECOM?

Key metric: As TIMECOM is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for TIMECOM. This is calculated by dividing TIMECOM's market cap by their current earnings.
What is TIMECOM's PE Ratio?
PE Ratio	22.1x
Earnings	RM 392.71m
Market Cap	RM 8.69b

TIMECOM key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	4.4x
Enterprise Value/EBITDA	10.2x
PEG Ratio	1.9x

Price to Earnings Ratio vs Peers

How does TIMECOM's PE Ratio compare to its peers?

The above table shows the PE ratio for TIMECOM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	39.1x
REDTONE REDtone Digital Berhad	12.3x	n/a	RM 734.3m
TM Telekom Malaysia Berhad	13.7x	1.7%	RM 24.5b
AXIATA Axiata Group Berhad	105.9x	37.7%	RM 21.3b
MAXIS Maxis Berhad	24.4x	12.2%	RM 27.7b
TIMECOM TIME dotCom Berhad	22.1x	11.8%	RM 8.7b

Price-To-Earnings vs Peers: TIMECOM is good value based on its Price-To-Earnings Ratio (22.1x) compared to the peer average (39.1x).

Price to Earnings Ratio vs Industry

How does TIMECOM's PE Ratio compare vs other companies in the Asian Telecom Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: TIMECOM is expensive based on its Price-To-Earnings Ratio (22.1x) compared to the Asian Telecom industry average (15x).

Price to Earnings Ratio vs Fair Ratio

What is TIMECOM's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TIMECOM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	22.1x
Fair PE Ratio	19.3x

Price-To-Earnings vs Fair Ratio: TIMECOM is expensive based on its Price-To-Earnings Ratio (22.1x) compared to the estimated Fair Price-To-Earnings Ratio (19.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TIMECOM forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	RM 4.70	RM 5.71 +21.5%	9.8%	RM 6.50	RM 4.73	n/a	7
Nov ’25	RM 4.93	RM 5.71 +15.8%	9.8%	RM 6.50	RM 4.73	n/a	7
Oct ’25	RM 4.74	RM 5.71 +20.5%	9.8%	RM 6.50	RM 4.73	n/a	7
Sep ’25	RM 5.02	RM 5.71 +13.7%	9.8%	RM 6.50	RM 4.73	n/a	7
Aug ’25	RM 5.13	RM 5.77 +12.4%	7.6%	RM 6.27	RM 4.73	n/a	8
Jul ’25	RM 5.05	RM 5.77 +14.2%	7.6%	RM 6.27	RM 4.73	n/a	8
Jun ’25	RM 5.28	RM 5.77 +9.2%	7.6%	RM 6.27	RM 4.73	n/a	8
May ’25	RM 5.16	RM 5.77 +11.8%	7.6%	RM 6.27	RM 4.73	n/a	8
Apr ’25	RM 5.17	RM 5.79 +12.0%	7.6%	RM 6.27	RM 4.73	n/a	8
Mar ’25	RM 5.30	RM 5.79 +9.3%	7.6%	RM 6.27	RM 4.73	n/a	8
Feb ’25	RM 5.50	RM 5.84 +6.2%	8.0%	RM 6.40	RM 4.90	n/a	8
Jan ’25	RM 5.40	RM 5.84 +8.2%	8.0%	RM 6.40	RM 4.90	n/a	8
Dec ’24	RM 5.06	RM 5.84 +15.5%	8.0%	RM 6.40	RM 4.90	n/a	8
Nov ’24	RM 5.25	RM 5.85 +11.5%	8.1%	RM 6.40	RM 4.90	RM 4.93	8
Oct ’24	RM 5.42	RM 5.85 +8.0%	8.1%	RM 6.40	RM 4.90	RM 4.74	8
Sep ’24	RM 5.53	RM 5.91 +6.9%	8.1%	RM 6.40	RM 4.90	RM 5.02	9
Aug ’24	RM 5.40	RM 5.90 +9.3%	8.7%	RM 6.65	RM 4.90	RM 5.13	9
Jul ’24	RM 5.20	RM 5.88 +13.0%	8.8%	RM 6.65	RM 4.90	RM 5.05	9
Jun ’24	RM 5.33	RM 5.81 +9.1%	8.8%	RM 6.65	RM 4.90	RM 5.28	8
May ’24	RM 5.49	RM 5.81 +5.7%	10.1%	RM 6.65	RM 4.90	RM 5.16	8
Apr ’24	RM 5.55	RM 5.81 +4.6%	10.1%	RM 6.65	RM 4.90	RM 5.17	8
Mar ’24	RM 5.41	RM 5.72 +5.8%	11.2%	RM 6.65	RM 4.90	RM 5.30	8
Feb ’24	RM 5.26	RM 5.57 +5.8%	11.5%	RM 6.65	RM 4.90	RM 5.50	8
Jan ’24	RM 4.90	RM 5.57 +13.6%	11.5%	RM 6.65	RM 4.90	RM 5.40	8
Dec ’23	RM 4.80	RM 5.57 +16.0%	11.5%	RM 6.65	RM 4.90	RM 5.06	8
Nov ’23	RM 4.52	RM 5.36 +18.7%	10.9%	RM 6.65	RM 4.50	RM 5.25	9

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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