Telekom Malaysia Berhad Future Growth
Future criteria checks 1/6
Telekom Malaysia Berhad is forecast to grow earnings and revenue by 5.4% and 2.8% per annum respectively. EPS is expected to grow by 5% per annum. Return on equity is forecast to be 16.5% in 3 years.
Key information
5.4%
Earnings growth rate
4.96%
EPS growth rate
| Telecom earnings growth | 5.1% |
| Revenue growth rate | 2.8% |
| Future return on equity | 16.48% |
| Analyst coverage | Good |
| Last updated | 18 May 2026 |
Recent future growth updates
No updates
Recent updates
Narrative Update • Apr 25
TM: 5G Network Shift And Rising Dividends Will Support Future Upside
Analysts have made a small upward revision to Telekom Malaysia Berhad’s fair value estimate, moving it from MYR7.97 to about MYR7.98, supported by slightly higher expected profit margins and a broadly steady forward P/E assumption. What's in the News The Board declared an ordinary second interim single tier dividend of 14.5 sen per share, amounting to about MYR 556.5 million for the financial year ended 31 December 2025, with payment scheduled for 27 March 2026 and an ex date of 12 March 2026 (Key Developments).Narrative Update • Apr 09
TM: 5G Network Transition And Generous Dividends Will Support Future Upside
Analysts have maintained their price target for Telekom Malaysia Berhad at MYR 7.97. This reflects unchanged assumptions on discount rate, revenue growth and profit margin, along with a consistent forward P/E view.Narrative Update • Mar 25
TM: 5G Network Shift And Dividends Will Support Steady Long Term Outlook
Analysts have made a small upward adjustment to Telekom Malaysia Berhad's fair value estimate, moving it from MYR7.96 to MYR7.97, reflecting slightly updated assumptions around long term growth, margins and future P/E levels. What's in the News TM plans to enter a new 5G Multi-Operator Core Network arrangement with U Mobile, aligning its mobile services with its broader convergence ambitions across consumer, SME and enterprise segments (Key Developments).
New Narrative • Mar 12
Rising Capital Intensity And Data Center Risks Will Pressure Long Term Earnings
Catalysts About Telekom Malaysia Berhad Telekom Malaysia Berhad is an integrated telecommunications group that provides fixed broadband, mobile, data, wholesale connectivity and data center services across consumer, business, government and carrier segments. What are the underlying business or industry changes driving this perspective?Narrative Update • Mar 10
TM: 5G Network Shift And Dividends Will Support Balanced Fair Value Outlook
Analysts have nudged their price target for Telekom Malaysia Berhad slightly higher to MYR7.96 from MYR7.91, reflecting updated assumptions for more moderate revenue growth, a small adjustment to expected profit margins and a higher forward P/E multiple. What's in the News TM plans to enter a new 5G Multi-Operator Core Network arrangement with U Mobile, aiming to support its mobile competitiveness and convergence ambitions across consumer, SME and enterprise segments (Client Announcements).
New Narrative • Feb 26
AI Data Centers And Submarine Connectivity Will Support A Stronger Long Term Outlook
Catalysts About Telekom Malaysia Berhad Telekom Malaysia Berhad is a Malaysian telecommunications group providing fixed broadband, mobile, enterprise solutions and wholesale digital infrastructure, including data centers and submarine cable connectivity. What are the underlying business or industry changes driving this perspective?Narrative Update • Feb 24
TM: Stable Assumptions Will Support Balanced Outlook For Fairly Valued Shares
Analysts have kept their price target for Telekom Malaysia Berhad unchanged at MYR7.91. This reflects consistent views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions.Narrative Update • Feb 10
TM: Slightly Lower Discount Rate Will Support Balanced Fair Value Outlook
Analysts have slightly increased their fair value estimate for Telekom Malaysia Berhad from RM7.84 to RM7.91, citing updated assumptions around the discount rate, revenue growth, profit margins and future P/E that modestly adjust their outlook on the stock. Valuation Changes The fair value estimate is now MYR7.91, slightly higher than the earlier figure of MYR7.84.Analysis Article • Feb 09
Telekom Malaysia Berhad's (KLSE:TM) Share Price Could Signal Some Risk
With a median price-to-earnings (or "P/E") ratio of close to 14x in Malaysia, you could be forgiven for feeling...Analysis Article • Jan 27
Should You Be Adding Telekom Malaysia Berhad (KLSE:TM) To Your Watchlist Today?
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...Narrative Update • Jan 27
TM: Higher Margins And Lower P/E Assumptions Will Support Fair Value Outlook
Analysts have nudged their price target on Telekom Malaysia Berhad slightly higher to RM7.84 from RM7.83, citing updated assumptions that include a modestly higher profit margin outlook and a lower future P/E multiple in their valuation models. Valuation Changes Fair Value Estimate: Adjusted slightly higher from MYR7.83 to MYR7.84 per share.Analysis Article • Jan 13
Telekom Malaysia Berhad (KLSE:TM) Is Doing The Right Things To Multiply Its Share Price
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...Narrative Update • Jan 11
TM: Stable Discount Rate Assumptions Will Support Margins And Customer Experience By 2030
Analysts have maintained their price target on Telekom Malaysia Berhad at RM7.83, citing only minor adjustments to inputs such as the discount rate, revenue growth, profit margin and future P/E assumptions, rather than any major shift in their view of the company. Valuation Changes Fair Value Estimate: Maintained at MYR7.83 per share, with no change in the underlying model output.Analysis Article • Dec 29
Telekom Malaysia Berhad (KLSE:TM) Has A Pretty Healthy Balance Sheet
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Narrative Update • Dec 24
TM: AI Partnership Will Support Stable Margins And Customer Experience By 2030
Analysts have modestly raised their price target on Telekom Malaysia Berhad by RM0.00, reflecting fine tuned assumptions around a slightly higher discount rate and marginally stronger long term profitability, while keeping the fundamental fair value view intact. Valuation Changes Fair Value: Unchanged at MYR 7.83 per share.Narrative Update • Dec 10
TM: AI Partnership And Stable Margins Will Shape Customer Experience By 2030
Analysts have modestly raised their price target on Telekom Malaysia Berhad to MYR 7.83 from MYR 7.78. This reflects slightly improved expectations for long term profit margins and earnings multiples, despite an unchanged risk profile.Analysis Article • Dec 02
Is There An Opportunity With Telekom Malaysia Berhad's (KLSE:TM) 39% Undervaluation?
Key Insights Telekom Malaysia Berhad's estimated fair value is RM12.32 based on 2 Stage Free Cash Flow to Equity...Narrative Update • Nov 26
TM: Partnership With Scicom And AI Focus Will Shape Customer Experience By 2030
Analysts have raised their fair value price target for Telekom Malaysia Berhad from RM7.63 to RM7.78. This change reflects improved revenue growth expectations, despite slight adjustments to the company's discount rate and profit margin outlook.Analysis Article • Nov 03
Telekom Malaysia Berhad's (KLSE:TM) Business Is Trailing The Market But Its Shares Aren't
There wouldn't be many who think Telekom Malaysia Berhad's ( KLSE:TM ) price-to-earnings (or "P/E") ratio of 14x is...Analysis Article • Oct 21
Should You Be Adding Telekom Malaysia Berhad (KLSE:TM) To Your Watchlist Today?
The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...Analysis Article • Oct 02
We Like These Underlying Return On Capital Trends At Telekom Malaysia Berhad (KLSE:TM)
There are a few key trends to look for if we want to identify the next multi-bagger. One common approach is to try and...Analysis Article • Jul 02
Subdued Growth No Barrier To Telekom Malaysia Berhad's (KLSE:TM) Price
It's not a stretch to say that Telekom Malaysia Berhad's ( KLSE:TM ) price-to-earnings (or "P/E") ratio of 12.7x right...Analysis Article • Jun 16
Telekom Malaysia Berhad (KLSE:TM) Is Looking To Continue Growing Its Returns On Capital
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...Analysis Article • May 29
Is There An Opportunity With Telekom Malaysia Berhad's (KLSE:TM) 22% Undervaluation?
Key Insights Using the 2 Stage Free Cash Flow to Equity, Telekom Malaysia Berhad fair value estimate is RM8.47 Telekom...
New Narrative • Feb 09
Partnership With Nxera And Singtel Will Deliver AI-Ready Data Center In Johor
Strategic partnerships and infrastructure expansion aim to boost service offerings and revenue growth amid rising data demand and connectivity trends.Earnings and Revenue Growth Forecasts
| Date | Revenue | Earnings | Free Cash Flow | Cash from Op | Avg. No. Analysts |
|---|---|---|---|---|---|
| 12/31/2028 | 12,912 | 2,008 | 2,445 | 4,244 | 14 |
| 12/31/2027 | 12,636 | 1,850 | 2,458 | 4,207 | 19 |
| 12/31/2026 | 12,358 | 1,694 | 1,709 | 3,874 | 19 |
| 12/31/2025 | 11,872 | 1,713 | 1,782 | 3,519 | N/A |
| 9/30/2025 | 11,666 | 2,221 | 1,779 | 3,661 | N/A |
| 6/30/2025 | 11,591 | 2,000 | 1,700 | 3,099 | N/A |
| 3/31/2025 | 11,727 | 1,993 | 2,199 | 3,555 | N/A |
| 12/31/2024 | 11,712 | 2,017 | 2,630 | 4,011 | N/A |
| 9/30/2024 | 11,654 | 1,720 | 2,482 | 3,675 | N/A |
| 6/30/2024 | 11,691 | 1,793 | 2,635 | 3,948 | N/A |
| 3/31/2024 | 11,741 | 1,965 | 1,806 | 3,584 | N/A |
| 12/31/2023 | 11,690 | 1,871 | 1,493 | 3,686 | N/A |
| 9/30/2023 | 11,677 | 1,597 | 1,095 | 3,658 | N/A |
| 6/30/2023 | 11,881 | 1,324 | 672 | 3,516 | N/A |
| 3/31/2023 | 12,012 | 1,134 | 490 | 3,168 | N/A |
| 12/31/2022 | 12,118 | 1,143 | 602 | 3,266 | N/A |
| 9/30/2022 | 12,293 | 1,063 | 966 | 3,528 | N/A |
| 6/30/2022 | 11,938 | 1,069 | 1,047 | 3,231 | N/A |
| 3/31/2022 | 11,612 | 910 | 1,195 | 3,218 | N/A |
| 12/31/2021 | 11,529 | 895 | 1,072 | 2,976 | N/A |
| 9/30/2021 | 11,377 | 1,075 | 896 | 2,642 | N/A |
| 6/30/2021 | 11,264 | 1,133 | 1,182 | 2,930 | N/A |
| 3/31/2021 | 11,093 | 1,189 | 1,494 | 3,100 | N/A |
| 12/31/2020 | 10,840 | 1,016 | 1,249 | 2,686 | N/A |
| 9/30/2020 | 10,873 | 706 | 1,638 | 3,255 | N/A |
| 6/30/2020 | 11,036 | 637 | 1,618 | 3,111 | N/A |
| 3/31/2020 | 11,212 | 477 | 1,723 | 3,265 | N/A |
| 12/31/2019 | 11,434 | 633 | 2,003 | 3,502 | N/A |
| 9/30/2019 | 11,489 | 754 | N/A | 3,442 | N/A |
| 6/30/2019 | 11,582 | 317 | N/A | 2,966 | N/A |
| 3/31/2019 | 11,750 | 304 | N/A | 2,696 | N/A |
| 12/31/2018 | 11,819 | 153 | N/A | 2,585 | N/A |
| 9/30/2018 | 11,930 | 361 | N/A | 2,282 | N/A |
| 6/30/2018 | 11,925 | 748 | N/A | 2,704 | N/A |
| 3/31/2018 | 11,969 | 856 | N/A | 2,265 | N/A |
| 12/31/2017 | 12,085 | 930 | N/A | 2,418 | N/A |
| 9/30/2017 | 12,122 | 807 | N/A | 2,610 | N/A |
| 6/30/2017 | 12,105 | 755 | N/A | 2,334 | N/A |
| 3/31/2017 | 12,170 | 684 | N/A | 2,712 | N/A |
| 12/31/2016 | 12,061 | 776 | N/A | 2,849 | N/A |
| 9/30/2016 | 12,008 | 814 | N/A | 2,823 | N/A |
| 6/30/2016 | 12,008 | 821 | N/A | 3,042 | N/A |
| 3/31/2016 | 11,803 | 894 | N/A | 3,325 | N/A |
| 12/31/2015 | 11,722 | 700 | N/A | 2,942 | N/A |
| 9/30/2015 | 11,695 | 726 | N/A | 2,783 | N/A |
| 6/30/2015 | 11,408 | 748 | N/A | 3,025 | N/A |
Analyst Future Growth Forecasts
Earnings vs Savings Rate: TM's forecast earnings growth (5.4% per year) is above the savings rate (3.8%).
Earnings vs Market: TM's earnings (5.4% per year) are forecast to grow slower than the MY market (10.6% per year).
High Growth Earnings: TM's earnings are forecast to grow, but not significantly.
Revenue vs Market: TM's revenue (2.8% per year) is forecast to grow slower than the MY market (6.4% per year).
High Growth Revenue: TM's revenue (2.8% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: TM's Return on Equity is forecast to be low in 3 years time (16.5%).
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/20 23:23 |
| End of Day Share Price | 2026/05/20 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Telekom Malaysia Berhad is covered by 34 analysts. 19 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Chee Chow | Affin Hwang Investment Bank |
| null null | AmInvestment Bank Berhad |
| Anand Ramachandran | Barclays |