2025-06-13-花旗集团-Time_dotCom（TCOM）_Time_dotCom（TCOM.KL）_投资者日要点_坚持长期策略_13页_433kb

Executive Summary: Time dotCom (TCOM.KL) hosted its inaugural Investor Day to outline long-term strategies with a focus on fixed broadband, aiming for continued growth through network expansion. Despite increased competition, the company projects strong upside potential with expected returns and dividends, supported by stable ARPUs and high market share.

• Key Strategies: Management maintains a pure fixed broadband approach, targeting 200,000-300,000 new premises passed annually. This strategy includes focus on MDU and SDU markets, value-added services like solar energy and EV charging, and internal network monetization.

• Financial Highlights: Consumer division shows industry-leading growth, with a 21% market share in fixed broadband net adds. Expected share price return is 10.5%, dividend yield 7.5%, and total return 17.9%.

• Valuation: Based on sum-of-the-parts analysis, the target price is RM5.80 (per share), valuing FY25 earnings at 25x PER. This suggests a healthy dividend yield and potential for re-rating if growth continues.

• Risks: Major downsides include possible devaluation of data center assets, heightened competition from new players, and regulatory pressures on broadband pricing.

Note: The summary covers base aspects from the 2025 CITI Research report on Time dotCom.