Telekom Malaysia's Singtel JV Should Boost Data-Center Role -- Market Talk

Dow Jones06-19

0217 GMT - Telekom Malaysia's JV with Singtel to develop data-center facilities in Malaysia's Johor state could bolster the Malaysian telco's leading position in the country's data-center sector, TA Securities says. The JV is expected to capitalize on increasing demand and opportunities from emerging AI application providers and multinational corporations, analyst Chan Mun Chun says in a note. Chan believes Telekom's solid balance sheet ensures sufficient funding for the project, with Telekom planning to inject approximately MYR588 million into the JV. TA Securities raises Telekom's target price to MYR7.70 from MYR7.18 while maintaining a buy rating on the stock. Shares are 1.0% lower at MYR6.73. (yingxian.wong@wsj.com)

(END) Dow Jones Newswires

June 18, 2024 22:17 ET (02:17 GMT)

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