Among Bursa Malaysia's top gainers, Telekom rose 19 sen or 3% to close at RM7.60. JF Apex Securities analyst Lee Cherng Wee said investors could be eyeing the second phase of TM's high-speed broadband (HSBB) project.
Lee said Telekom’s valuation was at an all-time high, with a price-earnings ratio (PER) of over 30.
“Valuation is quite expensive, I think the PER is over 30. The next major development would be the HSBB phase two, although there are no details at all about it yet, other than the budget that they allocated under the budget announcement.