KUALA LUMPUR, Nov 8 — Fixed-line player Telekom Malaysia Bhd will be less impacted by the proposed Cukai Makmur under Budget 2022 compared to other mobile players, Maybank Kim Eng Research said.
“The earnings impact to companies is not clear-cut since taxes are levied on individual operating entities. Companies with low earnings, complex corporate structures and significant overseas exposure should theoretically be less impacted. Budget 2022 has proposed for chargeable income for financial year 2022 beyond the first RM100 million to be subjected to 33 per cent income tax rate.The research bank reiterates its ‘buy’ call for TM with a target price of RM7.40 per share as the recent share price weakness is being unjustified.
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