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The Screen · Communication Services · Telecom Services
4863Telekom Malaysia
4863.KL · BURSA MALAYSIA · MYR · Market cap $27.6B
Telekom Malaysia Berhad engages in the establishment, maintenance, and provision of telecommunications and related services in Malaysia and internationally.
Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price7.89 MYR
Fair value8.72
Ethical score70.0/100
Value readUndervaluedas of 6 Nov 2026
Our investment reviews on this name
2026-10-31Read Accumulation7.93-0.5% to today Markdown gives way to Accumulation
2026-10-11Read Markdown7.77+1.5% to today Markup gives way to Markdown after an 8% rise in 3 weeks
2026-09-18Read Markup7.20+9.6% to today ✓Accumulation gives way to Markup first Markup read since July
2026-08-19Read Accumulation7.20+9.6% to today ✓Markup gives way to Accumulation
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Telekom Malaysia holds its Accumulation at $7.89. The statistical read favours the sellers, held for 110 days.
As held on the ledger · 2026-11-06
Phase
Accumulation
Quantitative state
The statistical read favours the sellers, held for 110 days
Price at the screen
$7.89
Valuation
18.50 trailing · 16.04 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.22
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
17.98%
Below 33%
Interest-bearing debt is just 18.0% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.71%
Below 33%
Cash held in interest-bearing accounts and securities is 0.7% of assets, under the one-third limit.
Pass
Receivables
15.93%
Below 49%
Money owed to the company is 15.9% of assets, under the 49% limit.
Pass
Revenue purity
0.87%
Below 5%
Only 0.9% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Telekom Malaysia clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 18%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-11-07. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when 4863.KL's ethical verdict changes
Today 4863.KL passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 6 Nov 2026: it trades at roughly a 10% discount to our 8.72 MYR fair value, 2.90% revenue growth.
Fair value range in MYR, drawn from the 2026-11-06 screen. The gold marker is the market price at the same screen. A 9.5% discount to the base estimate.
Third-party analyst targets: 20 covering, consensus Buy. The average target sits +6% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Projections
Where our models see it going: fair-value estimate 8.72 MYR, with a range of 6.81 MYR to 11.35 MYR, dated to the 2026-11-06 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Why it stands out
A 3%-growth business trading at just 16.0x forward earnings, with minimal debt. That is a 10% discount to our 8.72 MYR fair value: the market is pricing it cautiously while the fundamentals argue otherwise. 20 analysts rate it Buy with a 8.36 MYR average target, about 6% above the screened price.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: its business and earnings are exposed to Malaysia and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
4863.KL trades on BURSA MALAYSIA (the company is based in Malaysia). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 2.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 15%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (20 analysts) rates it buy, with a mean price target of $8.
2026-10-24Markdown$7.770.0%Entry 10
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 2% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 15%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (20 analysts) rates it buy, with a mean price target of $8.
2026-10-11Markdown · changed$7.77+0.0%Entry 9
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 2% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 15%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (20 analysts) rates it buy, with a mean price target of $8.
2026-10-02Markup$7.77+7.9%Entry 8
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 7.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 2% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 15%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (20 analysts) rates it buy, with a mean price target of $8.
2026-09-18Markup · changed$7.20+0.0%Entry 7
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 2% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 15%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (20 analysts) rates it buy, with a mean price target of $8.
2026-08-19Accumulation · changed$7.20+0.0%Entry 6
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 2% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 15%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (20 analysts) rates it buy, with a mean price target of $8.
2026-07-19Markup$7.20+0.0%Entry 5
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 2% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 15%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (20 analysts) rates it buy, with a mean price target of $8.
2026-07-18Markup$7.20+0.0%Entry 4
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 2% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 15%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (20 analysts) rates it buy, with a mean price target of $8.
2026-07-15Markup$7.20+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-03Markup$7.20+0.0%Entry 2
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
What Holding Actually Paid · Price Plus Dividends
If $1,000 had been placed · historical, not a promise
Period
Price then
Price return
Divs per share
$1,000 became
Total return
1 month
$7.54
-4.0%
$0.07
$969
-3.1%
2 months
$7.03
+3.0%
$0.07
$1,040
+4.0%
3 months
$7.33
-1.3%
$0.25
$1,021
+2.1%
6 months
$7.54
-4.0%
$0.25
$993
-0.7%
1 year
$6.32
+14.6%
$0.38
$1,206
+20.6%
2 years
$5.71
+26.9%
$0.69
$1,389
+38.9%
3 years
$4.31
+67.9%
$0.94
$1,895
+89.5%
5 years
$5.01
+44.5%
$1.23
$1,691
+69.1%
Historical returns from market close data. Past performance does not guarantee future results.
The Ledger's Promise
This entry now belongs to the ledger. Whatever 4863.KL does next, these words stay.
Telekom Malaysia · 4863.KL · Accumulation · $7.89
Recorded 2026-11-06 · before the outcome · scored mechanically