Following the conference call with management, we still believe that the stock is undervalued even without factoring the inclusion of acquirees into our forecasts and FV. We are revising our FV to RM0.80 on the back of higher margin assumption, as we were too conservative earlier. Note that we are still evaluating Time dotCom (TDC) as a standalone entity and we have removed upside from GBS by discounting the possibility of recurring sales of bandwidth on behalf of a related party. Maintain our TRADING BUY recommendation on the stock with an upside of 18%.
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