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Very simple calculation, TM EPS per quarter rm0.04, one year EPS rm0.16. Considered TM no longer monopoly business, we give it PE 10-15. Its value should be only rm1.6 to rm2.4, any price above that will be overvalued.
I would say the real value depends on TM's strategies in retaining existing customer base, increase customer base (get in new customer to switch to TM) and probably new technology/market.