Telkom shares are too expensive, says JPMorgan

Investors are probably too optimistic about Telkom’s fast-growing mobile business, and the partially state-owned group is now overvalued, according to US bank JPMorgan.

Telkom’s shares have gained about 75% over the past 12 months on hopes that the network operator’s fledgling mobile business will continue to win market share and on expectations that the group will unlock value from its vast property portfolio...

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