Celcomdigi Berhad — Cyborg Score 5/10

Strategic Profile

The company is equally owned by Axiata and Telenor at 33.1% each, formed from the 2022 merger of Celcom and Digi. Celcomdigi offers products and solutions across mobile, fixed, Internet of Things, cloud, and cybersecurity. However, revenue growth has been muted post-merger, with margins narrowing and fixed costs remaining high.

Cyborg Score Rationale

Celcomdigi is Malaysia's largest mobile operator connecting over 20 million customers through a 5G-ready network, demonstrating market dominance. However, merger synergies have been overestimated, and the combined company is proving less profitable than initially expected. Recent underperformance in H1 2024 earnings led analysts to cut target prices.

Top Insights

• Largest mobile carrier in Malaysia with 20+ million subscribers and comprehensive 5G network coverage
• Post-merger integration challenged: revenue growth minimal, margin compression, and unrealized cost synergies
• Diversified revenue streams include mobile, fixed broadband, IoT solutions, and enterprise cybersecurity services
• Dividend-paying stock with recent Q4 2025 earnings showing 120% net profit growth, though contingent on cost management gains

Named Competitors

• Maxis — Second-largest Malaysian mobile operator with strong postpaid presence
• Telekom Malaysia — Incumbent fixed-line and mobile operator with 5G aspirations
• U Mobile — Smaller private mobile operator with MVNO presence

Recent Developments

• (February 2026) New CEO Albern Murty appointed effective February 10, 2026
• (February 2026) Q4 2025 earnings: Net profit surged 120.86% to RM349.6m; full year profit +9.86% to RM1,513.5m; annual revenue +2.19% to RM1,295.8m
• (2024) Q2-Q4 2024: Flat revenue growth, margin pressure, and lower ARPU across prepaid and postpaid segments

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