Kuala Lumpur — TIME dotCom Bhd’s retail broadband business is emerging as the group’s key growth driver, according to Hong Leong Investment Bank (HLIB). The segment has overtaken other divisions to become TIME’s largest revenue contributor, accounting for 38% of total income.
Despite having only around 20% infrastructure coverage nationwide, TIME’s net subscriber additions remain on par with larger peers in the Malaysian broadband market.
Strong Retail Momentum and Subscriber Growth
As of end-2024, TIME’s fibre network passed 1.77 million premises, serving 479,000 active subscribers with an average revenue per user (ARPU) of RM115 per month.
HLIB attributes the company’s retail strength to its focus on single-home connectivity and targeted fibre deployments in high-density residential zones, particularly in urban and high-income areas.
TIME currently holds 10% of Malaysia’s broadband market, ranking third behind:
Telekom Malaysia’s Unifi – 68% market share
Maxis Fibre – 17% market share
The company is 32.34% owned by Khazanah Nasional Bhd, Malaysia’s sovereign wealth fund.
In a move to strengthen operational efficiency, TIME is exploring a corporate restructuring into two distinct entities:
InfraCo (Infrastructure Company) – to focus on asset utilisation and yield optimisation.
ServiceCo (Service Company) – to drive innovation, product development, and customer experience.
HLIB views this structural separation as a positive step towards maximising shareholder value and improving strategic clarity.
Beyond broadband, TIME is investing in residential solar systems as part of its diversification strategy. However, HLIB notes that this segment currently contributes less than 1% of total revenue.
According to Bloomberg data, among the 10 research houses covering TIME dotCom:
6 rate it a “Buy”,
4 rate it a “Hold”,
None have a “Sell” call.
The consensus 12-month target price stands at RM5.67, reflecting cautious optimism from analysts.
As of Friday’s midday trading session, TIME’s share price was RM5.23, down two sen or 0.38%, giving the group a market capitalisation of RM9.67 billion.
With Malaysia’s broadband landscape becoming increasingly competitive, TIME’s strategic emphasis on quality single-home fibre connections and potential corporate restructuring could position it as a key challenger in the retail broadband space over the next few years.
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